Core Viewpoint - Hubei Xiangjiang Electric Co., Ltd. has passed the Hong Kong Stock Exchange listing hearing, moving closer to its IPO after previously withdrawing its application from the Shenzhen Stock Exchange [2] Group 1: Company Overview - Xiangjiang Electric was established in 2012, evolving from Xiangjiang Plastic founded in 1990, initially focusing on OEM processing before expanding into the research and production of electrical home appliances [2] - The company is primarily engaged in OBM business since 2016, selling its own brands such as Weimaisi and Accuteck, mainly through e-commerce platforms [2] - The founder, Pan Yun, holds 54.07% of the company shares, with Pan and his family controlling over 80% of the equity and 100% of the voting rights [2] Group 2: Financial Performance - Revenue figures for Xiangjiang Electric from 2022 to 2024 are projected at 1.097 billion, 1.188 billion, and 1.502 billion yuan, with a year-on-year growth rate of 26.36% in 2024 [3] - Net profit for the same period is estimated at approximately 80 million, 121 million, and 140 million yuan, with a year-on-year growth rate of 15.61% in 2024 [3] Group 3: Market Position - Xiangjiang Electric holds a significant position in China's kitchen small appliance export sector, particularly in the electric kettle market for the U.S. and Canada, ranking tenth in the industry with a market share of 0.8% based on 2024 export value [4] - The company has delivered products to over 70 countries and regions across six continents, with North America being its largest market, accounting for 71.2%, 83.6%, and 83.7% of total revenue from 2022 to 2024 [4] - Customer concentration is high, with the top five customers contributing to 62.4%, 72.4%, and 77.9% of total revenue from 2022 to 2024, and the largest customer accounting for 21.3%, 28.5%, and 24.1% of total revenue in the same period [4] Group 4: Production Expansion - To mitigate risks, Xiangjiang Electric has established two production bases in Southeast Asia, with a facility in Indonesia expected to commence operations in Q2 2025, focusing on manufacturing air fryers and other electric appliances [5] - The company plans to build another production base in Thailand, covering approximately 25,000 square meters, with new automated assembly lines for electric products and garden hoses, expected to start production in the second half of this year and undergo acceptance testing by September next year [5]

风险提示 1、家电国内以旧换新政策效果不及预期；2、原材料价格及汇率大幅波动；3、对美出口 关税大幅上升；4、海外需求超预期下滑；5、行业竞争格局超预期恶化。 国家/地区 中国 行业 家电行业 报告发布日期 2025 年 06 月 13 日 看好（维持） 家电行业 行业研究 | 动态跟踪 5 月线上零售喜人，价格内卷或步入尾声 核心观点 投资建议与投资标的 家电内销有望受益政策拉动，叠加今年空调旺季有望受益较高气温和较低库存，二季度 家电需求值得期待，后续国补补贴方式变化但扰动有限；出口方面新兴市场潜力可期， 对美出口扰动因为全球产能布局也无需过忧，供应链优势带来的全球格局重塑机会则需 重视。建议关注享受国内政策延续、积极出海，自身效率提升的优质白电龙头，建议关 注美的集团(000333，未评级)、海尔智家(600690，买入)、海信家电(000921，未评 级)；建议关注海外成熟市场份额重塑，且短期全球供应链优势有望放大弹性的出海/出口 优质企业，建议关注海信视像(600060，增持)、欧圣电气(301187，买入)；建议关注短 期受益国补品类外溢，中长期有望享受新兴家电品类需求红利的优质小家电企业，建议 ...

Group 1 - The core viewpoint is that the home appliance industry is experiencing a performance and valuation resonance opportunity due to export recovery and ongoing national subsidy policies, with a profit growth of 28.64% year-on-year in Q1 [1][3] - Domestic performance is benefiting from national subsidy policies, leading to continuous marginal improvement in earnings, while the export sector is seeing significant recovery in production due to easing tariffs in the U.S. and high demand in emerging markets [1][3] - The national subsidy policy is expected to continue stimulating home appliance demand, with an expanded coverage that supports the industry's growth [1][3] Group 2 - The home appliance sector has shown strong financial performance, ranking high in profit growth rate and ROE among 30 first-level industries, with a financial status ranking of fifth in Q1 2025 [3] - The export sector is under pressure from U.S. tariffs ranging from 30% to 55%, but the situation is improving, allowing for a recovery in production and a return of bargaining power for manufacturers [3] - The home appliance sector is attracting significant net inflows of capital, reflecting market recognition of its low valuation, high dividend yield, and strong safety margins [1][3]

