各位投资者大家晚上好欢迎参加我们今天晚上新消费篇这个之小熊电器深度报告的一个解读汇报首先说回到新消费今年市场热点关注度都比较高我们其实对家电新消费的思考也相对比较早在今年的三月中旬的时候就已经发了一篇关于小家电今年的 国补叠加平台反内卷然后整体的小家电相对来说今年的利润率有望经营困境反转所以这是我们在今年三月中旬的时候去观察到的从抖音平台以这个提升品牌商家的这个Li这个投流转化然后呢在这个佣金或者是这个退货率相关可以支持整个的 退货推广引发的费用的退补这些整体来讲对今年的品牌商家们整体经营环境上还是比较有利的再加上两会一开始今年的人大代表包括市场监管总局也都表态今年针对平台的整治内卷包括平台的减退款的规则全网最低价的这种比价规则平台的数量收费现象 今年都将加大监管的这种方式和手段所以在这样的一个大背景之下的话小家电整个的行业我们认为将会有望走出以前的一个叫困境过去的困境是在于要么就投流花了大量的费用但是最后就是有规模但是没有利润这个现象在24年演绎到了一个比较极致的状态小家电领域几乎所有的品牌几乎都陷入到了一个利润率的低谷 有的在亏损有的在一个点到两个点这个利润率的一个低的这么一个困境当中要么就是陷入到一种就 ...

我们这一次中期策略会的一个线上的系列那跟我共同组组主持电话会议的还有我们组的李翰宇那我们先有请吴总给我们做一个简单的一个开场介绍和最近的一些经济情况的分享有请 好的感谢各位老师支持小熊电器也非常感谢国泰海通组织这一次的一个策略会我先简单介绍一下公司的一个近况吧那么最近小熊的关注度也起来了那么大家应该比较关心的是小熊近期的这个业绩改善的原因那么其实回望整个2024年包括我们今年的一个秋一其实公司的一个业绩是走了一个V型的一个走势那么去年 刚开始Q1是业绩比较不错的当时大家还在沉浸在这个疫情刚恢复之后这种比较蓬勃的这个消费力那么所导致的这个业绩其实还是表现的比较不错但是进入Q2、Q3就是公司的一个业绩和利润都有一定的下滑但进入初四这个业绩的拐点就开始显现了那么当时也推了就是各种的一些国股包括公司 也是在Q2Q3这个时候去做了很多这种调整那么公司在这个Q4这个节点就公司的这个收入端还有这个利润端这种增速就是持续的会有一些改善那么进入25Q1公司的这个收入也实现了这个双位数的增长利润率也回归到了这个8到10个点的这个区间 那么呃这其中啊其实有小熊自身的努力还有就是啊整个行业竞争环境的一个改善的一个原因那么首先呢就是最 ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [4] Core Views - The home appliance industry is experiencing internal growth while external sales are under pressure, with a stable outlook for the second quarter [4][13] - Domestic sales are benefiting from national subsidy policies, leading to positive retail and shipment growth, while external sales face challenges due to high base effects and tariff disruptions [13][14] - The overall performance of listed home appliance companies is expected to remain stable with revenue growth driven by structural upgrades and efficiency improvements [13] Summary by Sections White Goods - Domestic sales growth is accelerating, while external sales are declining due to high base effects and tariff disruptions [2][14] - In April and May, air conditioner shipments increased by 2.6% year-on-year, with domestic sales up 9.5% and external sales down 6.3% [2][14] - Revenue growth for white goods companies is expected to be around double digits, with profit margins showing slight improvement [2][22] Kitchen Appliances - Kitchen appliance demand is improving due to national subsidy policies, with online retail sales growth for range hoods and gas stoves between 10%-20% [2][38] - However, the real estate sector continues to exert pressure, particularly on integrated stove companies [38] - Traditional kitchen appliance companies are expected to see improved profit margins due to declining raw material prices [38] Black Goods - The black goods segment is experiencing structural upgrades, with television sales and revenue increasing by 9.7% and 14.5% respectively during the 618 shopping festival [3][49] - Panel prices have begun to decline, which is expected to improve profitability for black goods companies [49] Small Appliances - The small appliance sector is seeing a recovery in kitchen small appliances, with online retail sales for kitchen small appliances growing by 25% during the 618 period [4][57] - However, external sales are facing short-term pressure due to tariffs and overseas factory setups [57] - Companies like Roborock and Ecovacs are expected to see significant revenue growth, with Roborock projected to grow by 40% [72]

