奥普科技 20260304 摘要 2025 年 C 端驱动增长，电商收入占比升至 41%-42%；B 端工程渠道 因战略收缩下滑约 40%，旨在提升毛利与回款质量。 品类结构发生剧变，电器板块发货占比由 70%+提升至 85%，材料板 块持续收缩；浴霸主业保持双位数增长，集成吊顶双位数下滑。 需求逻辑转向存量房（占比 60%-70%），精装房低配浴霸更换率提升； 安装属性弱化使更换不再依赖大修，缩短至半小时以内。 新品放量显著，人感 Smart 浴霸全年贡献超 1 亿元；美容浴霸二代通过 降本使单价降至 3,000 元区间，销量翻倍至 2-3 万台。 2026 年 1-2 月发货保持双位数增长；厨房空调定位顶部一体机，拟复 用集成吊顶安装体系，2026 年将持续迭代以突破安装瓶颈。 公司维持高分红政策，派息率约 7%-8%，年度派息约 3 亿多元；坚持 "款到发货"确保净现金流与利润高度匹配。 Q&A 2025 年公司整体经营情况如何，渠道端有哪些结构性变化？ 2025 年整体实现既定的收入与利润目标，并实现超额完成。渠道端坚持全渠 道覆盖，包含线上、线下，以及 ToC 与 ToB。线下实体进一步分为"电器实 ...

投资建议与投资标的 地缘冲突导致成本上行，AWE 将至关注黑 电技术迭代 核心观点 投资建议：地缘冲突加剧，家电行业原材料/欧线运费成本上行，经营效率更高、全球供 应链韧性更好的白电集团抗风险能力更强；AWE2026 将至，关注黑电产业技术迭代。 主线一：龙头公司经营效率更高，成本上行周期经营更稳健，结合较高股息率可作为稳 健配置首选，相关标的：海尔智家(600690，未评级)、海信视像(600060，增持)。 主线二：出海仍为长期主线，2026 年有望迎来估值切换，相关标的：石头科技 (688169，买入) 、莱克电气(603355，买入)。 主线三：AWE2026将至，黑电产业技术迭代值得关注，相关标的：TCL电子(01070，未 评级)。 风险提示 以旧换新补贴政策持续性存在不确定性、关税扰动反复、地缘冲突加剧导致成本进一步 上行。 家电行业 行业研究 | 动态跟踪 国家/地区 中国 行业 家电行业 报告发布日期 2026 年 03 月 02 日 看好（维持） | 曲世强 | 执业证书编号：S0860525100004 | | --- | --- | | | qushiqiang@orientsec.c ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The home appliance industry has shown a relative return of 12.0% over the past 12 months, with an absolute return of 21.1% [3] - The industry has a low valuation with a PE ratio of 15.33, ranking 28th among 31 industries, indicating potential for upward movement [5] - The "old-for-new" policy has been strengthened, leading to a 21.7% year-on-year increase in sales of six categories of home appliances and four categories of digital products during the Spring Festival holiday [6] Summary by Sections Industry Performance - The home appliance industry experienced a decline of 0.42% this week, ranking 26th among its peers, while the CSI 300 index rose by 1.08% [4][9] - Over the past month, the industry gained 1.02%, ranking 20th, and has a year-to-date increase of 0.04%, ranking 27th [9] Valuation Analysis - The PE ratio of the home appliance industry is 15.33, compared to the CSI 300 index's 13.41, with a valuation percentile of 34.2% [5][26] - The industry is positioned at a historical low valuation, enhancing its investment attractiveness [5] Consumer Trends - The Spring Festival is a significant period for appliance upgrades, with a reported 510.6 million units sold during the holiday, reflecting strong consumer demand [6] Investment Recommendations - Focus on leading white goods companies with strong R&D capabilities, stable market positions, low valuations, and high dividend yields [7] - Identify niche sectors that can leverage new products and technologies to create demand, such as smart projectors and cleaning robots [7] - Monitor component manufacturers with strong R&D capabilities in response to the trend of replacing copper with aluminum due to rising copper prices [7] - Pay attention to "hidden champion" companies in the small appliance sector [7][56]

Core Viewpoint - Gree Electric Appliances has filed an international patent application for an "Energy Storage Air Conditioning System," with the application number PCT/CN2025/107709, set to be published internationally on February 26, 2026 [1] Group 1: Patent Information - The patent application is part of Gree's ongoing innovation efforts, with a total of 7 international patent applications filed this year, representing a 66.67% decrease compared to the same period last year [1] - The details of the patent were sourced from the World Intellectual Property Organization (WIPO) [1] Group 2: R&D Investment - In the first half of 2025, Gree Electric Appliances invested 3.918 billion yuan in research and development, which is a year-on-year increase of 10.92% [1]

