摘要 美的集团 20260105 美的集团预计 2026 年收入实现中高个位数增长，并力求稳定利润率， B 端业务增速预计超过 C 端，尤其在楼宇和新能源领域，库卡机器人业 务也在快速恢复中。 美的通过动态采购、价格传导、规模优势、套期保值及数字化技术等手 段应对原材料成本上涨，并认为成本上涨有利于优化行业竞争格局，提 升头部企业市场份额。 美的将保持年度盈利能力稳定作为挑战目标，但最终实现取决于原材料、 汇率及市场变化。公司战略重心转向收入增长，而非单纯追求利润率提 升，目前盈利能力已达历史最佳水平。 美的积极推进"铝代铜"策略，已在海外家用空调市场广泛应用，国内 商用空调领域也取得进展，旨在响应国家战略，应对铜资源稀缺及价格 波动。 美的持续拓展海外 OBM 业务，计划到 2025 年底在全球超过 50 个国家 和地区深度运营，并通过赞助体育赛事和扩展电商渠道提升品牌认知度 和销售额。 Q&A 美的集团对 2026 年的经营趋势有何展望？ 2026 年，美的集团将继续关注国家补贴政策的落实情况。2025 年上半年，国 家补贴政策带动了市场需求，但下半年由于补贴退坡，行业压力增大。随着 2025 年国家补贴 ...

编者按：今年以来，在以习近平同志为核心的党中央坚强领导下，省委、省政府坚决贯彻落实中央各项决策部署，完整准确全面贯彻新发展理念，全省上下 锐意进取、攻坚克难，全省经济运行总体平稳、承压前行、质效向好。为充分展示今年以来湖南经济高质量发展亮点，本报今起推出年终经济系列观察，敬 请关注。 湖南日报全媒体记者 曹娴 彭可心 岁末年尾，三湘大地烟火气升腾。湘菜出圈，产业链年产值突破6000亿元，在全国菜系中的市场份额已接近两成；国潮狂欢，2025湖南文化旅游产业博览会 成为企业"首秀、首展、首发"的舞台，"动漫迷"排队抢购联名文创产品；"湘超"从场上火到场下，直接和间接带动的关联消费总额突破360亿元…… 扩大内需是战略之举。2024年12月举行的中央经济工作会议，将"大力提振消费、提高投资效益，全方位扩大国内需求"列为今年九大重点任务之首。省委十 二届八次全会提出，"在全方位扩大内需上精准施策，全力以赴提振消费"。 内需的活力与潜力，从一碗菜、一场展、一个赛事中可窥见一二。顶压前行的这一年，湖南将全方位扩大内需、稳住增长基本盘作为重中之重，抢抓国家加 力实施"两重""两新"等重大政策机遇，全力推动经济持续提质向好。 ...

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [5][10]. Core Insights - The report highlights a recovery in overseas markets in November and anticipates innovations in smart terminals at CES 2026 [4]. - The white goods sector is experiencing stable operations, with a focus on value configuration despite a year-on-year decline in retail sales [2]. - Companies like Midea and Haier are noted for their proactive strategies and strong overseas momentum, while Gree and Aux are recognized for their potential value [2][3]. Summary by Sections White Goods - Retail sales in November showed a year-on-year decline of 19%, influenced by policy changes and high base effects [2]. - Production volumes for refrigerators, air conditioners, washing machines, and color TVs were reported at 9.44 million, 15.03 million, 17.45 million, and 12.01 million units, with respective year-on-year changes of +5.6%, -23.4%, -5.0%, and +5.5% [2]. - Export volumes for the same categories were 6.72 million, 2.7 million, 9.15 million, and 3.16 million units, with year-on-year changes of +5.6%, -28.0%, -1.3%, and +20.3% [2]. Company Developments - Midea has restructured its organization, establishing a "New Energy Division" to enhance its B-end strategy [3]. - Haier's overseas strategy is showing results, with a 34% increase in washing machine sales in Southeast Asia [3]. - Hisense's new manufacturing facility in Changsha has commenced operations, with a total investment of 10 billion yuan [3]. Consumer Technology - The report notes a positive outlook for consumer technology, particularly in the cleaning segment, with iRobot's acquisition by Shanchuan to mitigate risks [4]. - Anker's sales have shown recovery, with a 2.7% increase in Q3 and a 1.4% increase in October-November [4]. Investment Recommendations - The report recommends focusing on white goods, particularly Haier, Midea, and Gree, due to their strong market positions and potential benefits from overseas interest rate cuts [8]. - It also suggests selecting consumer technology stocks like Ecovacs and Anker, while keeping an eye on the 3D printing industry for growth opportunities [8].

