公司报告 | 年报点评报告 好太太（603848） 证券研究报告 以旧换新带动更新需求增长 公司发布年报以及一季报 以旧换新政策有望进一步刺激需求 线下渠道继续深耕传统经销商渠道，持续推进"开疆焕新"行动，分城分区 精准招商，通过高管帮扶、多轮培训等方式赋能终端零售，充分把握以旧 换新政策机会抢占市场，提升助力头部市场破局。 25Q1 公司营收 2.6 亿，同减 11%，归母净利 0.3 亿，同减 40%，扣非后归 母净利 0.3 亿，同减 43%； 24A 营收 16 亿，同减 8%，归母净利 2.5 亿，同减 24%，扣非后归母净利 2.4 亿，同减 24%。 24 年线上模式收入 10 亿，同减 2%，毛利率 51%同减 3pct。线下模式收入 5.3 亿，同减 21%，毛利率 45%，同减 2pct。 24 年公司销售同减 9.51%，受全球经济增长放缓、国内消费需求疲软影响， 家居行业承压，消费者购买力及装修需求延迟释放。智能家居赛道竞争白 热化，部分企业通过价格战抢占市场，导致公司产品毛利率承压。 智能家居产品营收同减 7.39%，传统晾衣架产品营收同减 18.87%。公司通 过全域整合思路，加速 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 欧普照明(603515) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 欧普照明：探索智能照明生态，积极提升股东 回报 [Table_ReportDate] 2025 年 05 月 01 日 [Table_S 事件：公司ummar发布y]2024 年及 2025 年一季报。2024 公司实现收入 70.96 亿元 （同比-9.0%），归母净利润 9.03 亿元（同比-2.3%），扣非归母净利润 7.46 亿元（同比-12.0%）；2025Q1 公司实现收入 14.91 亿元（同比 ...

Core Viewpoint - The company, Kaidi Electric Co., Ltd., has released its 2024 annual report, highlighting its financial performance, business operations, and future development plans, with a focus on the growth potential in the smart home and office furniture markets, as well as the automotive components sector [1][5][9]. Company Overview - Kaidi Electric is a well-known provider of integrated solutions centered around smart linear drive systems, with a comprehensive service system that includes technology research and development, manufacturing, and global marketing [9]. - The company operates in various sectors, including smart home products, smart office furniture, automotive components, and medical care, indicating a diversified business model [9]. Financial Performance - As of December 31, 2024, the company's total assets reached CNY 2,841,523,646.24, representing a year-on-year increase of 6.02% [12]. - The net assets attributable to shareholders amounted to CNY 2,222,490,505.24, up by 2.51% year-on-year [12]. - The company reported operating revenue of CNY 1,335,738,641.09, reflecting an 8.25% increase compared to the previous year [12]. - However, the net profit attributable to shareholders decreased by 19.42% to CNY 86,721,095.79, while the net profit after deducting non-recurring gains and losses fell by 21.53% to CNY 79,423,957.65 [12]. Profit Distribution Plan - The board of directors proposed a cash dividend of CNY 3.75 per 10 shares (including tax), with a total cash dividend distribution of CNY 26,324,592.00 based on a total share capital of 70,198,912 shares [4][24]. - The cash dividend ratio for the year is set at 30.36% [4]. Market Trends - The smart home market is experiencing significant growth, driven by increasing consumer demand for intelligent, comfortable, and environmentally friendly products, particularly in the U.S. market [5]. - The electric sofa industry is transitioning from functionality to intelligent scenarios, facing challenges but also benefiting from aging populations and consumption upgrades [5]. - The smart office desk market is projected to grow at a compound annual growth rate of 12-15%, reaching USD 10-12 billion by 2030, fueled by remote work trends and health awareness [5][7]. - The medical care sector is seeing increased demand for electric medical beds and related products due to an aging population and chronic disease management needs [8]. Business Strategy - The company is expanding its global footprint, with some enterprises establishing overseas production bases to enhance their global layout [7]. - The automotive components market is also growing, with the production and sales of vehicles in China expected to increase by 3.7% and 4.5% respectively in 2024, highlighting the importance of smart features in vehicles [8].

