2025年10月08日 证券研究报告 | 割草机器人&泳池机器人行业专题 技术升级推动需求爆发，国内企业群雄逐鹿 行业研究 · 行业专题 家用电器 投资评级：优于大市（维持） 证券分析师：陈伟奇 0755-81982606 chenweiqi@guosen.com.cn S0980520110004 证券分析师：王兆康 0755-81983063 wangzk@guosen.com.cn S0980520120004 证券分析师：邹会阳 0755-81981518 zouhuiyang@guosen.com.cn S0980523020001 联系人：李晶 lijing29@guosen.com.cn 摘要 海外割草需求旺盛，全球割草机百亿美元规模 请务必阅读正文之后的免责声明及其项下所有内容 ➢ 欧美草坪文化盛行，私人花园存量达1.8亿个，草坪修剪成为高频刚需，由此催生出规模庞大的割草机等户外动力工具市场。根据欧睿及公司 公告数据测算，预计2024年全球割草机规模在100亿美元，2013-2023年复合增长2%。虽然行业发展较为成熟，但品类结构的变迁悄然来临。割 草机主要三大品类中，手持式/骑乘式销额占比超 ...

Core Viewpoint - Anker Innovations is focusing on new product categories such as consumer-grade UV printers and robotic lawn mowers to drive growth beyond its traditional product lines, aiming to capture emerging market opportunities in these segments [4][6][26]. Group 1: Product Development and Market Strategy - Anker's sub-brand Eufy has launched a lawn mower and a UV printer, with the latter achieving over $20 million in crowdfunding within 12 hours, setting a record for tech crowdfunding [4][10]. - The EufyMake E1 UV printer is positioned as a user-friendly, affordable option for DIY enthusiasts, with a base price of $1,899 and a promotional price of $1,699, significantly lower than traditional industrial UV printers [10][11]. - Anker has previously faced challenges with product lines, leading to a strategic refocus on core categories like mobile power and audio, resulting in over 30% growth in revenue and net profit expected in 2024 [6][26]. Group 2: Competitive Landscape - The consumer-grade UV printing market is becoming competitive, with other companies like XTool and Procolored also targeting similar user demographics and applications, indicating a crowded market [17][18]. - Anker's entry into the robotic lawn mower market is seen as joining an already competitive field, with the company adopting a boundary-less approach to differentiate its products [20][21]. Group 3: Challenges and Opportunities - The robotic lawn mower market has low penetration in the U.S. at only 2%, indicating significant growth potential but also challenges in replacing traditional mowers [23][25]. - Anker's reliance on online sales (71.23% of revenue) poses a challenge for the lawn mower segment, which may require more offline support and training for consumers [25].

Core Viewpoint - Anker Innovations is actively pursuing new opportunities in the consumer robotics and printing markets, particularly with the launch of its eufyMake E1 UV printer and eufy lawn mowers, aiming to capture emerging consumer segments and enhance its growth story beyond its traditional product lines [1][3][18]. Group 1: Product Launches and Innovations - Anker's eufy brand has launched its first lawn mower and a UV printer, with the eufyMake E1 achieving over $20 million in crowdfunding within 12 hours, setting a record for tech crowdfunding [1][2][4][6]. - The eufyMake E1 is positioned as the world's first personal 3D texture UV printer, priced at $1,899, with a promotional price of $1,699, making it accessible in overseas markets [6][8]. - The eufyMake E1 features significant technological advancements, including 3D texture printing capabilities and a self-cleaning system that reduces maintenance costs to one-tenth of traditional devices [7][8][9]. Group 2: Market Position and Strategy - Anker Innovations has previously faced challenges with its product lines, leading to a strategic refocus on core categories such as mobile power and audio, resulting in over 30% growth in revenue and net profit in 2024, projected to exceed 20 billion yuan [2][18]. - The company aims to leverage its established brand reputation in the cross-border e-commerce space to penetrate the competitive consumer-grade UV printing and lawn mower markets [2][3][18]. - The eufy lawn mowers, priced in the thousand-dollar range, are designed to compete in a crowded market, utilizing a visual obstacle avoidance system, which presents both technical challenges and market opportunities [13][14][15]. Group 3: Consumer Segmentation and Market Trends - The target audience for the eufyMake E1 includes DIY enthusiasts and small business users, a demographic with significant purchasing power, often referred to as "Makers" [11]. - The lawn mower market is characterized by a low penetration rate of robotic mowers in the U.S., indicating potential growth opportunities despite existing challenges in consumer adoption and channel distribution [16][17]. - Anker's reliance on online sales channels, which account for 71.23% of its revenue, poses challenges for the lawn mower segment that traditionally requires offline support and training [17].