大家好欢迎参加国海勤工成都家居市场紧急度跟踪反馈目前做餐会就居住进状态下面播报免费声明播完毕后主持人可直接发言谢谢 本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而视其为客户本次会议内容不构成任何投资建议据此作出的任何投资决策与国海证券国海证券员工或者官邻机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准 会议严禁录音或转发任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 那么这次的话是需要商家来电资的这次的审核流程也更加严格需要实名和宋州流程是拍上传凭证绝对一致而且完成了这个需要在30天内完成补贴是直接在雨伞库内参加限额一个人最高是1500两次每个人可以参加两次加起来的补贴额度最高是4000元 那么从国补前后的这个利润端表示 ...

Core Viewpoint - The article discusses the transformation of Chinese home appliance manufacturers, particularly focusing on Xiangjiang Electric's attempt to shift from an OEM model to establishing its own brand in the competitive global market [2][12]. Group 1: Company Overview - Xiangjiang Electric, originally a plastic products manufacturer, transitioned to the home appliance sector in 2012, focusing on ODM/OEM operations [4][5]. - The company has faced challenges due to high customer concentration, with its top five clients contributing 74.9% of revenue by mid-2024, leading to weakened bargaining power [10][12]. - Revenue from electric home appliances has shown a decline, with figures of 11.27 billion, 9.00 billion, and 9.32 billion from 2021 to 2023, representing 76%-82% of total revenue [5][6]. Group 2: Financial Performance - Xiangjiang Electric's total revenue fluctuated from 14.8 billion in 2021 to 10.97 billion in 2022, and then to 11.88 billion in 2023, reflecting a "V-shaped" recovery [6][7]. - The company's profit has improved, with net income rising from 71.8 million in 2021 to 121 million in 2023, and projected to reach 140 million in 2024 [7]. Group 3: Market Challenges - The company has struggled with a lack of brand premium, relying heavily on low-margin manufacturing profits, with ODM/OEM revenue constituting 93.7% to 96.3% of total income from 2021 to 2024 [10][12]. - Research and development investment has been low, with R&D expenses below 3% of revenue, indicating a reliance on manufacturing over innovation [12][13]. Group 4: Strategic Initiatives - To address its challenges, Xiangjiang Electric plans to enhance its OBM business by acquiring brands in the home appliance sector, particularly in North America and Europe [13][14]. - The company is exploring new marketing channels, including cross-border e-commerce and offline experience stores, to boost its brand presence [14][15]. - The upcoming IPO is seen as a crucial step for Xiangjiang Electric to support its transition towards a more autonomous brand strategy [16].