2025 年 04 月 30 日 公司研究 评级：增持(维持) | 研究所： | | | --- | --- | | 证券分析师： | 林昕宇 S0350522110005 | | | linxy01@ghzq.com.cn | | 证券分析师： | 赵兰亭 S0350524080004 | | | zhaolt@ghzq.com.cn | | 联系人 ： | 孙馨竹 S0350124060027 | | | sunxz@ghzq.com.cn | [Table_Title] 盈利水平保持稳健，分红比例维持高水平 ——奥普科技（603551）2024 年年报点评 | 相对沪深 300 表现 | | | 2025/04/29 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 奥普科技 | -3.2% | -3.6% | -1.0% | | 沪深 300 | -3.6% | -1.1% | 4.2% | | 市场数据 | | | 2025/04/29 | | 当前价格（元） | | | 10.22 | | 52 周价格区间（元） | | | 9.06-12. ...

Group 1 - The core viewpoint of the articles emphasizes the integration of AI technology into hardware, particularly in the context of smart home appliances, with a focus on Midea's advancements in air conditioning [1][2][18] - Midea's "AI Technology Day" showcased its innovative AI air conditioning products, allowing users to experience AI applications firsthand and providing a platform for user feedback [2][20] - The AI air conditioning units are designed to go beyond basic functions like voice control, incorporating advanced features such as fuzzy command control and multi-intent understanding, enhancing user interaction [4][6][12] Group 2 - Midea's AI air conditioners utilize high-precision sensors to autonomously monitor and adjust environmental conditions, transitioning from a command-response model to a perception-decision-execution model [6][10] - The AI technology enables air conditioners to adapt to user needs, such as avoiding direct cold airflow to sensitive individuals, thereby improving comfort [8][10][12] - Midea's AI algorithms leverage data from 160 million users to tailor energy-saving features, achieving up to 46% energy savings by understanding regional usage patterns [13][14] Group 3 - Midea's commitment to innovation is evident in its investment of 1.3 billion in new technology parks and hiring engineers focused on R&D, leading to the development of advanced AI air conditioning solutions [24] - The company is also addressing specific needs in kitchen environments with its new embedded air conditioning units, designed to handle high temperatures and humidity while being space-efficient [22][24] - Midea's approach to user engagement during the "AI Technology Day" reflects a strategy to involve consumers in product development, enhancing brand loyalty and user experience [20][27]

近日，苹果公司内部的一则重大调整消息引发了科技行业广泛关注。 苹果 CEO库克对公司人工智能部门进行了重组，其中一项关键举措是 将机器人团队从原本由 AI主管 John Giannandrea管理，转移至硬件工程高级副总裁John Ternus麾下。 这一调整不仅体现了苹果在战略布局上的新动向，也引发了外界对于苹果未来业务走向以及行业发展趋 势的诸多猜测。 ▍ 致力填补智能家居空白，苹果那些年曝光的机器人项目 苹果在人工智能领域的布局由来已久 。为实现 AI技术与产品服务的深度融合， 苹果此前那 不仅挖角谷 歌高管 John Giannandrea担任AI首席科学家，还曾计划参与OpenAI融资，并探讨将ChatGPT功能集 成至苹果设备。 但自 2011年推出语音助手Siri以来，苹果在AI领域的发展未达预期。 Siri升级多次延 期，大型语言模型开发持续投入资金却进展缓慢。 在此背景下， 今年年初有相关报道传出苹果正在寻找其 "下一个大事件"，机器人技术是其重点领域。 也因此，苹果此次组织架构调整引发业界诸多猜测：机器人团队并入硬件部门是否意味着战略地位提 升？苹果后续是否会推出机器人产品？其是否正从传统 ...

