AI时代让厂商从系统层面针对交互体验展开更深入、灵性的思考，而不是简单比拼配置、价格等。 随着AI大模型能力逐渐丰富，端云协同能力进一步提升，已经有多款千元以内智能手机搭载AI功能。 近日，星纪魅族发布Note 16系列AI手机，标配版售价在699-1099元，叠加国补后594.15元起，全系在千 元以内；Pro版本叠加国补后1614.15元起，售价均在1800元以内。根据官方介绍，两款机型都搭载了新 升级的Flyme AIOS 2，目前已深度接入阿里云首个端到端全模态大模型Qwen-Omni。 当然对千元左右价位档的手机来说，如何在有限的端侧计算能力下，更好发挥AI整体效用是重要命 题。 "要做到实时在线、主动服务，确实还有很长一条路要走。在往这个方向迈进过程中，最重要不是考验 算力，而是手机系统对用户使用习惯的学习，然后再推出主动服务。"周详分析道。 综合来看，虽然将AI大模型相关能力融入智能手机中已经有两年左右时间，但目前为止，手机厂商之 间展示的应用场景相似度较高，如何在AI这一轮浪潮下找到与大模型更好的契合点，是当前需要面对 的重要命题。 对此，周详告诉21世纪经济报道记者，对于AIOS系统的设计侧 ...

2025 年 05 月 18 日 公司点评 增持/维持 天音控股(000829) 目标价: 昨收盘:9.95 国补、AI 助力终端业务回暖，电商业务成第二增长极 ◼ 走势比较 (20%) 4% 28% 52% 76% 100% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 天音控股 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 10.25/10.24 | | --- | --- | | 总市值/流通(亿元) | 102/101.9 | | 12 个月内最高/最低价 | 16.83/7.3 | | (元) | | 相关研究报告 <<电商平台收入大幅增长，业绩有望 迎来拐点>>--2023-05-06 <<电商平台收入大幅增长，汽车销售 业务值得期待>>--2022-10-26 证券分析师：李仁波 电话： 0755-83688853 E-MAIL：lirb@tpyzq.com 分析师登记编号：S1190520040002 事件：近期公司发布年报及一季报，公司全年实现总营收 840.38 亿 元，同比减少 11.38%；利润总额 1.33 亿元，同比减少 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for FY2025, with a focus on the challenges faced in domestic sales and a slight slowdown in international sales [1][2]. Revenue Summary - For FY2025, the company achieved a main revenue of 16.903 billion HKD and a net profit of 2.063 billion HKD, representing a year-on-year decrease of 8% and 10% respectively [1]. - In FY2025H2, the revenue was 8.597 billion HKD and net profit was 0.924 billion HKD, showing a decline of 9% and 21% year-on-year [1]. - Domestic sales faced pressure with a 17% decline in furniture sales, while online and offline sales decreased by 18% and 11% respectively [1]. - International sales showed a slight increase of 4%, with North America and Europe growing by 1% and 11% respectively [1]. Profitability Summary - The company experienced improvements in gross margin and operating profit margin due to raw material price reductions and cost control measures [2]. - The gross margin and net profit margin for FY2025 increased by 1.1 and decreased by 0.3 percentage points respectively [2]. - The average unit costs for various materials decreased, with leather and chemicals seeing reductions of 6.7% and 9.8% respectively [2]. - Advertising and management expenses decreased by 30% and 22% respectively, while tariff expenses dropped significantly by 89% due to increased shipments from Vietnam [2]. Future Outlook - Domestic sales are expected to face ongoing pressure from the real estate and consumer environment, but there are marginal benefits from national subsidies for home furnishings [3]. - The company plans to restructure its dealer and store layout to enhance operational efficiency and improve brand presence through new online channels [3]. - For international sales, if the current low tariff levels in the U.S. persist, the impact may remain manageable, with advantages in overseas production capacity becoming more evident [3]. - The company maintains a dividend payout ratio of 51%, with projected net profits for FY2026 to FY2028 expected to be 2.4 billion, 2.59 billion, and 2.85 billion HKD respectively, corresponding to PE ratios of 6.9, 6.3, and 5.8 times [3].

