国泰海通发布研报称，家电板块2024年整体收入、归母净利润分别同比+6%、+9%;25Q1收入、归母净 利润分别同比+14%、+22%。子行业中白电、零部件显著占优，看好龙头优势持续性。当下聚焦三条主 线：1)全球关税政策不确定背景下，黑白电龙头双雄多元化产能布局优势显现;2)地产链和内需有望出台 更多刺激政策;3)低估值+高股息防御优势显著标的。 国泰海通主要观点如下： 业绩综述 家电板块2024年整体收入、归母净利润分别同比+6%、+9%;25Q1收入、归母净利润分别同比+14%、 +22%。2024Q4国补集中发力下，板块收入端有明显提速。考虑到24Q4开始大范围会计准则变更对于营 业成本以及销售费用的调整，该行从毛销差的角度看，2024年行业整体小幅度下滑0.1pcts，25Q1下滑 0.6pcts。其他费用端相对有更明显的优化，因此归母净利率维度，家电板块2024A以及2025Q1呈现同比 改善趋势。 收入端 内销受益补贴程度分化，海外抢出口明显。自24Q3需求低点以来，同比增速逐季度改善，其中24Q4主 要受益于国补政策的集中发力以及海外旺盛需求的双重拉动;25Q1内销依旧有国补拖底，而关税落地前 ...

丨证券研究报告丨 公司研究丨点评报告丨小熊电器（002959.SZ） [Table_Title] 营收稳健增长，经营质量持续提升 报告要点 [Table_Summary] 2025 年一季度公司实现营 13.20 亿元，同比增长 10.58%，实现归母净利润 1.30 亿元，同比 下降 13.96%，实现扣非归母净利润 1.24 亿元，同比增长 8.24%。 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 小熊电器（002959.SZ） cjzqdt11111 [Table_Title2] 营收稳健增长，经营质量持续提升 [Table_Summary2] 事件描述 公司发布 2025 年一季报：2025 年一季度公司实现营业收入 13.20 亿元，同比增长 10.58%， 实现归母净利润 1.30 亿元，同比下滑 13.96%，实现扣非归母净利润 1.24 亿元，同比增长 8.24%。 事件评论 风险提示 1、宏观经济波动带来需求走弱从而使得公司收入回 ...

今年，家电以旧换新政策进一步加力扩围，在补贴范围和政策流程上进一步优化。截至到4月12日，消 费者购买12大类家电以旧换新产品带动销售1247.4亿元。这一数据的背后，是政策的强大推动力，更是 消费市场活力的生动体现，家电以旧换新政策正成为提振消费的有力引擎。 从消费者角度来看，以旧换新政策带来了实实在在的实惠。补贴范围的扩大，让更多品类的家电纳入其 中，消费者有了更多的选择空间。无论是想更换智能高效的冰箱、功能多样的洗衣机，还是追求高品质 视听体验的电视，都能在政策的支持下，以更优惠的价格实现心愿。而且，政策流程的优化，让补贴申 领更加便捷，减少了消费者的时间和精力成本，真正做到了让利于民。这不仅满足了消费者对品质生活 的追求，也激发了他们的消费欲望，让更多人愿意为家电升级买单。 对于家电企业而言，以旧换新政策是一次难得的发展机遇。市场需求的增加，促使企业加大研发投入， 推出更多符合消费者需求的新产品。企业可以利用这个契机，提升产品的品质和性能，推动产业升级。 同时，政策也有助于企业清理库存，回笼资金，提高资金的使用效率，增强企业的市场竞争力。在政策 的引导下，家电企业能够更好地适应市场变化，实现可持续发展 ...

报 告 摘 要 当上市公司盈余公告的业绩发生大幅变化时，作为对上市公司跟踪调研最为密切的群体，分析师通常会在其研报的标题中鲜明标示其"业绩超预期"或"利润 超预期"，相比其它判定方式，标题超预期是分析师融合了上市公司客观盈余数据和主观调研跟踪之后的综合判断，对上市公司是否超预期的判定更为综 合、全面。本文主要对上市公司披露2025年一季报业绩预告或者正式财报后，至少有一篇分析师点评超预期（标题中出现"业绩"、"利润"、"营收"、"增 长"、"超预期"、"好于预期"等关键词）研报的公司进行梳理。 一季报披露情况 截至2025年4月30日，在2025年1月1日前已上市的A股公司中，共5360家公司披露了2025年一季报的正式财报。 从不同指数成分股来看，沪深300指数成分股一季报累计净利润同比增速中位数最高。从板块来看，科技板块的一季报累计净利润同比增速中位数为 8.20%，相对较高。从中信一级行业来看，非银行金融、农林牧渔、钢铁一季报累计净利润同比增速中位数较高。 公募基金持有比例较高的热点概念内，半导体精选指数、国家大基金指数等热点概念的一季报累计净利润同比增速中位数较高，均超过20%。具有代表性 的行业主题 ...

