最近 12 月市场表现 -8% -2% 5% 11% 17% 23% 家用电器 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 相关报告 1. 《2026 春节期间消费数据及家电相关情 况追踪：08W2026 周报》 2026-02-24 2. 《索尼FY2025 Q3季报梳理：06W2026 周报》 2026-02-10 3. 《惠而浦 4Q25 及年报：新品驱动份额 提升 05W2026 周报》 2026-02-03 一文读懂华之杰：09W2026 周报 家用电器 证券研究报告 行业投资策略周报 / 2026.03.02 投资评级:看好(维持) 核心观点 核心观点 ❖ 周度研究聚焦：一文读懂华之杰 请阅读最后一页的重要声明！ ❖ 公司简介：公司定位于智能控制行业，致力于以锂电池电源管理、智能控制、 无刷电机驱动和控制等技术为核心，主要为锂电电动工具、消费电子领域提 供有效的电源管理和动力驱动方面的系统解决方案。经过二十余年的经营发 展和积累，公司顺应锂 ...

（文章来源：证券日报） 证券日报网讯 2月26日，视源股份在互动平台回答投资者提问时表示，在智能控制部件领域，公司持续 推进品类拓展和智能化升级；在智能终端及应用领域，公司积极拥抱AI技术应用与全球化发展机遇， 不断推出高价值产品。公司主要业务经营情况及未来展望敬请关注公司定期报告。 ...

Group 1 - The core point of the article is that Hangcha Group (603298.SH) announced that its associate company, Henan Jiachen Intelligent Control Co., Ltd., has received approval from the Beijing Stock Exchange for a public stock issuance to unspecified qualified investors on February 12, 2026 [1] - Henan Jiachen was established in 2009 and its business scope includes technology research, development, and sales of intelligent products, as well as technical services related to robotics and IoT technology [1] - As of the date of the announcement, Hangcha Group holds 11.33333 million shares of Henan Jiachen, representing a 22.22% ownership stake [1]

Company Overview - Shenzhen Heertai Intelligent Control Co., Ltd. was established in 2000 and listed on the Shenzhen Stock Exchange in 2010 [2] - The company specializes in intelligent control solutions, covering home appliances, power tools, industrial automation, automotive electronics, and smart products [2] - The compound annual growth rate (CAGR) of revenue since listing has remained high, with total revenue reaching 96.59 billion CNY in the first three quarters of 2025 [2][3] Strategic Partnerships - Heertai has established strategic partnerships with well-known domestic and international companies such as Electrolux, Whirlpool, Siemens, TTI, Arcelik, BorgWarner, Haier, and Hisense [3] Financial Performance - The company disclosed a positive earnings forecast for 2025, with both net profit and net profit after deducting non-recurring gains and losses expected to grow rapidly [3] - Cumulative cash dividends since listing amount to 770 million CNY, with a commitment to maintain reasonable returns to investors [7] Operational Efficiency - The company has optimized product gross margins and improved organizational efficiency through adjustments in customer and product structures, alongside refined expense management [3][6] - The company has implemented effective risk control measures for foreign exchange fluctuations, including forward foreign exchange transactions and timely adjustments of foreign currency liabilities [8] Future Outlook - In 2026, the company plans to deepen its strategic investments in artificial intelligence, focusing on the intelligent upgrade of traditional home appliance businesses [3] - The company is actively expanding into the robotics sector through external investments and joint ventures, having already mastered key technologies such as servo motors and joint control [3] Customer and Market Development - The company has successfully expanded its customer base and product categories in the power tools sector, with stable revenue growth expected in 2025 [5] - The company emphasizes a collaborative growth philosophy with clients, enhancing trust and long-term partnerships through comprehensive support in technology, manufacturing, and supply chain [9] Capital Expenditure - The company has acquired a new production base in Guangming New District, Shenzhen, to prepare for capacity needs over the next 3-5 years, indicating ongoing capital expenditure [10]

来源：基本面力场 最近有一家公司正在申请于北交所IPO，公司全称是河南嘉晨智能控制股份有限公司，股票简称嘉晨智 能（874302.NQ），保荐机构为中金公司（601995.SH），保荐代表人为杨曦、魏德俊。 嘉晨智能的核心产品是车辆运动控制及智能网联系统，电机驱动控制、整车控制和智能网联是三大子系 统，产品主要应用于工业车辆，杭叉集团（603298.SH）一直稳居第一大客户，2025上半年对这一客户 的销售占比高达36.12%。 业绩方面，近两年表现不错，2024年和2025年收入增幅都不大，仅分别为1.39%和5.08%，但同期净利 润的增幅比收入的增幅高，分别为16.44%和24.15%。今年上半年预计仍将保持增长，营业收入将同比 增长7.12%至12.34%，净利润同比10.48%至15.65%。 大体情况就是这样，但是力场君并不觉得这是一个能够放心投资的公司，特别是近期见到百亿亏损的闻 泰科技（维权）（600745.SH），以及守住不境外核心资产的天齐锂业（002466.SZ）等案例之后，更对 嘉晨智能面对的供应商依赖的风险，更加担忧了。 对此，在《审核问询函的回复》第110页披露：公司生产所使用的外 ...