Core Insights - The rise of the "emotional economy" highlights consumers' increasing focus on the emotional value and quality of life that products provide [3] - The "Steel Good Water Dispenser" from Bear Electric has been recognized for its ability to meet family health drinking needs, enhancing the drinking experience [3][4] Product Features - The Steel Good Water Dispenser features a fully upgraded water protection system, utilizing 316L stainless steel for all water contact points, effectively eliminating the risk of microplastics [4] - The dispenser includes a unique filter developed in collaboration with China University of Geosciences, which not only purifies but also enriches water with beneficial trace elements like strontium, sodium, potassium, and magnesium [4][6] - It offers multiple temperature settings and precise water dispensing options, addressing common pain points of traditional dispensers, such as slow heating and fixed temperatures [6][8] User Experience - The dispenser's self-cleaning feature allows for easy maintenance, ensuring that users can enjoy fresh water without the hassle of manual cleaning [8] - The product caters to various family needs, providing quick access to water at different temperatures for different purposes, such as baby formula preparation and tea brewing [6][9] - The overall design and functionality reflect a commitment to enhancing the quality of life for consumers, aligning with the growing demand for health-conscious and convenient home appliances [9]

行 业 及 产 业 家用电器 行 业 研 究 / 行 业 深 度 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 09 日 内销政策拉动延续，关税扰动出口 不改长期趋势 看好 ——家电行业 2025 年中报业绩前瞻 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 究 报 告 相关研究 - ⚫ 25 年 1-5 月空调内销增长、外销高增，地产+以旧换新政策催化白电、大厨电需求。根据产业在线 数据显示，2025 年 1-5 月空调行业实现累计产量 10154 万台，同比增长 8%；2025 年 1-5 月空调 行业实现销量 10349 万台，同比增长 9%，其中内销量同比增长 7%。冰箱 2025 年 1-5 月内销量同 比增长 1%；洗衣机 2025 年 1-5 月内销量同增长 10%。出口方面，20 ...

Investment Rating - The report assigns an "Overweight" rating to the home appliance sector, indicating a projected performance exceeding the Shanghai and Shenzhen 300 Index by more than 15% [1][36]. Core Insights - The report highlights that government subsidies stimulated sales in Q2, leading to continued positive revenue growth. The competitive landscape has improved, driving profitability recovery in the small appliance sector, while leading players in major appliances are enhancing market share concentration [3][4]. Summary by Sections Overview - Domestic sales were boosted by government subsidies in Q2, with most categories achieving double-digit year-on-year growth despite some temporary restrictions. The sustainability of these subsidies is crucial for the industry's performance in the second half of the year [8][13]. Domestic Sales - The report notes that during the 618 shopping festival, online sales for various appliance categories saw significant year-on-year increases, with cleaning appliances up by 26%, water appliances by 22%, and kitchen small appliances by 22%. However, kitchen major appliances experienced a decline of 13% [13][14]. Export Sales - Q2 exports faced short-term setbacks due to uncertainties in tariff policies, with April's export growth dropping to 1.5% and May seeing a 6% decline. However, as tariff policies become clearer, exports are expected to gradually recover [16][17]. Competitive Landscape - The small appliance sector is experiencing improved competition dynamics, particularly in the robotic vacuum cleaner market, which has high growth potential and low penetration rates. The kitchen small appliance segment is also beginning to recover after two years of decline, with a growth rate exceeding 20% during the 618 festival, primarily driven by price increases [19][20]. Investment Recommendations - The report suggests two main investment themes: 1. The improvement in the competitive landscape of small appliances, particularly in the robotic vacuum sector, and the recovery of kitchen small appliances. Recommended stocks include Stone Technology (2025 PE: 18.2×), Ecovacs (2025 PE: 20.3×), Bear Electric (20.8×), and Beiding Co. (36.5×) [25][26]. 2. Concentration of market share among leading brands and high dividend yields for stable investment. Recommended stocks in this category include Midea Group (12.7×) and TCL Electronics (11.3×) [25][26].