Core Insights - The company reported a revenue of 6.372 billion yuan for 2024, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of 485 million yuan, up 8.39% year-on-year [1][2] - The fourth quarter of 2024 saw a revenue of 1.796 billion yuan, a slight decrease of 0.30% year-on-year, with a net profit of 81 million yuan, down 7.57% year-on-year [1][2] - In Q1 2025, the company achieved a revenue of 1.260 billion yuan, a decline of 8.80% year-on-year, with a net profit of 106 million yuan, down 14.33% year-on-year [1][2] Revenue Breakdown - The revenue from range hoods was 2.735 billion yuan in 2024, an increase of 6.22% year-on-year, accounting for 42.93% of total revenue [2] - The revenue from stoves was 1.533 billion yuan, up 5.28% year-on-year, representing 24.06% of total revenue [2] - The revenue from water heaters was 1.262 billion yuan, a growth of 10.40% year-on-year, making up 19.81% of total revenue [2] Market Trends - The increase in demand for kitchen appliances in 2024 was driven by the old-for-new policy and national subsidy policies, which positively impacted the market [2] - The overall retail sales of the range hood market reached 36.2 billion yuan in 2024, a year-on-year increase of 14.9%, with a retail volume of 20.83 million units, up 10.5% [2] - The gas stove market saw retail sales of 20.4 billion yuan, a growth of 15.7% year-on-year, with a retail volume of 24.29 million units, up 15.2% [2] Profitability and Costs - The company's gross profit margin for 2024 was 40.71%, a decrease of 0.40 percentage points year-on-year [3] - The gross profit margins for range hoods, stoves, and water heaters were up by 0.35, 0.07, and down by 0.89 percentage points respectively [3] - The company experienced a significant increase in sales expenses due to higher advertising and market service costs, leading to a rise in the sales expense ratio [3] Future Outlook - The company has a diversified brand matrix with three major brands, aiming for continuous growth through product innovation and channel expansion [4] - Projected net profits for 2025, 2026, and 2027 are estimated at 517 million, 563 million, and 613 million yuan respectively, with corresponding price-to-earnings ratios of 10.91, 10.01, and 9.19 [4]

文 | 新立场Pro 关于京东为什么是诸多平台中受益最深的那一个已不必赘述，但进入 2025 第一季度，有两个变量让国补得以继续发挥余热。 一是计划之中的政策延续。今年 1 月官方关于国补的细则已明确，补贴对象中，家电品类 8 类扩充至 12 类；补贴比例整体延续 24 年的补贴 标准；资金方面中央财政已下达 810 亿元支持国补衔接工作。 开年以来，围绕京东的讨论几乎都集中在外卖业务，而今入局外卖对整体业绩的影响已初步反映在财报上。 2025 一季报显示，京东总收入达到人民币 3011 亿元，同比增长 15.8%；净营收 3010.8 亿元人民币，同比增长 16%；调整后 EBITDA 137.0 亿元人民币，同比增长 27%，均超出市场预估。 京东零售本季度同比增长 16.3%，对比去年同期增长的 6.8% 有明显提升，国补仍是本期零售增长的主要功臣。当然更瞩目的是新业务部 分，本期收入达到 57.53 亿元人民币，大幅增长 18.1%，新业务除了达达、京东产发、京喜及海外业务，备受关注的外卖业务也包含在内。 但新业务带来的亏损 13.27 亿元相比去年同期亏损的 6.70 亿元也明显扩大，新业务的经营利 ...

