丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨苏泊尔（002032.SZ） [Table_Title] 全年营收平稳收官，出口扰动下业绩阶段回落 报告要点 [Table_Summary] 公司发布 2025 年业绩快报：2025 年全年公司预计实现营收 227.72 亿元，同比+1.54%，实现 归母净利润 20.97 亿元，同比-6.58%，实现扣非归母净利润 19.14 亿元，同比-7.30%。对应单 Q4 来看，公司预计实现营收 58.74 亿元，同比-0.68%，实现归母净利润 7.31 亿元，同比-9.98%， 实现扣非归母净利润 5.95 亿元，同比-9.93%。 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 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 苏泊尔（002032.SZ） cjzqdt11111 [Table_Title2] 全年营收平稳收官，出口扰动下业绩阶段回落 [Table_Summary2] 事件描述 ...

2月24日晚间，苏泊尔披露了2025年业绩快报，经初步核算数据，2025年其营收227.72亿元，同比微增1.54%；利润总额25.88亿元，较上年同期下降 5.30%；归属于上市公司股东的净利润20.97亿元，同比下降6.58%。 具体来看，苏泊尔的主要业务包括明火炊具及厨房用具、厨房小家电、厨卫电器、生活家居电器四大领域。从收入结构来看，公司长期依赖"厨房场 景"。近年来，苏泊尔烹饪电器、炊具及用具两项产品合计贡献近七成营收。若叠加食物料理电器，其厨房类业务占比进一步攀升，以2025年半年为例，上 述三类产品合计占比总营收超85%。 但当下厨房小家电及炊具行业竞争激烈，苏泊尔面临着传统品牌和新兴品牌的双重冲击。拉长时间线来看，2020年—2024年，苏泊尔归母净利润从 18.46亿元一路增长至22.44亿元。然而，2025年三季报显示，苏泊尔当季实现营收54.20亿元，同比下滑2.30%；归母净利润4.26亿元，同比下滑13.42%。这 | 项目 | 本报告期 | 上年同期 | 增减变动幅度( | | --- | --- | --- | --- | | 营业总收入 | 2,277,175.35 | 2,2 ...

看推文多多留言 有机会获商报君送出的礼品 2月24日晚，厨房小家电龙头企业苏泊尔披露2025年业绩快报。财务数据显示，2025年公司实现营业收入227.72亿元，同比增长1.54%；归属于上市公司股 东的净利润20.97亿元，同比下降6.58%；扣非净利润19.14亿元，同比下降7.30%。值得一提的是，这是苏泊尔自2021年以来首次出现年度归母净利润同比 下滑。 | | | | 单位: 万元 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 增减变动幅度(%) | | 营业总收入 | 2,277,175.35 | 2,242,733.8 | 1.54% | | 营业利润 | 258,778.34 | 273,227.06 | -5.29% | | 利润总额 | 258.752.72 | 273.235.71 | -5 30% | | 归属于上市公司股东的净利润 | 209,672.02 | 224,444,45 | -6.58% | | 归属于上市公司股东的 扣除非经常性损益的净利润 | 191.399.99 | 206.469.88 | -7 30% | | ...

经济观察网利仁科技（001259）股价于2026年2月13日收盘报35.75元，突破60日移动平均线，创60日新 高。主要受资金流入、技术面突破、业绩改善预期及行业情绪共振推动。 资金面与技术面 2月13日主力资金净流入745.90万元，占成交额12%，连续两日资金积极介入。股价站上所有关键均 线，MACD柱状图连续两日转正，KDJ的J线升至81.09进入强势区间。成交量较1月低点显著放量。 政策推动绿色智能家电发展，下沉市场需求释放。2月13日小家电板块微涨0.03%，利仁科技作为厨房 小家电细分龙头受关注。 股价异动原因 控股股东利仁投资于2025年12月23日完成减持计划，近期无新增大规模减持公告，减轻资金面压力。公 司市盈率(TTM)为537倍，市净率3.68倍，部分资金偏好小市值成长股修复行情。2026年1月至2月，微 盘股指数表现强于大盘，利仁科技总市值26.31亿元，符合活跃资金偏好。 综上，利仁科技突破60日新高是多重因素共振的结果。但需注意公司净利润规模较小，估值波动风险较 高。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 2025年第三季度营收8194.88万元，同比增长41 ...