证券之星消息，根据企查查数据显示海尔智家（600690）公布了一项国际专利申请，专利名为"阀盒、 空调系统及冷媒泄露的控制方法"，专利申请号为PCT/CN2025/119772，国际公布日为2026年2月26日。 专利详情如下： 图片来源：世界知识产权组织（WIPO） 今年以来海尔智家已公布的国际专利申请44个，较去年同期增加了22.22%。结合公司2025年中报财务 数据，2025上半年公司在研发方面投入了57.9亿元，同比增11.73%。 数据来源：企查查 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

证券之星消息，根据企查查数据显示海尔智家（600690）公布了一项国际专利申请，专利名为"可燃冷 媒空调的安全部件选配方法及冷媒泄露控制方法"，专利申请号为PCT/CN2025/119774，国际公布日为 2026年2月26日。 今年以来海尔智家已公布的国际专利申请44个，较去年同期增加了22.22%。结合公司2025年中报财务 数据，2025上半年公司在研发方面投入了57.9亿元，同比增11.73%。 数据来源：企查查 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 专利详情如下： 图片来源：世界知识产权组织（WIPO） ...

Group 1 - Midea Group has filed an international patent application for a "pipeline integrated module, outdoor unit, and HVAC equipment" with application number PCT/CN2025/115903, published internationally on February 26, 2026 [1] - The company has announced a total of 34 international patent applications this year, representing a decrease of 34.62% compared to the same period last year [1] - In the first half of 2025, Midea Group invested 8.767 billion yuan in research and development, which is a year-on-year increase of 14.41% [1]

Group 1 - The core point of the article is that Midea Group has filed an international patent application for a "filtering device and cleaning equipment" with the application number PCT/CN2025/078586, which is set to be published internationally on February 26, 2026 [1] - Midea Group has announced a total of 34 international patent applications this year, representing a decrease of 34.62% compared to the same period last year [1] - In the first half of 2025, Midea Group invested 8.767 billion yuan in research and development, which is a year-on-year increase of 14.41% [1]

Group 1 - The core message of the article highlights that Ningbo Deye Technology Co., Ltd. has won the iF Design Award for its dehumidifier P40 and humidifier F15Pro, showcasing its commitment to innovation in humidity control [2] - Deye has maintained the top position in online sales of dehumidifiers for ten consecutive years, establishing itself as a recognized leader in the industry through core technology, a complete supply chain, and stringent quality control [2] - The company is expanding its presence in the humidification sector, aiming to become a benchmark brand with products that emphasize health, intelligence, and aesthetics [2] Group 2 - Deye's future strategy focuses on a guiding principle of "comprehensive collection, rapid response, exceeding expectations, and continuous improvement," aiming to empower products through design and drive development through innovation [2]

（图片来源：网络） 出品｜搜狐财经 作者｜李保铭 编辑｜杨锦 陪跑6年后，高瓴系选择减持了格力。 最新的公告显示，格力第一大股东——高瓴资本旗下基金珠海明骏拟减持格力电器。 高瓴和格力的这6年，从贷款百亿入主，到过户后即质押；从"让企业家坐C位"，到连续多年高额分红，二者合力上演了 一段中国资本市场混改的故事。 消息发出后，格力股价受挫。26日收盘，格力电器报收37.59元/股、下跌2.34%；总市值2106亿元、流通市值2073亿元， 艰难守住了2000亿大关。 高瓴和格力这6年 2月25日夜间，格力电器发布最新公告，其第一大股东珠海明骏拟在15个交易日后的3个月内，以大宗交易方式，减持格 力电器不超过1.12亿股、即剔除回购专用账户股份后的总股本2%的股份。 公告显示，减持资金将用于偿还银行贷款。 2月26日开盘，格力电器股价为37.5元/股，较昨日收盘价跌2.57%。以25日收盘价38.49元/股计算，此次高瓴最高套现约 42.99亿元。 搜狐财经向格力方面询问，对方表示，此次减持不会导致公司控制权变更，也不会影响公司治理结构和生产经营。 据悉，珠海明骏系高瓴资本旗下以私募基金形式运作的有限合伙企业，早 ...