Core Viewpoint - The report from Industrial Securities indicates that the home appliance sector is expected to benefit from continued national subsidies and a favorable domestic demand environment, with leading companies in the industry poised to gain from both domestic and international markets [1] Group 1: Home Appliance Sector Overview - The home appliance sector is anticipated to see sustained improvement in domestic demand due to ongoing national subsidies, with a year-on-year increase of 19.3% in retail sales of home appliances in Q1 2025 [1] - Export growth is expected to remain resilient, with a year-on-year increase of 8.7% in export value and 13.1% in volume for home appliances in Q1 2025, driven by emerging markets and a "grab export" effect [1] - The average dividend yield for the home appliance industry is 3.3%, ranking second among 31 primary industries, indicating a strong defensive attribute for the sector [1] Group 2: White Goods - The white goods segment is benefiting from national subsidy policies and a favorable real estate environment, with expectations for increased sales elasticity in Q2 and Q3 [2] - Leading brands are expected to outperform second-tier brands in terms of sales, with structural upgrades in product offerings enhancing profitability for top companies [2] - Despite potential short-term disruptions due to tariff fluctuations, domestic white goods leaders have established overseas production capabilities to mitigate trade barriers [2] Group 3: Color TVs - The domestic color TV market is experiencing a recovery trend, supported by national subsidies and the upcoming U.S. sports events, which are expected to stabilize demand [3] - Domestic brands are focusing on high-end product offerings, while overseas production capabilities are reducing tariff risks, allowing for market share gains against Korean competitors [3] Group 4: Kitchen Appliances - The kitchen appliance sector is closely linked to the real estate market, with ongoing policy support expected to enhance demand and improve valuations [4] - The continuation of national subsidies is anticipated to further stimulate demand, leading to gradual improvements in the sector's fundamentals [4] Group 5: Small Appliances - The small appliance sector is projected to recover significantly due to national subsidies, with a notable increase in demand expected in early 2025 as more product categories are included [5] - The industry is entering a concentrated replacement cycle, driven by the average product lifespan of 3-5 years, which is expected to boost growth for leading small appliance manufacturers [5] - Short-term export orders may face volatility due to U.S. trade tariffs, but the reliance of the U.S. kitchen appliance industry on Chinese supply chains is expected to favor leading manufacturers [5] Group 6: Robotic Vacuums - The robotic vacuum segment is showing strong growth potential, with Q1 2025 data indicating it is one of the most elastic consumer categories benefiting from national subsidies [6] - The domestic market is expected to see accelerated penetration rates as product prices reach attractive levels, with significant sales elasticity anticipated throughout the year [6] Group 7: Export Outlook for Robotic Vacuums - The demand for robotic vacuums in overseas markets remains uncertain due to U.S. trade tariffs and economic conditions, but leading Chinese brands are expected to capture market share in the mid-to-low-end price segments [7] - The potential exit of foreign brands and smaller Chinese brands due to tariffs may create new expansion opportunities for established Chinese brands [7]

Core Insights - JD.com has achieved a significant milestone with its food delivery service, surpassing 20 million daily orders within 75 days of launch, a remarkable acceleration from reaching 10 million in just 22 days [1][2] - The upcoming "618" shopping festival will see JD.com integrating national subsidies with its own 10 billion yuan subsidy for food delivery, offering consumers substantial discounts [2][5] - The competition in the food delivery and instant retail sectors is intensifying, with major players like Meituan and Taobao also launching aggressive promotional strategies [2][4] JD.com Developments - JD.com is positioning its food delivery service as a core component of its retail strategy, emphasizing high order frequency and user retention [2] - The company has introduced a "Super Delivery Day" event, allowing consumers to purchase items at significantly reduced prices [2] - JD.com is also collaborating with Xiaohongshu to enhance its marketing reach, allowing product links to redirect to JD's platform [6] Market Competition - The "618" festival is expected to be a battleground for food delivery services, with all major platforms offering substantial subsidies and promotions [2][4] - Taobao has upgraded its instant retail service to "Taobao Flash Sale," enhancing its competitive stance against Meituan [3] - The overall participation of merchants in the "618" festival may be lower than expected due to concerns over early promotions leading to consumer fatigue [5] Consumer Engagement - JD.com plans to provide daily subsidies exceeding 1,000 yuan per person during the "618" festival, aiming to boost consumer engagement [1][2] - The integration of national subsidies with JD's promotions is anticipated to drive higher sales volumes, particularly in electronics and home appliances [5] - The competitive landscape is characterized by a push for higher consumer participation, despite some merchants expressing concerns about the timing and intensity of promotions [5]