Core Viewpoint - The Shanghai Smart Home Index has shown a decline of 13.88% over the past month, while it has increased by 4.46% over the last three months and 0.99% year-to-date, reflecting the overall performance of listed companies in the smart home sector [2]. Group 1: Index Performance - The Shanghai Smart Home Index reported a value of 3134.80 points [1]. - The index is based on a sample of companies involved in smart home components, terminal devices, system integration, and related services, with a base date of June 29, 2012, set at 1000.0 points [2]. Group 2: Index Composition - The top ten weighted companies in the index include: Aojie Technology (3.98%), Chipone Technology (3.6%), Rockchip Electronics (3.35%), Hengxuan Technology (2.53%), Quectel Wireless Solutions (2.5%), Espressif Systems (2.48%), Will Semiconductor (2.44%), XGIMI Technology (2.41%), Jiechang Drive (2.4%), and Hisense Visual Technology (2.39%) [2]. - The index is composed entirely of companies listed on the Shanghai Stock Exchange, with the information technology sector making up 58.04%, consumer discretionary at 25.15%, communication services at 10.51%, and industrials at 6.29% [3]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Core Viewpoint - The article discusses the controversial rebranding of Gree's stores to "Dong Mingzhu Health Home" and reflects on the company's past attempts in the smartphone market, highlighting the challenges and failures faced by Gree in this sector [4][5][92]. Group 1: Gree's Branding and Market Position - Dong Mingzhu, as the face of Gree, has tightly linked her personal brand with Gree, which is evident in her recent rebranding efforts [5][6]. - The rebranding to "Dong Mingzhu Health Home" has sparked significant public debate, similar to past controversies surrounding Gree's ventures, such as its smartphone business [4][6]. Group 2: Gree's Smartphone Journey - Gree's foray into the smartphone market began in 2015, aiming to leverage the growing trend of smart home connectivity [10][11]. - The first Gree smartphone, the "Dong Mingzhu Phone," was launched with specifications that were inferior to competitors but priced higher, leading to poor sales performance [12][13][18]. - Despite the lackluster sales, Dong Mingzhu expressed a commitment to continue the smartphone business, indicating a belief in the long-term potential of Gree's self-developed products [21][88]. Group 3: Product Analysis and Market Comparison - The Gree Damsun G5, released in December 2020, was criticized for its high price point of 2999 yuan, which did not align with its performance and features compared to competitors like Redmi K30 5G [83][84]. - The Gree Damsun G5's specifications, including a Snapdragon 765G processor and a mediocre camera system, failed to impress in a competitive market where other brands offered better value [42][68][80]. - The smartphone's market presence was further diminished by a lack of software updates and poor user experience, leading to a significant drop in consumer interest [56][91]. Group 4: Industry Context and Future Outlook - The smartphone industry is currently facing intense competition, with established brands engaging in price wars and smaller brands finding niche markets [93]. - Gree's smartphone efforts have been characterized as lacking direction and sincerity, with products that do not resonate with consumer needs or market trends [91][92]. - The article concludes that Gree's smartphone venture may ultimately be remembered as a failed experiment, overshadowed by the more successful strategies of other companies in the industry [94].

长江商报消息 ●长江商报记者 江楚雅 得益于高端品牌增长和海外新兴市场的拓展，家电巨头海尔智家（600690.SH）营收与净利润均创出历 史新高。 3月27日，海尔智家发布2024年年报，公司实现营业收入2859.81亿元，较2023年同期增长4.29%；实现 归属于母公司股东的净利润（下称"归母净利润"）187.41亿元，较2023年同期增长12.9%。 作为海尔智家的高端品牌，卡萨帝近年来持续高速增长，为公司的整体业绩做出了重要贡献。财报显 示，卡萨帝在2024年继续保持高增长态势，尤其是四季度收入增幅超30%。 作为一家全球经营的家电巨头，海尔智家全球化拓展成效显著。2024年海外营收为1438.14亿元，同比 增长5.43%，在海尔智家全年总营收中的占比为50.29%。 为进一步扩张产能，海尔智家同日公告称，拟约17.84亿元投建年产300万台洗衣机项目，主要面向中国 市场，并辐射海外市场。 同日，公司还宣布，拟每10股派发现金股利9.65元（含税），分红总额近90亿元，对应现金分红占归母 净利润比例为48.01%。 核心业务稳健增长 海尔智家2024年年报显示，当年公司实现营业收入2859.81亿元 ...

值得注意的是，海尔智家在技术创新方面也取得了显著成果。公司坚持自主研发，不断推出具有行业领 先水平的创新产品，如磁控冻鲜科技的冰箱、大筒径超薄技术的洗衣机等，赢得市场广泛好评。同时， 公司还积极布局智能家居领域，通过三翼鸟场景品牌，为用户提供定制化的智慧家庭解决方案，进一步 巩固了其在智慧家庭领域的领先地位。 在股东回报方面，海尔智家一直秉持着积极、开放、创新、专业的态度。此次拟定的每10股派发9.65元 的现金股利方案，不仅体现了公司对未来发展前景的乐观预期，也彰显了公司对股东价值的高度重视。 此外，公司还通过员工持股计划、股权激励等多种方式，进一步激发员工的积极性和创造力，为公司的 长远发展奠定坚实基础。 3月27日晚间，海尔智家（600690）股份有限公司（以下简称"海尔智家"，证券代码：600690）发布了 2024年年度报告。报告显示，2024年海尔智家实现营业收入2859.81亿元，同比增长4.29%；实现归母净 利润达到187.41亿元，同比增长12.92%；按中国会计准则下的扣除非经常性损益后的归母净利润达到 178.05亿元，同比增长12.52%。同时，海尔智家拟每10股派发现金红利9.65 ...