"快来看一看，年终大促销啦，全场最高打5折。"2月2日，巴彦淖尔市临河区摩尔城广场人声鼎沸， 热"淖"新春·河套"优"礼年货节主会场内，众多展位挂起红灯笼，各类年货商品与本土特产交相辉映， 绘就出一幅红火的新春消费画卷。 摩尔城核心会场与胜利路商圈紧密联动，黄河湾步行街以及百货大楼、河港商城、富源商场等传统商业 体同步开启促销热潮。购物补贴、限时秒杀、满减优惠等多元举措，极大地激发了消费者的购物热情。 各街道积极组织便民市场、零售场所开设年货专区，满足居民"一站式"购置年货的需求，构建起"城区 15分钟年货圈"，让市民购物更加便捷高效。 （来源：内蒙古日报） 转自：内蒙古日报 □本报记者 图古斯毕力格 "今年的年货节真是太亲民了，不仅年货种类丰富多样，而且优惠力度也特别大，逛上一天就能把所需 的年货都备齐，就等着开开心心过大年啦。"临河区市民陈东满脸喜悦地说。 此次年货节打破城乡壁垒，将集市延伸至乡镇中心集市与城郊零售大卖场。精心挑选的智能电饭煲、品 牌羽绒服等商品同步在乡镇展区上架，实现了城乡消费品质同标同质。在临河区城关镇年货集市，五四 村的现磨面粉、友谊村的胡麻油、继光村的剪纸窗花等产品汇聚一堂，形成特 ...

Core Viewpoint - Recent increases in raw material prices, particularly copper and aluminum, have raised concerns about the profitability of leading white goods companies, but historical data suggests that the negative impact on gross margins may diminish over time [1][2] Group 1: Raw Material Price Impact - Since 2008, the home appliance industry has experienced three significant raw material price increase cycles, with the impact on gross margins decreasing over time: the highest quarterly gross margin decline was 5-7 percentage points during 2009-2011, around 5 percentage points in 2016-2017, and approximately 2 percentage points from 2020-2022 [1] - In January 2026, copper and aluminum prices increased by 36.7% and 20.9% year-on-year, respectively, which is lower than the increases seen from 2020-2022, suggesting that the current raw material cost impact on white goods companies may be less severe [2] Group 2: Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, a 22.1% decrease compared to the same period last year, with a projected 5.0% decline for January-February combined [3] - The production performance of white goods has shown signs of recovery, with the impact of the Spring Festival timing affecting February production, but cumulative growth for January-February has slightly improved [3] Group 3: Retail Market Performance - In 2025, the retail scale of China's home appliance market is expected to decline by 4.3% year-on-year to 893.1 billion yuan, with specific categories like air conditioners and refrigerators experiencing declines of 0.4% and 11.5%, respectively [4] - Small home appliances are expected to perform better, with an overall retail growth of 3.8%, indicating a relative resilience compared to larger appliances [4] Group 4: Key Data Tracking - In January, the home appliance sector experienced a relative return of -2.6%, with raw material prices for copper and aluminum increasing by 7.8% and 4.8% month-on-month, respectively [5] Group 5: Investment Recommendations - Recommended stocks in the white goods sector include Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, while TCL Electronics and Hisense Visual are recommended in the black goods sector [6]

国信证券近日发布家电行业2026年2月投资策略：近期铜等原材料价格上涨引发市场对白电龙头盈利的 担忧，通过复盘此前几轮周期发现，原材料成本上涨对毛利率的负面影响逐渐减弱，白电龙头通过结构 调整、费用节省等方式，盈利能力有望穿越周期。2026年1月，以SHFE铜和SHFE铝收盘价月均值计 算，铜价和铝价同比分别上涨36.7%和20.9%。 以下为研究报告摘要： 核心观点 白电1-2月排产降幅收窄，政策拉动下需求有望企稳。据产业在线数据，2月我国白电合计排产量达到 2379万台，较去年同期生产实绩下降22.1%；1-2月合计排产量预计下降5.0%。环比2025Q4排产10%以 上的降幅来看，白电排产表现有所修复。分品类看，2月空调内/外销排产量较去年同期内/外销量分 别-38.1%/-26.5%，合计排产量1149万台，较去年同期产量下降31.6%，1-2月累计下降10.3%；冰箱内/外 销排产量较去年同期内/外销量分别-17.1%/-8.0%，合计排产量600万台，较去年同期产量下降17.0%，1- 2月累计下降6.4%；洗衣机内/外销排产量较去年同期内/外销量分别-5.9%/+1.5%，合计排产量630万台， ...

Group 1 - The core viewpoint of the news highlights the financial performance and stock trading activities of Bear Electric, indicating a mixed trading environment with a slight decline in stock price and notable financing activities [1][2][3] Group 2 - As of February 2, Bear Electric's stock price decreased by 0.39%, with a trading volume of 66.27 million yuan and a net financing outflow of 3.55 million yuan [1] - The financing balance of Bear Electric reached 85.88 million yuan, accounting for 1.27% of its market capitalization, which is above the 50th percentile level over the past year [1] - The company reported a revenue of 3.691 billion yuan for the period from January to September 2025, representing a year-on-year growth of 17.59%, and a net profit attributable to shareholders of 246 million yuan, up 36.49% year-on-year [2] - Cumulatively, Bear Electric has distributed 867 million yuan in dividends since its A-share listing, with 465 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 20.33% to 22,600, while the average circulating shares per person decreased by 16.88% to 6,727 shares [2][3]