Core Viewpoint - Midea Group and Hisense Group, traditionally competitors in the home appliance sector, have entered a strategic partnership focusing on AI applications, global capacity planning, and smart logistics [1][3]. Group 1: Strategic Collaboration - The collaboration will involve Midea's logistics subsidiary, Ande Intelligent Logistics, which is preparing for a separate listing and aims to expand its client base beyond Midea [1]. - Hisense's stable growth in large home appliances positions it as a potential key client for Ande Intelligent Logistics [1]. - The partnership aims to reduce supply chain costs through a "direct-to-consumer" model, enhancing efficiency in logistics and warehousing [1]. Group 2: Market Position and Financials - Midea Group reported a revenue of 407.1 billion yuan in the previous year, with its smart home business contributing 269.5 billion yuan [2]. - Hisense Group's revenue reached 202.2 billion yuan, with Hisense Visual (black appliances) generating 58.53 billion yuan and Hisense Home Appliances (white appliances) contributing 92.746 billion yuan [2]. - Compared to competitors like Haier and Gree, Midea and Hisense have greater collaboration potential due to their respective market positions and product lines [2]. Group 3: Global Expansion and Production - Both companies are expanding their overseas manufacturing presence in regions such as South America, Southeast Asia, and Africa, indicating potential for collaborative production and order fulfillment [3]. - The partnership aligns with their strategic choice to explore broader global markets amid changing trade environments [3]. Group 4: AI and Technological Integration - The integration of AI technology in home appliances is becoming a trend, with Hisense leveraging AI in its television products, while Midea is advancing in smart home robotics [4]. - The collaboration could enhance the utilization of the Toshiba brand, as both companies have acquired different segments of Toshiba's appliance business [4]. - The partnership is seen as a move towards higher-level cooperation in the face of global market challenges, shifting from competition to collaboration [5].

众所周知，一直以来，国内家电三巨头，就是美的、格力、海尔。 这三大企业的产品，在国内销量最高，营收最高，实力也最强，品牌影响力也最大，历来都是大家关注 的重点。 不过，从现在的情况来看，这三大巨头中，格力掉队了，变成了董明珠曾经看不起的小米要上位，替代 格力，成为新三巨头了。 我们再来看看毛利率，利润等，美的净利润385亿，同比增长14.3%，毛利率26.4%。而海尔净利润187 亿，同比增12.9%，毛利率27.8%。格力净利润322亿，同比10.9%，毛利率29.4%。 再看营收，2024年美的营收4091亿元，同比增长9.5%；海尔营收是2860亿元，同比增长4.3%；格力营 收1900亿元，同比下滑7.3%。小米营收3659亿元，同比增长35.0%。 从这个可以看出来，只有格力在下滑，美的、海尔、小米都在高速增长。 当然，肯定会有说小米是手机、汽车等等所有的收入加起来，这个不算。但事实上，小米2024年的收入 中，家电业务2024 年首次突破千亿，达到 1041 亿元，同比增长 30%，收入创下历史新高，虽然还不如 格力的1900亿元，还差了800多亿，但按照这个增长速度，只怕也并不远了。 另外从小米 ...

Group 1 - The global home appliance market is expanding, with a strong trend towards smart and green low-carbon development, particularly in smart home appliances like robotic vacuum cleaners and pool cleaning robots, which are becoming new growth engines [1] - In the first quarter of this year, Zhejiang Province exported home appliances worth 30.3 billion yuan, representing a year-on-year increase of 17.3% [1] - Luxshare Precision Industry Co., Ltd. successfully exported 1,000 smart pool cleaning robots equipped with innovative technologies such as smart recognition and remote optical communication, catering to various pool scenarios for overseas users [1] Group 2 - The PoolSense technology developed by the company enables dynamic boundary detection and edge exploration, ensuring thorough cleaning of pools, with efficient customs clearance supporting smooth production and export processes [2] - The company anticipates an export volume exceeding 40,000 units and a value of over 30 million USD for the year [2] - Haoding Electromechanical Co., Ltd. is also seizing export opportunities with its smart golf caddy robot, which offers features like intelligent following, enhancing the golfing experience [2] Group 3 - To support the export of "smart manufacturing" products, Hangzhou Customs has implemented a "chain protection" action, providing full-process technical guidance on lithium battery safety and packaging standards [3] - Customized regulatory plans and real-time assurance modes have significantly improved customs clearance efficiency, reducing document preparation time by 60% [3] - Various new energy products, including cleaning robots, logistics handling robots, smart streetlights, electric scooters, and outdoor charging equipment, are increasingly integrating into the global supply chain with enhanced intelligence and efficiency [3]