日本电饭煲曾让国人高价追捧！董明珠不服：格力 用4吨米，做出了世界一流的电饭煲【附小家电行业 现状分析】 日前，CCTV财经《对话》节目播出，格力电器董事长兼总裁董明珠、小鹏汽车董事长CEO何小鹏等民营 企业家参加，讲述他们在企业发展过程中做出的重要决定。 董明珠在节目中解释了"让世界爱上中国造"这句话的来源。她表示："我们当时就感觉到气愤的是我们中 国人用高价几千上万元钱，飞到日本去买一个电饭煲回来 ，我们是制造业(大国)，这是一种耻辱。一个电 饭煲能有多高的技术，竟然我们自己的国民不在中国买。人家的电饭煲看起来是个小饭煲，但做出的饭 很香、口感好、营养保留得好，这就是人家的科技。所以当时我就下定决心，虽然那时候是做空调的， 我觉得我们要尝试去把这饭煲要做成世界最好的，给自己一个挑战。我们用了一年多时间，用了4吨的 米，做出了世界一流的最好的饭煲。" （图片来源：视频 截图） 在研发过程中，工程师们记录了20种米样的吸水率、膨胀系数，为了精准到0.1毫米的精度调整，内胆模 型不断修改，废掉的模具堆满半个仓库。终于，格力电饭煲成功问世。 董明珠表示："做出来以后，我们还非常自信，要进行盲测，就把所有的全球的饭 ...

Summary of the Conference Call for XunJieXing Company Overview - XunJieXing was established in 2005 and went public on the Sci-Tech Innovation Board in 2021. The company has three production bases located in Shenzhen, Ganzhou Xinfeng, and Zhuhai [3][4]. Business Layout and Production Capacity - Shenzhen base focuses on customized sample production, while Ganzhou Xinfeng has two factories: one for small-batch production of high-layer HDI boards and another for large-scale production with a capacity of 600,000 square meters expected to be fully operational by the end of 2023 [3]. - Zhuhai base is set to produce samples, with the first phase expected to start production in Q2 2025, significantly increasing capacity [3][4]. Core Business and Services - XunJieXing specializes in PCB samples and small-batch production for nearly 20 years, with comprehensive technology to meet customer needs in emerging tech fields like optical modules, smart home devices, and low-altitude economy [3][4]. - The company offers a one-stop service from sample to mass production, enhancing customer relationships and increasing market share [3][4]. Future Development Focus - The company aims to ramp up production at the Ganzhou Xinfeng second factory and launch the Zhuhai factory to capture global orders through an online marketplace targeting electronic manufacturers and research institutions [5]. - Innovations in automation and engineering systems are expected to significantly enhance production efficiency and profitability [5]. Collaboration in the Robotics Sector - XunJieXing collaborates closely with Yibo Technology, which covers about 60% of the humanoid robot PCB market, providing stable orders and expected growth of 30% in 2025 [6][10]. - The company is also involved in industrial robotics, partnering with clients like Huichuan Technology and Estun Automation [6][7]. Revenue Breakdown and Future Projections - For 2024, the revenue breakdown is projected as follows: automotive and security each at 20%, and computer communication and risk control at 10% [13]. - The Zhuhai factory's first phase is expected to achieve an annual output of 720,000 square meters, corresponding to a revenue of 1 billion yuan, with the second phase targeting a total capacity of 1.5 million square meters [22][27]. Profitability Expectations - The net profit margin for the Zhuhai factory is anticipated to reach 20%-30% upon full operation, while the Ganzhou Xinfeng factory is expected to contribute nearly 100 million yuan in profit by 2026 [24][35]. - The overall projected net profit for the company could reach around 600-700 million yuan in optimistic scenarios [35]. Strategic Positioning and Competitive Advantage - XunJieXing's core competitiveness lies in its technical capabilities in complex PCB manufacturing, which allows it to handle high-difficulty and customized orders that larger manufacturers may not be able to fulfill [15][32]. - The company is transitioning from sample production to large-scale manufacturing to enhance overall business scale and profitability [30][34]. Market Dynamics and Client Relationships - The company has established long-term relationships with major clients, including Huawei and Tesla, which positions it favorably for future large-scale orders [31]. - The distinction between sample and mass production is driven by client needs at different stages of product development, allowing XunJieXing to cater to both [31][33]. Conclusion - XunJieXing is well-positioned in the PCB market with a focus on innovation, strategic partnerships, and a robust production capacity that aligns with emerging market demands, particularly in the robotics sector. The company's future growth is supported by its ability to adapt to client needs and expand its service offerings.