Core Views - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook despite challenges from rising raw material prices and market competition [1][5][11]. Raw Material Price Impact - Recent increases in copper and aluminum prices have raised concerns about the profitability of leading white goods manufacturers. However, historical analysis shows that the negative impact of raw material cost increases on gross margins has diminished over time. For instance, during previous cycles from 2008 to 2022, the maximum quarterly gross margin decline for leading white goods companies was 5-7 percentage points in 2009-2011, around 5 percentage points in 2016-2017, and only about 2 percentage points in 2020-2022. The current price increases are expected to have a lesser impact, with an anticipated gross margin decline of less than 2 percentage points [1][17][18]. Production and Demand Trends - In January and February 2026, the total production of white goods in China was 23.79 million units, reflecting a year-on-year decline of 22.1%. However, the cumulative production decline for the first two months is expected to be around 5%. The production performance has shown signs of recovery compared to a more than 10% decline in Q4 2025. The demand is expected to stabilize due to the effects of national subsidy policies [2][24]. Retail Market Performance - The retail market for home appliances in China is projected to decline by 4.3% in 2025, with a total retail scale of 893.1 billion yuan. Specific categories such as air conditioners and refrigerators are expected to see declines of 0.4% and 11.5%, respectively, while small kitchen appliances are expected to grow by 3.8% [2][31]. Investment Recommendations - The report recommends several companies for investment based on their performance and market position. For white goods, companies like Midea Group, Haier Smart Home, TCL Home, and Hisense Home Appliances are highlighted. In the small appliance sector, Stone Technology, Bear Electric, and New Treasure are recommended. For black goods, TCL Electronics and Hisense Visual are suggested [3][12][50]. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating that Midea Group is expected to have an EPS of 5.84 yuan in 2025 and 6.43 yuan in 2026, with a PE ratio of 13 for 2025. Haier Smart Home is projected to have an EPS of 2.27 yuan in 2025 and 2.53 yuan in 2026, with a PE ratio of 11 for 2025 [4][50].

Investment Rating - The report suggests a positive outlook for leading brands in the home appliance sector, indicating a potential for steady growth due to integrated advantages and strong pricing power [5]. Core Insights - The home appliance industry is currently facing short-term adjustments in both domestic and export sales due to high base effects and the timing of the Spring Festival, with air conditioning production experiencing significant declines [1][12]. - Domestic air conditioning production in February 2026 was 4.555 million units, down 38.1% year-on-year, while export production was 6.93 million units, down 26.5% year-on-year [1][12]. - Refrigerator production also saw a decline, with domestic production at 2.6 million units (down 17.1%) and exports at 3.4 million units (down 8%) [1][15]. - Washing machine production showed a slight increase in exports (up 1.5%), while domestic production fell to 3.1 million units (down 5.9%) [1][16]. - The report highlights that the real estate market's downturn continues to suppress demand for home appliances, although there are signs of a potential recovery in production post-holiday [3][5]. Summary by Sections Air Conditioning Production - February 2026 air conditioning production was impacted by the Spring Festival timing and high base effects, leading to a significant drop in both domestic and export figures [1][12]. - Domestic production was 4.555 million units, a year-on-year decrease of 38.1%, while exports were 6.93 million units, down 26.5% [1][12]. Refrigerator Production - Domestic refrigerator production in February 2026 was 2.6 million units, down 17.1%, with exports at 3.4 million units, down 8% [1][15]. - The decline in domestic sales was attributed to the Spring Festival holiday and weak macro demand, but a recovery is expected in March [1][15]. Washing Machine Production - Domestic washing machine production was 3.1 million units, down 5.9%, while exports increased slightly to 3.2 million units, up 1.5% [1][16]. - The domestic decline is linked to previous policy impacts and a sluggish real estate market, while exports benefited from stable overseas demand [1][16]. Market and Sector Performance - The report notes that the Shanghai and Shenzhen 300 Index increased by 0.08%, while the home appliance index decreased by 2.88% [2][19]. - Key companies showed varied performance, with Samsung New Materials up 23.72% and Tianyin Electromechanical down 18.66% [2][19]. Raw Material Prices - Recent trends show fluctuations in raw material prices, with copper prices up 1.32% and aluminum prices down 2.57% in the last week [2][23]. - Year-to-date, copper prices have increased by 6.35%, while aluminum has risen by 4.15% [2][23]. Real Estate Data - Real estate metrics indicate a continued decline, with new housing starts down 19.9% year-on-year, impacting long-term demand for home appliances [3][31]. Investment Recommendations - The report recommends leading brands such as TCL Electronics, Hisense Visual, Midea Group, and Haier Smart Home for their strong market positions and growth potential in both domestic and international markets [5][42].