海信素以技术创新在电视领域独树一帜。2025年，其独创的 RGB-MiniLED技术成为电视画质的革命性突破。该技术通过精细调控，让电视色彩呈现精准无 误，画面鲜艳夺目，动态画面流畅顺滑，色彩还原度极高。以往传统电视常见的色彩偏差问题，在海信RGB-MiniLED技术面前迎刃而解。 近日，海信技术实验室亮相央视《超级生产线》。在 2025 年世俱杯的激情赛场上，海信作为官方合作伙伴，凭借前沿科技，为全球体育爱好者打造了一场 全方位的观赛与生活盛宴，展现出从传统家电制造商向智能生活引领者的华丽转身。 熬夜看球后，高质量睡眠至关重要。海信新风空调化身健康守护者，以双向流换新风技术和超静音设计，重新定义睡眠环境。它不仅能调节室内温度，更能 有效改善空气质量，将清新空气引入室内，排出污浊空气，减少空气中的有害物质。超静音运行模式，让用户在安静舒适的环境中安然入睡，提升深度睡眠 时间，为熬夜看球的球迷们补充精力，守护身体健康。 新鲜的食材让食物更加美味，也意味着不需要在这个炎热的夏天频繁出去采买。海信真空冰箱展现出卓越的创新能力。传统冰箱主要依靠冷冻和冷藏延长食 材保存期，而海信真空冰箱采用真空磁场保鲜技术，有效隔离外 ...

家电丨市场观察 本周看点： -北京鼓励企业应用虚拟现实、人工智能等新技术； -提出人形机器人去打比赛的人，一定是个天才； -AI升级会是冰箱行业下一个技术风口吗？ 行业环境 1.北京：鼓励企业积极应用虚拟现实、人工智能、元宇宙等新技术 关键词 ： 时尚消费,智能家居,虚拟现实,人工智能,元宇宙体验 概要 ： 北京市商务局等4部门印发《北京市扩大时尚消费专项行动方案》，旨在挖掘时尚智造 优势，推动消费升级。方案聚焦数智电子、智能出行等领域，通过新技术加速新品研发与产品 迭代，优化人机交互体验。同时支持家具家居企业转型，开发智能家居产品及全屋定制业务， 并结合"未来美城"建设，鼓励医疗美容项目扩产和产品研发创新，打造个性化服务场景。此 外，方案还提倡企业应用虚拟现实、人工智能、元宇宙等技术，推出VR购物、AR试穿、虚拟 模特等新型消费场景，推动科技赋能旅游、商业服务等领域，提升服务水平。此方案旨在促进 时尚消费与科技创新深度融合，为消费者提供更丰富的体验。 2.提出人形机器人去打比赛的人，一定是个天才？ 关键词 ： 人形机器人,比赛时代,技术突破,商业化路径,产业未来 3.618遇国补红利 智能小家电成年轻人消费 ...

家电丨市场观察 本周看点： -奔向AI的厨电战争，该为谁打响？ -阿里、小米们加速"围攻"Meta，AI眼镜打响"持久战"; -空间计算机很好， 但苹果、INAIR、魅族谁更接近未来？ 行业环境 1.奔向AI的厨电战争，该为谁打响？ 关键词 ： 厨房,年轻人,智能化,烹饪,户外经济 概要 ： 在消费格局变化下，厨房对年轻人吸引力减弱，中国厨电企业通过AI技术融合推出智 能化产品吸引用户，如"食神"大模型。但市场对其高溢价和数据安全问题态度不一。行业还面 临房地产下行、海外竞争等挑战，企业尝试多元化发展、优化设计并加速出海。未来，厨电企 业需拓展饮食产业链，借助AI赋能降低下厨门槛，重塑市场格局，把握智能化发展机遇。 2.阿里、小米们加速"围攻"Meta，AI眼镜打响"持久战" 关键词 ： AI眼镜,智能硬件,市场表现,供应链,佩戴体验 概要 ： 扎克伯格认为智能眼镜将成未来手机，2024年一季度全球销量达60万台，同比增长 216%，远超VR和AR。Meta引领行业，苹果等加速布局，但中国产品多停留在"PPT"阶段。AI 眼镜因成本低、佩戴舒适受青睐，预计2025年销量达550万台。然而，技术设计平衡、SKU ...

丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 如何看待白电龙头打造高管"IP"？ 报告要点 [Table_Summary] 近期，我们看到家电企业纷纷推进高管"IP"的打造。我们认为，一方面，企业管理层可以直 接和消费者在社媒平台进行交互，产品设计中的市场调研环节得到一定重构，消费者也有望获 得更多的"参与感"；另一方面，打造高管"IP"更加突出"反差感"，更加巩固"信任感"，使 得消费者可以更好了解企业文化和企业价值，企业管理层自身人格魅力也有望进一步巩固消费 者的品牌认同。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% [Table_Summary2] 海尔、美的纷纷打造高管"IP" 近期，中国家电产业或正迎来新一代高管 IP 化的战略升级。2025 年 3 月 7 日，海尔周云杰因 与雷军同框亮相时的微表情走红，并在 3 月于不同平台上开启社交账号，后续海尔集团多名管 理层亦开始社媒账号布局。2025 年 3 月 11 日，广东美的制冷设备有限公司在美的集团采购平 台 ...

另一家头部直播机构遥望科技（002291）在跨界及上新方面也动作频频。 据遥望科技方面介绍，今年"618"，遥望科技和明星合作跨界打造新品，同时也吸引了多个品牌合作上 新。在"618"抢跑阶段，遥望科技和黄子韬、朵薇工厂联合打造朵薇品牌，其卫生巾主打安全、透明、 医护级品质、好用不贵等特点，5月18日，首销30分钟内售罄50万单，目前工厂已经加速生产、提升产 能，预计将于6月中旬实现全部生产流程自动化，为"618"提供更充分的备货。 此外，遥望科技明星主播贾乃亮、王祖蓝、达人瑜大公子等，已经直播首发汤臣倍健（300146）yep胶 原蛋白肽，单品首发GMV超过500万。此外还首发了珀莱雅（603605）光感研白四件套、顾家家居 （603816）等多个品牌新品。在本地生活赛道，旗下明星主播辰亦儒与姜胖胖烤肉合作首发GMV超600 万。"618"期间公司还有更多品类的产品首发计划。 在传统电商巨头京东平台上，"618"新品首发销量同样亮眼。5月31日，京东发布消息称，5月30日晚8点 京东"618"正式开启。开门红1小时，京东家电"闪电新品"表现亮眼，TCL京东严选真省电SE空调销售量 破万台；Leader三筒洗 ...

