黑白电龙头引领，小家电格局改善 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 ——家电板块 2025Q2 业绩前瞻 | | | | [table_Authors] 蔡雯娟(分析师) | 李汉颖(分析师) | 谢丛睿(分析师) | | --- | --- | --- | | 021-38676666 | 021-38676666 | 021-38676666 | | 登记编号 S0880521050002 | S0880524110001 | S0880523090004 | 本报告导读： 国补刺激 Q2 销售，收入端延续正增长。竞争格局改善带动小家电板块盈利修复， 大家电龙头引领竞争助力行业份额集中，增持。 投资要点： 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股票研究 /[Table_Date] 2025.07.09 [Table_Summary] 投资建议：建议把握两条主线：1）小家电竞争格局改善带来盈利弹 性：扫地机器人行业具备高成长性，低渗透率之下长期仍有渗透空 间，短期追觅增长动能趋缓，行业竞争趋缓， ...

固定收益深度报告 2025 年 07 月 04 日 证券研究报告 3 月金融数据：企业短贷同比多增，社融 增速改善 2025.04.15 政策适度宽松，实体经济稳健修复，债券 收益率下行 2025.03.31 利率债收益率：处于低位，长期仍有下行 压力 2024.01.25 请务必阅读正文之后的信息披露和法律声明 关税缓和，经济动能增强，转债稳中求进 [Table_Author] 陈国文 分析师 Email:chenguowen@lczq.com 证书:S1320524070001 投资要点： 转债价格整体在稳步修复，转债指数表现优于权益指数。受特朗普加征 关税的影响，转债市场与权益市场均出现下跌行情，后逐步修复，转债 指数表现优于权益指数表现。从行业与个债角度讲，多个行业与个债的 价格上涨。转债的估值表现分化，整体而言，转债的转股溢价率在下降。 供给方面，可转债发行节奏放缓，净融资额处于相对低位。可转债净融 资额处于低位，主因在于发行节奏放缓。从转债预发行角度看，不同行 业预发行规模分化，其中高端制造业预发行规模较大。从存量角度看， 不同行业转债的未转余额差异较大，教育、农业、航空运输业等转债余 额较初始金 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 68.77, representing a potential upside of 9% from the current price of RMB 55.17 [1][8]. Core Insights - The company's performance in Q1 2025 shows stable growth, with revenue reaching RMB 5.79 billion, up 7.59% year-on-year, and net profit attributable to shareholders at RMB 497 million, up 5.82% year-on-year [1][8]. - External sales growth is expected to outpace internal sales, driven by high demand and national subsidies, contributing to a positive outlook for 2025 [1][8]. - The gross profit margin (GPM) decreased by 0.51 percentage points to 23.91% in Q1 2025, while overall profitability remains stable despite increased competition in the domestic market [1][8]. Financial Summary - Revenue projections for the company are as follows: - 2023A: RMB 21,304 million - 2024A: RMB 22,427 million - 2025E: RMB 23,821 million - 2026E: RMB 25,073 million - 2027E: RMB 26,392 million - The year-on-year growth rates are 5.6%, 5.3%, 6.2%, 5.3%, and 5.3% respectively [3]. - Net profit attributable to shareholders is projected to be: - 2023A: RMB 2,180 million - 2024A: RMB 2,244 million - 2025E: RMB 2,397 million - 2026E: RMB 2,557 million - 2027E: RMB 2,708 million - The year-on-year growth rates are 5.4%, 3.0%, 6.8%, 6.7%, and 5.9% respectively [3]. - Earnings per share (EPS) estimates are: - 2025E: RMB 2.99 - 2026E: RMB 3.19 - 2027E: RMB 3.38 [3][8]. Company Outlook - For 2025, the company anticipates selling RMB 7.37 billion worth of goods to SEB, reflecting a 5% year-on-year increase, supported by trade-in programs and market share growth [1][8].