Core Viewpoint - Apple is set to introduce its own Wi-Fi 7 chip across all four iPhone 17 models, marking a significant step towards vertical integration and reducing reliance on external suppliers like Qualcomm and Broadcom [1][2]. Group 1: iPhone 17 and Wi-Fi 7 - All four iPhone 17 models are expected to feature Apple's custom-designed Wi-Fi 7 chip, with completion of the design anticipated in the first half of 2024 [1]. - The iPhone 16 series already supports Wi-Fi 7, making this development less surprising, but the fact that Apple is designing its own chip is noteworthy [1]. - Wi-Fi 7 allows simultaneous data transmission across 2.4GHz, 5GHz, and 6GHz bands, potentially offering peak speeds exceeding 40 Gbps, which is four times faster than Wi-Fi 6E [2]. Group 2: Proxima Chip and Smart Home Strategy - Apple's development of its Wi-Fi and Bluetooth chip, codenamed Proxima, signifies a major shift in its smart home strategy, with initial testing on devices like Apple TV and HomePod mini [4]. - The transition from Broadcom components is expected to begin in 2025, which may reshape the interaction of Apple devices within the home ecosystem [4]. - Proxima chip aims to enhance device synchronization, improve power efficiency, and provide customized features for the Apple ecosystem [5]. Group 3: Financial Impact and Strategic Implications - Following the announcement of Apple's plans, Broadcom's stock fell by 3.9%, reflecting the financial implications of Apple's move, given that Apple accounts for approximately 20% of Broadcom's revenue [6]. - The development of Proxima is part of a broader strategy for Apple to create an end-to-end wireless solution, paving the way for new device formats and potentially impacting the future of Apple's product line [6].

Group 1: Industry Overview - The humanoid robot index has increased by 39% from January to February 2025, with significant gains in the dexterous hand, reducer, and sensor sectors [1] - Policies promoting embodied intelligence are being introduced, with cities like Beijing and Shenzhen aiming to cultivate a trillion-level industry by 2027 [1] - 2025 is projected to be the year of large-scale production for humanoid robots, with leading manufacturers achieving shipments of over ten thousand units [1] Group 2: Software Developments - Large model technology is driving the application of embodied intelligence, transforming robots from execution tools to autonomous intelligent agents [2] - High-quality scene datasets are crucial for the deployment of humanoid robots, with Shanghai establishing the first heterogeneous humanoid robot training ground [2] - Physical AI virtual training environments, such as NVIDIA's CoSmos model, are enhancing robot training efficiency while reducing time and cost constraints [2] Group 3: Hardware Innovations - Recent advancements in dexterous hands show significant improvements, with Tesla's third-generation dexterous hand featuring 17 actuators and 22 degrees of freedom [3] - The mainstream approach for small brain systems is PC-based, leading to increased demand for specialized third-party companies [3] - Solid-state batteries are identified as a long-term solution for humanoid robot power needs, while fast-charging technology is a key short- to medium-term focus [3] Group 4: Application Trends - Apple's development of a smart lamp indicates a shift in how smart home devices interact with users, moving beyond voice to include emotional and physical expressions [3] - The integration of large models in smart home technology is expected to redefine user interaction, allowing for more natural communication [3] Group 5: Investment Opportunities - Key players in the humanoid robot supply chain include companies like Sanhua Intelligent Controls, Top Group, and Beite Technology [4] - Various chains associated with major companies such as Huawei and Yushun are highlighted for potential investment [4] - Specialized companies in niche segments, such as Suchen Technology and Lingyun Optics, are also noted for their strategic positioning in the market [4]