00后为"情绪价值"解锁消费新场景，中年人用智能科技重构生活仪式感，银发族在康养旅居中享受诗意 人生……今天，消费市场正在发生新的积极变化。 面对日益个性化、品质化、场景化的消费升级趋势，优质供给从何而来？ 回答这个问题，不妨先看看什么是优质供给——可以是一场酣畅淋漓的音乐会，也可以是一次亲近乡野 的精品民宿体验，还可以是一款解放双手的扫地机器人…… 优质供给不是奢侈品的代名词，而是能直击消费者心坎，顺应智能化、绿色化、健康化发展趋势，切实 改善生活品质、显著提升幸福感的产品和服务。 环顾身边，这样的实物商品比比皆是——能用多种语言互动的智慧生态家居、应用保暖"黑科技"的智能 温控羽绒服、让我们爬山更轻松的外骨骼机器人……2024年，全国新增消费品2100多万种，不少优质产 品成为消费者的"新宠"。 优质产品持续涌现，离不开我国日益完善的供给体系。看产业端，我国规模以上消费品企业已达18万 家，占全国工业企业的38%。 不断丰富优质供给，是进一步激发消费活力的重要抓手，也是企业从规模优势向质量优势跃升的发展方 向。 如何让优质供给越来越丰富？ 优质供给，也藏在产业链的数字转型中。 不到一分钟，就有一辆新能源汽 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Views - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company is expected to see a notable increase in air conditioning operations in 2025, with retail growth outpacing the industry [5] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% for 2025-2026 [7] Summary by Sections Company Overview - Haier Smart Home has appointed a new board and executive team, with key positions filled to enhance operational efficiency [5][11] - The company is focusing on digital marketing and inventory reforms to improve efficiency and brand recognition [6] Financial Performance - The company forecasts a net profit of 21.5 billion CNY for 2025, with a projected growth rate of 14.82% [10] - Revenue is expected to reach 307.31 billion CNY in 2025, reflecting a growth rate of 7.46% [10] Market Position - Haier's air conditioning retail volume has increased significantly, with online and offline sales growing by 76% and 25% respectively in early 2025 [5] - The company's market share in air conditioning has strengthened, with a year-on-year increase of 3.6% in online sales [5] Digital Transformation - The launch of Haier Smart Home AI Data Cloud has improved customer interaction and product offerings [6] - The company is replicating its successful digital strategies from the Chinese market to its overseas operations [6] Dividend and Share Buyback - The company plans to repurchase up to 10% of its H shares and 30% of its D shares, with a total buyback amount between 1 billion and 2 billion CNY [7] - The expected dividend yield for 2025 is 4.8% based on a projected net profit of 21.5 billion CNY [7]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Insights - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company is experiencing strong growth in both domestic and international markets, with a notable increase in market share [5][6] - The digital marketing and inventory reforms are enhancing operational efficiency and brand recognition [6] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% in 2025-2026 [7] Summary by Sections Financial Performance - Revenue for 2025 is projected at 307.31 billion CNY, with a growth rate of 7.46% [10] - The net profit for 2025 is estimated to be 21.52 billion CNY, reflecting a growth rate of 14.82% [10] - The expected earnings per share (EPS) for 2025 is 2.29 CNY [10] Market Position - Haier's air conditioning retail sales significantly outperformed the industry, with online and offline retail volumes increasing by 76% and 25% respectively in the first four months of 2025 [5] - The company's market share in air conditioning has strengthened, with a year-on-year increase of 3.6% in online sales and 1.0 percentage points in offline sales [5] Digital Transformation - The launch of the Haier Smart Home AI Data Cloud in Q1 2025 has improved customer interaction and product offerings [6] - The digital inventory model has reduced operational costs for clients, with over 60 new clients introduced to the POP model, resulting in a retail sales increase of over 100% [6] Management and Governance - A new board of directors and executive team has been established, with key appointments including Kevin Nolan for North America and Song Yujun for air conditioning [5][11] - The board has been authorized to repurchase up to 10% of H shares and 30% of D shares [5] Valuation and Forecast - The report maintains profit forecasts for 2025-2027 at 215 billion CNY, 243 billion CNY, and 273 billion CNY respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 [7][10]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Insights - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company has seen substantial growth in both domestic and international markets, with a notable increase in retail sales and market share in the air conditioning sector [5][6] - The digital marketing and inventory reforms have enhanced operational efficiency and brand recognition [6] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% in the coming years [7] Summary by Sections Company Overview - Haier Smart Home has appointed a new board and executive team, with key positions filled to enhance operational focus across various regions and product lines [5][11] Financial Performance - The company reported a significant increase in air conditioning retail sales, outperforming the industry average [5] - The expected net profit for 2025 is projected at 21.5 billion CNY, with a consistent growth trajectory in subsequent years [7][10] Digital Transformation - The launch of AI data cloud has improved customer interaction and product offerings, leading to successful new product launches [6] - The digital inventory model has reduced operational costs for clients, resulting in a substantial increase in retail sales through new channels [6] Dividend Policy - The company maintains a high dividend payout, with a projected dividend yield of 4.8% for 2025, supported by a robust cash flow [7][10] Valuation Metrics - The report forecasts a price-to-earnings (P/E) ratio of 11 for 2025, indicating a favorable valuation compared to historical performance [7][10][14]

中国家电海外市场，每10台产品中有6台来自海尔集团。从一家濒临倒闭的集体小厂，发展成为全球家 电领先品牌，海尔产品行销200多个国家和地区，海外收入占比连续多年超过50%。 当前，全球经济不确定性加大，作为我国最早走出去的企业之一，海尔有啥感知、如何应对？ 记者近期数次探访海尔，面对挑战，海尔人集中精力做好三件事——提升产品核心竞争力，建设全球柔 性供应链体系，打造生态型企业。从中，见出中国企业的创新和担当，感知中国经济的韧性和底气。 坚定拥抱创新，才能始终站稳脚跟 40多年发展壮大，海尔既沐浴改革开放的东风，也经历市场风雨的洗礼。海尔人认准一条："坚定拥抱 创新，才能始终站稳脚跟。" 4月11日，上海市。海尔旗下家电品牌Leader推出的"懒人"三筒洗衣机首批产品交付——大筒洗大件衣 物，两个小筒洗小件衣物，三筒同时运转，省时省力，受到年轻人热捧。 6天后，山东青岛胶州市。海尔打造的AI赋能多联机中央空调互联工厂正式投产——将AI技术融入中央 空调生产全流程，实现智能装配、智能化调度；搭载AI场景专用芯片，中央空调运行节能约15%。 又过了6天，印尼爪哇岛。海尔在印尼生产的第1000万台家电下线。10年间， ...