证券研究报告 | 2025年07月07日 家电行业周报（25 年第 27 周） 优于大市 二季度家电内销景气环比提升，海外家电零售表现稳健 本周研究跟踪与投资思考：2025H1 我国家电内销迎来较快增长，Q2 景气环 比有所上行，其中空调、油烟机、燃气灶、扫地机等零售额增长超 15%。 上半年家电零售需求向好，空调、扫地机景气最高。2025H1 受益于国补拉动， 家电内销需求延续良好增长，Q2 增速更是有所上升，显示出家电行业强大的 活力。据奥维云网数据显示，2025 年前 26 周（截至 6 月 29 日），空调线上 /线下零售额同比分别+23.0%/+15.3%，冰箱线上/线下零售额同比 -5.8%/+10.0%，洗衣机线上/线下零售额同比+9.9%/+16.8%；油烟机、燃气 灶线上线下零售额增长超 20%，洗碗机线上线下同比分别+8.8%/+22.5%；厨 房小家电线上零售明显回暖，电饭煲线上线下零售额同比+16.1%/+9.1%，空 气炸锅、搅拌机线上增长超 10%；扫地机及洗地机延续较快增长趋势，线上 零售额增长均超 40%，线下同样实现强劲增长。 5 月家电内销出货增长良好，外销有所承压。产业在 ...

家电板块投资机会梳理&基本面更新 20250702 家电各细分子板块在二季度表现如何？ 从分子板块来看，大多数家电品类受益于国补拉动。扫地机由于渗透率较低， 在国补催化下弹性最大，今年五六月份的数据相比一到四月份有所降速，但行 业增速仍保持在五六十左右。空调方面，美的和海尔等龙头企业二季度安装卡 海信视像受益于低基数及面板价格上涨，二季度国内 Mini LED 占比提 升至 30%，毛利较高，利润弹性大，估值不到 12 倍，股息率超 4%。 小熊电器去年四季度利润率改善，二季度预计延续，估值 16-17 倍。 国补退坡对业绩影响小于预期，龙头企业提份额能力得到验证。白电龙 头出口占比超过一半，黑电外销占比更高，国补退坡更多影响情绪而非 实质业绩，应理性看待中长期发展尤其是海外扩展。 增速分别达到 20-30%和 40%以上，内销表现良好。洗衣机基于干衣机和洗烘 一体机产品形态提升，上半年表现略优于冰箱。 黑电产品结构升级明显，高端 Mini LED 产品占比提升显著，使得龙头品牌均价有双位数增长；电视更多受到 价格拉动，而非量的弹性，因为过去几年电视量被投影、Pad 及手机等显示设 备分流。此外，今年竣工下滑 ...

| 证券代码：002959 | 证券简称：小熊电器 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：127069 | 债券简称：小熊转债 | | 小熊电器股份有限公司 2025 年第二季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 1、可转换公司债券发行情况 经中国证券监督管理委员会《关于核准小熊电器股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2022〕1099号）核准，小熊电器股份有限公司 向社会公开发行了5,360,000张可转换公司债券，每张面值100元，期限6年，发行 总额为53,600.00万元。 2、可转换公司债券上市情况 经深圳证券交易所（以下简称"深交所"）"深证上[2022]869 号"文同意， 公司 53,600.00 万元可转换公司债券于 2022 年 9 月 7 日起在深交所挂牌交易，债 券简称"小熊转债"，债券代码"127069"。 3、可转换公司债券转股期限 根据《小熊电器股份有限公司向不特定对象发行可转换公司债券募集说明书》 特别提示： 转股期 ...

Core Perspective - The transformation of Bear Electric (002959) from a small appliance manufacturer to a lifestyle brand exemplifies a significant shift in consumer demand from product functionality to experiential living [1][7] Group 1: Brand Transformation - Bear Electric's shift involves a comprehensive redefinition of brand value, focusing on providing complete lifestyle solutions rather than isolated product functionalities [2] - The company emphasizes user-centric solutions, moving from merely selling appliances to offering integrated experiences that fulfill broader lifestyle needs [3][4] Group 2: Product Innovation - The introduction of eight scenario-based solutions at AWE, such as the "Vital Breakfast" and "Exquisite Care," illustrates Bear Electric's commitment to creating convenient and enjoyable user experiences [3] - The company has developed a range of products that address various daily needs, allowing users to manage tasks efficiently and focus on enjoying life [4] Group 3: Research and Development - Bear Electric has established an agile system that connects user insights directly to product development, enhancing innovation and responsiveness to consumer needs [5][6] - The company boasts a robust R&D team of nearly 600 professionals, with significant investments in innovation, including a 36.48% year-on-year increase in R&D expenditure for 2024 [6] Group 4: Competitive Advantage - The transition to a lifestyle brand highlights that true competitive strength lies in understanding and integrating into consumer lifestyles, rather than merely relying on scale or cost advantages [7]