操作省心，智慧更贴心。相比大多数智能家居设备的死脑筋，你说啥它做啥，智家大脑屏S1则搭载行 业前沿的三翼鸟Uhome大模型，不仅能说会聊，解决你的各种家庭疑难杂症，甚至可以感知你的潜在需 求，提供贴心主动的服务。 这么看来，卡萨帝智家大脑屏S1不仅是一台智能控制设备，更是照顾我们衣食住娱的生活好帮手。相 信家里有了越用越聪明的智家大脑屏S1，未来的智慧生活体验还将充满更多惊喜。 羊毛大衣起球咋办、红烧肉怎么做好吃、空调滤网怎么清洗……这些日常生活问题只要你开口询问，它 会秒变生活小百科，并快速给到你想要的答案。更贴心的是，担心晚上黑视线不好，操作不便?智家大 脑屏S1拥有超强感知，能在你靠近时自动亮起屏幕，光线不好时也能自动调高亮度。甚至当你感觉困 了，只要说一句"我要睡了"，温湿度传感便能将卧室空调的温度、湿度调整到最适合睡眠的状态，保证 你的一夜好眠。 眼看家里智能设备越买越多，可操作却越来越手忙脚乱。墙上挂满开关，客厅里到处都是遥控器……且 不说那些复杂按键，老人孩子看了根本就摸不着头脑;哪怕语音控制，说话沾点方言口音，直接已读乱 回。说好的智能家居咋变成"人工智障"了? 别急!4月30日，卡萨帝智家大 ...

Core Viewpoint - Stone Technology has shifted its strategy from a high-profit model to a high-revenue model, focusing on market share expansion and product diversification, as evidenced by its significant revenue growth in recent quarters [2][3]. Group 1: Financial Performance - In Q1 2025, Stone Technology reported revenue of 3.428 billion yuan, an increase of 86.22% year-on-year, with a net profit attributable to shareholders of 267 million yuan [1]. - The company’s revenue growth is attributed to an enriched product and pricing matrix, along with optimized sales structures that boosted both domestic and international revenues [1][2]. - The revenue growth trend has been consistent, with Q3 2024 showing an 11.91% increase, Q4 2024 a 66.54% increase, and Q1 2025 an 86.22% increase compared to the same periods in the previous year [2]. Group 2: Market Strategy - Stone Technology is actively enhancing its market presence by increasing marketing investments and expanding into the smart appliance sector, aiming for diversified product lines [3][5]. - The company has achieved significant market share in the domestic online washing machine and floor cleaning machine markets, with respective year-on-year increases of 9.33 percentage points and 1.02 percentage points [3]. Group 3: Product Development and Innovation - In Q1 2025, Stone Technology invested 266 million yuan in R&D, marking a 36.9% increase year-on-year, to strengthen its core brand competitiveness [1]. - The company has introduced innovative products, such as the G30Space exploration version of the robot vacuum, showcasing advancements in technology at major trade shows [4]. Group 4: Industry Impact - The aggressive market actions taken by Stone Technology in 2025 are expected to create a "catalyst effect" in the smart home industry, potentially leading to a new wave of innovation among traditional players [5].

净利率同比提升。公司24 年实现销售毛利率39.29%，同比-1.04pcts。期间费用率方面，24 年公司销售 费用率同比-0.28pct 至18.20%，管理费用率/财务费用率同比分别+0.64/+0.68pct 至4.73%/-0.74%；研发 费用率同比-1.09pcts 至4.31%。24 年公司收到政府补助约7209 万元，同比大幅提升，增厚公司业绩， 最终录得24 年净利率12.75%，同比+0.82pct。25Q1 公司实现毛/净利率36.32%/9.49%，同比-2.15 /+1.83pcts。 维持"买入"投资评级。我们略微上调此前对于公司25-26 年的盈利预测（前值为9.29/9.88亿元），新增 27 年盈利预测，预计公司25-27 年分别可实现归母净利润9.49/10.00/10.54亿元，同比分别增长 5.1%/5.4%/5.4%，对应当前市盈率分别为12/12/11 倍，维持"买入"投资评级。 风险提示：原材料价格波动风险；行业竞争加剧风险；地产市场低迷风险。 投资要点： 25Q1 业绩超预期，分红比例持续提升。2024 年公司实现营业收入70.96 亿元，同比-8.96%，实 ...