星帅尔分析师会议-20250709

Report Summary 1. Report Industry and Investment Rating - The industry under research is the home appliance industry. No investment rating is provided in the report [2]. 2. Core Viewpoints - The company, Xingshuaier, is a high - tech enterprise with strong innovation and R & D capabilities. It aims to combine endogenous growth with external mergers and acquisitions, expand new business channels, and seek new profit growth points [24][26]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Xingshuaier, belonging to the home appliance industry. The reception time was July 9, 2025. The company's reception staff included the board secretary, deputy general manager Lu Qunfeng, and the securities affairs representative Tian Bihua [17]. 3.2. Detailed Research Institutions - The reception object is Fangzheng Securities, a securities company, and the related staff is Zhang Lujia [20]. 3.3. Main Content Data - Company Introduction: Xingshuaier was listed on the Shenzhen Stock Exchange in April 2017. Its main business includes R & D, production, and sales of various products such as thermal protectors, starters, and photovoltaic components [24]. - Military Business: The subsidiary Zhete Motor has obtained military qualifications. Currently, sample orders for the aviation starter - generator integrated machine of large military drones are being delivered orderly, and the company is striving for bulk orders [24]. - Investment Planning: The company acquired the fund shares of Rongteng No. 2. It aims to use resources better and expand new business communication channels through co - investment with professional institutions. It is also determined to do well in external mergers and acquisitions [24][25][26]. - Profit Growth Points: The home appliance business provides stable customers and orders. The company will focus on R & D of new motor products, support Zhete Motor, and develop high - efficiency permanent magnet motors and servo motors to seek new profit growth [27].