智能家电-4 月家电出口数据解读 20250521 摘要 2025 年 4 月中国家电出口增速环比转弱，主因高基数效应和美国加征 关税，人民币口径下整体出口额同比增长 93%，但家电板块表现不及大 盘，扭转了此前一年多跑赢大盘的趋势。 北美地区家电出口全面转负，其中空调、冰箱、洗衣机、吸尘器出口额 分别同比下降 1.1%、15%、19%和 33%；亚洲和拉美保持较高增长， 欧洲和非洲增速放缓，各区域市场表现分化。 美国加征关税是中国家电对美出口下滑的关键因素，空调、冰箱、洗衣 机、吸尘器对美出口分别下降 7%、19%、27%和 40%，部分企业暂 停对美出口。 美国关税政策 90 天豁免期或带来短期抢出口，但程度或不及去年，新 兴市场预计延续高增长，整体家电行业预计保持增长，但需关注政策不 确定性。 2025 年 5-7 月空调外销排产预计同比下降 2%、12%和 17%，内销排 产预计增长 15%、29%和 37%；冰箱和洗衣机外销排产增速普遍放缓， 受海外库存和基数影响。 Q&A 2025 年 4 月家电出口数据的整体情况如何？ 根据海关数据，2025 年 4 月份家电出口额为 603 亿元人民币，同比下 ...

证券研究报告 | 2025年05月19日 家电行业周报（25 年第 20 周） 优于大市 4 月家电内销需求加速增长，受关税影响出口额微降 2% 本周研究跟踪与投资思考：4 月我国家电零售需求迎加速增长，线上线下零 售额同比增长约 20%。618 大促开启，今年活动时间提前，周期拉长。4 月受 美国关税影响，我国家电出口额微降 2%，但空调、洗衣机等增长依然良好。 4 月家电零售需求加速增长，线上线下均表现良好。奥维云网数据显示，4 月我国家电零售需求迎来环比加速增长，线上线下零售额同比分别增长 21.8%/18.6%，1-4 月累计同比增长 9.1%/14.8%。分量价来看，在国补政策 的带动下，量价均有明显的增长，4 月线上线下零售量同比分别增长 6.5%/10.8%，1-4 月累计同比增长 1.2%/4.5%。分品类看，白电增长良好， 空调线上线下均有双位数增幅；大厨电中，油烟机、燃气灶线上线下均有较 快增长；厨房小家电线上线下零售表现有所改善，电饭煲线下增长较快；扫 地机及洗地机延续强劲增长趋势，清洁电器增长靓丽。 4 月家电出口额微降 2%，受美国加征关税影响有限。据海关总署发布的数据， 4 月我国 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 16.47 [7] Core Views - The company reported a revenue of RMB 16.82 billion for 2024, a year-on-year increase of 14.84%, and a net profit of RMB 1.05 billion, up 7.75% year-on-year. For Q1 2025, total revenue grew by 10.36% year-on-year, with net profit increasing by 43.02% year-on-year. The performance for 2024 met expectations [1][2] - The company is a leader in small appliance exports, benefiting from strong demand in Q1 2025, although potential challenges from increased tariffs in the U.S. may impact Q2 performance. The company has significant experience in product planning, industrial design, and rapid production, indicating resilience in long-term export sales [1][3] - The domestic sales faced challenges, with a revenue decline of 4.5% in 2024 and a further decline of 4.9% in Q1 2025. The main brands are less sensitive to the new replacement subsidy policies, leading to a slower recovery compared to the industry [2] - The company's export growth was strong in 2024, with quarterly growth rates of 29.7%, 25.1%, 20.3%, and 14.1% respectively. However, the growth rate is expected to face pressure in Q2 2025 due to increased tariffs imposed by the U.S. [3][5] - The gross margin for 2024 was 20.91%, a decrease of 1.82 percentage points year-on-year, primarily due to a higher proportion of low-margin exports. The gross margin improved to 22.42% in Q1 2025 [4] - The company has initiated a share buyback and declared a dividend of RMB 0.45 per share, enhancing shareholder returns [1] Financial Summary - The company forecasts revenues of RMB 17.69 billion, RMB 18.89 billion, and RMB 20.15 billion for 2025, 2026, and 2027 respectively, with growth rates of 5.16%, 6.78%, and 6.70% [10] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.43, RMB 1.57, and RMB 1.75 respectively [10] - The average price-to-earnings (PE) ratio for comparable companies is projected at 15x for 2025, while the company is assigned a PE of 11.5x, leading to a revised target price of RMB 16.47 [5]