Group 1 - The latest stock price of Hisense Home Appliances is 25.44 yuan, with a slight increase of 0.08% from the previous trading day [1] - The company operates in the home appliance industry, focusing on the research, production, and sales of products such as air conditioners and refrigerators [1] - Recent high temperatures in Europe have led to increased demand for cooling appliances, with Hisense's portable air conditioners gaining popularity among Italian consumers [1] Group 2 - Hisense's 2024 ESG report indicates that over 90% of its first and second-level energy consumption products are energy-efficient, with a commitment to peak carbon emissions by 2026 [1] - As of the end of Q2, the Basic Pension Insurance Fund's 1204 combination has become the company's tenth largest circulating shareholder, holding 4.5961 million shares [1] - On August 5, the net outflow of main funds for Hisense Home Appliances was 4.0337 million yuan, while the cumulative net inflow over the past five days was 85.2901 million yuan [2]

Company Overview - Gree Electric Appliances reported a closing price of 46.12 yuan on July 29, down 1.09% from the previous trading day [1] - The trading volume on that day reached 19.78 billion yuan, with a total of 427,600 shares traded [1] - Gree is a leading air conditioning manufacturer in China, with a comprehensive product range that includes household air conditioners, commercial air conditioners, smart equipment, and home appliances [1] Technological Advancements - The company recently developed two technologies: "new high-efficiency rotary cylinder volumetric refrigerant pump and machine room air conditioning" and "multi-adaptive wide-frequency high-efficiency rotary compressor and air conditioner," both of which have been certified as "internationally leading" by the China National Light Industry Council [1] - The rotary cylinder volumetric refrigerant pump is a world-first innovation that significantly enhances energy efficiency for data center air conditioning [1] Market Activity - On July 29, Gree Electric Appliances experienced a net outflow of 292 million yuan in main funds, accounting for 0.11% of its circulating market value [2]

Core Viewpoint - The recent management changes at Zhuhai Zero Boundary Integrated Circuit Co., Ltd. reflect a strategic shift in the company's leadership as it continues to develop its semiconductor business, which has become a significant revenue source for Gree Electric Appliances. Group 1: Management Changes - Dong Mingzhu has stepped down as the legal representative and chairman of Zhuhai Zero Boundary, with Li Shaobin taking over these roles [1][4] - The company has also seen changes in its executive team, with Tan Jianming exiting the board and Li Shaobin now serving as the executive director and manager [1][4] - The management changes occurred alongside a relocation of the company's registered address [2] Group 2: Business Performance - Gree Electric Appliances reported that its semiconductor business generated revenue of 15 billion yuan in 2024, marking a 50% year-on-year increase, with a net profit of 3.5 billion yuan, up 75% [3] - The semiconductor division has become the second-largest profit contributor for Gree, following air conditioning [3] Group 3: Strategic Developments - Gree has been actively investing in its chip production capabilities, with plans for a SiC chip factory expected to start production in June 2024, aiming to become the second-largest automated compound chip factory globally [5] - Since entering the chip sector in 2015, Gree has achieved a production capacity of 240,000 pieces per year, with self-developed chips being used in various products, including home and commercial air conditioning [5]