Core Viewpoint - In Q1 2025, JD achieved revenue of 301.08 billion RMB, a year-on-year increase of 15.78%, and a Non-GAAP net profit of 12.76 billion RMB, up 43.4%, with a net profit margin of 4.24%, exceeding Bloomberg consensus expectations [1] Group 1: Financial Performance - JD's Q1 2025 revenue was 3010.82 billion RMB, with 1P revenue at 2423.09 billion RMB (up 16.2%) and 3P revenue at 587.73 billion RMB (up 14.0%) [1] - The retail segment generated revenue of 2638.45 billion RMB, a 16.3% increase, with adjusted operating profit of 128.46 billion RMB and a profit margin of 4.87% [1] - The logistics segment reported revenue of 46.97 billion RMB, a year-on-year growth of 11.5%, with adjusted operating profit of 1.45 billion RMB and a profit margin of 0.31% [1] Group 2: Market Trends and Policies - National subsidy policies have supported JD's continued growth, with expectations for these policies to persist in 2025, further enhancing offline integration [1] - JD's new food delivery service has made significant progress, with daily order volume surpassing 10 million, indicating strong market penetration compared to competitors [2] - Regulatory bodies are emphasizing compliance and fair competition in the food delivery sector, which may lead to a more rational investment approach in the future [2] Group 3: Future Projections - Revenue forecasts for JD are 1286.4 billion RMB and 1375.1 billion RMB for 2025 and 2026, respectively, with expected growth rates of 11.01% and 6.90% [3] - Non-GAAP net profit projections are 51.01 billion RMB and 59.28 billion RMB for 2025 and 2026, with growth rates of 6.66% and 16.22% [3] - The target price is set at 207.89 HKD, corresponding to a 12x PE for the group in 2025 [3]

报告要点 丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 营收增长提速，盈利呈现弹性—家电行业 2024 年报&2025 年一季报综述 [Table_Summary] 在内销有国补助力，外销新兴市场强劲增长势能延续的背景下，家电行业整体经营趋势加速向 上，其中仅厨电受地产影响仍处于阶段盘整当中。站在当前时点，美国关税政策或有持续反复、 扰动的可能性，我们建议在不确定性中把握确定性，围绕对美净敞口较低以及内销有国补政策 加持，业绩增长确定性较高的细分行业优质龙头进行布局。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 家用电器 cjzqdt11111 [Table_Title 营收增长提速，盈利呈现弹性 2] —家电行业 2024 年报&2025 年一季报综述 [Table_Summary2] 整体：收入增长提速，盈利持续改善 2024A/2024Q4/2025Q1 家电行业样本公司营收分别同比+5.23%/+8.37%/+ ...

" 财报发布当日，三大电商平台618活动同时开启，流量宽度成为 胜负手。 " 作者丨王薇 编辑丨梁辰 长达五十多分钟的分析师问答环节中，京东首席执行官许冉用了近乎一半的时间回答有关外卖的问题。可 惜的是，当日订单量未能突破2万单的关口。 5月13日港股收盘后，京东集团披露2025年一季度业绩报告显示好于预期。这家公司正面临着国内激烈的 行业竞争和国际贸易的不确定性，但消费者信心的改善推动季度营收和利润双增。不过，官方并未在财报 中披露有关外卖的具体业务数据，只是将其单独罗列在新业务板块中进行介绍。 该公司披露，一季度调整后净利润（不包括股权激励、长期投资公允价值变动等）为128亿元人民币，同 比增长约为43%。营收同比增长15.8%，约为3011亿元人民币。这一数据超过了FactSet调查的分析师预 期。受此消息影响，京东美股开盘后股价涨幅超过5%，5月14日港股以3.36%的涨幅收盘。 业绩发布当日晚间20时，京东心动购物季开启。其竞争对手阿里巴巴旗下电商平台淘天集团和字节跳动旗 下抖音电商也于当日相继宣布618活动开启。尽管许冉在电话会议上表示，京东仍以5月31日作为正式开 始日，但受访券商分析师表示，心 ...