Core Viewpoint - The company highlights the challenges faced in hotel smart upgrades, including complex wiring, construction, interoperability, stability, and maintenance, while emphasizing the advantages of PLC technology over traditional smart guest control products [1] Group 1: Industry Challenges - The industry faces pain points such as complex wiring, complicated construction, interoperability issues, stability concerns, and maintenance difficulties in hotel smart upgrades [1] Group 2: Company Technology Advantages - The company's PLC technology offers significant advantages in installation, maintenance, reliability, response speed, and cost-effectiveness compared to traditional wired and wireless smart guest control products [1] - PLC technology allows communication over existing electrical wiring, eliminating the need for additional wall drilling and wiring, making it suitable for both pre-installation and retrofitting [1] - The company has developed a rich ecosystem of PLCP interoperability products that effectively address the aforementioned industry pain points [1]

Core Viewpoint - The company is changing its name from "Qingniao Fire Protection Co., Ltd." to "Qingniao Smart Control Technology Co., Ltd." and its stock abbreviation from "Qingniao Fire Protection" to "Qingniao Smart Control" to reflect its evolving business focus and technological advancements [1] Group 1 - The company has been deeply engaged in the fire safety sector, focusing on the research, production, and sales of fire safety system products [1] - The company is continuously promoting technological upgrades and business extensions into related fields such as smart IoT and intelligent control [1] - The company's products and solutions have been applied in smart city and smart building scenarios, indicating a diversification of its application areas [1] Group 2 - The company aims to strengthen its capabilities in intelligent control and digital technology while maintaining its core advantages in fire safety [1] - The transition from traditional fire product manufacturing to a technology-driven enterprise characterized by intelligent control and systematic solutions is a key strategic move [1]

Core Viewpoint - The company is changing its name from "Qingniao Fire Protection Co., Ltd." to "Qingniao Smart Control Technology Co., Ltd." and its stock abbreviation from "Qingniao Fire Protection" to "Qingniao Smart Control" to reflect its evolving business focus and technological advancements [1] Group 1 - The company has been deeply engaged in the fire safety sector, focusing on the research, production, and sales of fire safety system products [1] - The company is continuously promoting technological upgrades and business extensions into related fields such as smart IoT and intelligent control [1] - The company's products and solutions have been applied in smart city and smart building scenarios, indicating a diversification of its application areas [1] Group 2 - The company is transitioning from a traditional fire product manufacturer to a technology-driven enterprise characterized by intelligent control and systematic solutions [1] - The company aims to strengthen its capabilities in smart control and digital technology while maintaining its core advantages in fire safety [1]

格隆汇1月29日丨拓邦股份(002139.SZ)公布2025年度业绩预告，预计2025年度归属于上市公司股东的净 利润33,578.85万元–40,286.56万元，比上年同期下降40%-49.99%；预计2025年度扣除非经常性损益后的 净利润32,108.91万元–38,522.98万元，比上年同期下降40%-49.99%。 报告期内，公司收入增长放缓，受资产减值、处置及战略业务投入影响，利润端短期承压。主要情况如 下： (一)收入增长未达预期，业务结构持续优化 2、深化国际化布局：公司持续投入海外市场拓展与团队建设，为长远发展奠定基础。为应对关税政策 等外部变化，公司加速全球产能布局，增加市场及技术投入，短期产能爬坡及配置变化导致制费率上 升，报告期通过自动化提效等精细化管理措施，实现墨西哥基地的扭亏为盈，全球化运营能力得到验 证。 (三)利润端：短期承压，长期看好行业发展并投入坚定 1、短期利润主要影响因素：(1)资产处置、减值及商誉减值影响：基于审慎原则，对部分新能源资产处 置、计提减值，对因收购研控自动化形成的商誉计提部分减值，以上共影响净利润约1亿元；(2)股权激 励费用：全年股权激励费用在扣除 ...

Core Viewpoint - Longte Intelligent (300916) focuses on smart controllers and smart products, serving multiple sectors including consumer electronics, smart home, new energy storage, and automotive electronics [1] Group 1: Company Overview - The company primarily operates in the smart controller and smart product market [1] - Key downstream customers in the consumer sector include Simplehuman, Breville, Delta Electronics, UBTECH, and StarMaker Innovation [1]