Group 1 - Midea Group has established Midea Medical to expand its ToB business, focusing on technology-driven solutions in the global healthcare industry [1][3] - Midea's ToB business revenue exceeded 100 billion yuan last year, with significant growth in sectors such as new energy and industrial technology, smart building technology, and robotics [1][2] - Midea Medical aims to enhance its brand influence and participate in medical transformation by leveraging advanced technologies and collaborating with institutions like Tsinghua University [1][4] Group 2 - Midea Medical focuses on two main areas: clinical medical technology and hospital construction and operation, providing diagnostic services and optimizing operational efficiency [2][3] - The company has partnered with over 100,000 hospitals globally, offering diagnostic advice to more than 7,000 hospitals in China [2] - Midea Medical's collaboration with various research institutes aims to strengthen its R&D capabilities and develop high-end medical products with independent intellectual property rights [3][4] Group 3 - Recent product launches by Midea Medical include advanced MRI and CT systems, showcasing the application of AI technology in clinical settings [4] - The entry of home appliance companies into the medical sector is a growing trend, with companies like Gree and Haier also expanding into healthcare [4][5] - The shift towards the healthcare sector is driven by factors such as aging populations, increased health awareness, and the need for diversification in the home appliance industry [5][6]

Core Insights - The county-level home appliance market is experiencing significant growth, particularly in the air conditioning segment, driven by the "old-for-new" national subsidy policy which stimulates consumption [5][6][9] Market Trends - The "May Day" holiday saw uneven performance in the home appliance retail market, with notable growth in county-level markets, especially in air conditioning sales [5][6] - The "old-for-new" national subsidy policy has been effective in driving consumption upgrades and high-end sales, with an expansion of subsidized products and retail outlets [5][6] - Young consumers in county markets are increasingly demanding quality home appliances, aligning their preferences with those in first and second-tier cities [6] Sales Performance - Sales at Suining International Mall in Xinghua City increased by 200% year-on-year during the first two days of the "May Day" holiday, attributed to local wedding consumption and returning youth buying appliances for their families [6] - The sales of home appliances in Jiangxi during the "May Day" holiday are estimated to have grown by around 5% year-on-year, with significant contributions from third and fourth-tier markets [6] Air Conditioning Market - Air conditioning emerged as the best-selling product category during the "May Day" holiday, with sales revenue and volume increasing by 11.11% and 6.96% respectively [9] - The sales revenue of air conditioning units at Yongsheng increased by 70% year-on-year during the holiday, outperforming other categories like televisions and refrigerators [9][10] - Price competition in the air conditioning market intensified, with many affordable models emerging, benefiting from national subsidies and trade-in offers [10] Future Outlook - The market for quality-demanding home appliances, such as smart toilets and water purifiers, is expected to have greater potential compared to basic necessity items [11] - Price competition in the domestic home appliance market is anticipated to become more intense, with a trend of "the strong getting stronger" [11]

转自：草原云 "五一"期间，鄂尔多斯市准格尔旗跨领域开展形式多样的促消费活动，让市民享受实实在在的惠民政 策，畅享假期狂欢购。 5月5日，市民在准格尔旗广场惠民车展现场选购汽车。 5月5日，在准格尔旗广场"五一"惠民车展现场，汇集了20多个商家、40多个品牌的上百款热销车型同台 展示，涵盖了新能源、燃油车、智能网联汽车等全品类，吸引了当地及周边城市人群前来选购。本次推 出的"惠聚准格尔"购车消费补贴时间从4月1日至5月31日，不受户籍限制，可叠加国家、鄂尔多斯市、 准格尔旗以及厂家补贴，燃油车和新能源车补贴政策力度等同，带动了市民的购车热情。 5月5日，在准格尔旗广场惠民车展上，40多个品牌的上百款车型在展示。 准格尔旗汽车商会会长苗文军说："和以往的促销补贴不同点就是不限户籍，呼市包头巴彦淖尔等周边 城市有大量顾客来准格尔旗买车。这次补贴的金额从三千到六千不等，不分新能源车和燃油车，目前销 售量达到415台以上，销售金额达到6000万。" 在准格尔旗广电家电卖场，"暖城乐购 政企双补"的惠民标语随处可见，不少市民趁着"五一"假期前来 选购，工作人员耐心地讲解各款产品以旧换新的补贴标准、申领方法及店内优惠，确 ...