Core Viewpoint - The article discusses the recent management changes at Zhuhai Zero Boundary Integrated Circuit Co., Ltd., a wholly-owned subsidiary of Gree Electric Appliances, and highlights Gree's strategic focus on the semiconductor industry, particularly in chip design and manufacturing [1][2][3]. Group 1: Management Changes - On June 10, 2024, multiple business changes occurred at Zhuhai Zero Boundary, including Dong Mingzhu stepping down as the legal representative and chairman, with Li Shaobin taking over these roles [1]. - Li Shaobin, who has a master's degree and is a senior engineer, has held various positions within Gree, including assistant to the president and chief engineer [1]. Group 2: Company Overview - Zhuhai Zero Boundary was established in August 2018 and focuses on integrated circuit chip design, sales, and electronic product sales [1]. - The company has evolved from custom R&D to a comprehensive service provider specializing in industrial-grade 32-bit MCUs, AloT SoC chips, and power devices, with cumulative shipments exceeding 100 million units by the end of 2022, averaging 36 million units annually [1]. Group 3: Strategic Developments - Since 2015, Gree has been entering the chip sector, with plans for a SiC chip factory expected to start production in June 2024, aiming to become the second-largest and the largest fully automated compound chip factory in Asia [2]. - Gree's self-developed chips are currently used in approximately 30% of its air conditioning products, as well as in commercial air conditioning, smart equipment, and industrial robots [3].

Group 1 - Jiangsu Province's Ministry of Industry and Information Technology announced the list of advanced intelligent factories for 2025, with three companies from Suzhou High-tech Zone's Xushuguan successfully selected: Suzhou Xingye Material Technology Co., Ltd., China Nuclear Valve Technology Co., Ltd., and Carel Electronics (Suzhou) Co., Ltd. [1] - Suzhou Xingye Material Technology Co., Ltd. was established in 1996 and has developed into a high-tech enterprise occupying 286 acres, a publicly listed company, and a national "specialized, refined, and innovative" small giant enterprise. The company has a 4,543 square meter R&D center and offers over 200 specifications and varieties of products, with its main products ranking first in the domestic market for cold core box resin and self-hardening furan resin. [1] - China Nuclear Valve Technology Co., Ltd. integrates R&D, design, manufacturing, and sales of industrial valves, providing solutions for various industries including oil, natural gas, nuclear power, and pharmaceuticals. It was listed on the Shenzhen Stock Exchange in 1997 and is the first listed company in China's valve industry and under China National Nuclear Corporation. [1] Group 2 - Carel Group, founded in 1973 and headquartered in Padova, Italy, focuses on providing commercial air conditioning, refrigeration, and humidification control solutions. Carel Electronics (Suzhou) Co., Ltd. was established in 2005 as the Asia-Pacific headquarters and has developed a diversified product matrix covering commercial refrigeration and industrial humidification, achieving a digital intelligent factory status and recognized as a provincial green benchmark. [2] - China Nuclear Technology has focused on self-reliance in technology, enhancing its independent innovation capabilities in R&D, technical services, and equipment manufacturing. The company utilizes 5G networks for real-time interconnection of devices and cloud platforms for dynamic data collection and analysis, forming a closed-loop intelligent management system covering production, equipment, quality management, and supply chain collaboration. [2] Group 3 - The Xushuguan area has established a tiered cultivation system of "smart workshops - smart factories - lighthouse factories," promoting the deep integration of new-generation information technology and manufacturing. Currently, the area has built five provincial benchmark factories and advanced intelligent factories, along with 34 smart workshops, forming industrial clusters in high-end equipment, new-generation information technology, and biomedicine. [3]

Core Insights - Gree Electric achieved operating revenue of 189.164 billion yuan in 2024, a year-on-year decline of 7.26%, attributed to the overall slowdown in the home appliance industry and intensified market competition [1] - Despite the revenue decline, the company’s net profit rose to 32.185 billion yuan, a year-on-year increase of 10.91%, highlighting strong cost control and core business profitability [1] - In Q1 2025, Gree Electric reported operating revenue of 41.507 billion yuan, a year-on-year growth of 14.14%, and net profit of 5.904 billion yuan, up 26.29%, indicating a recovery in market conditions [4] Company Leadership - Dong Mingzhu has been a pivotal figure in Gree Electric's development since joining in 1990, leading the company through significant challenges and establishing effective sales systems [4] - Under Dong's leadership since 2012, Gree Electric has increased R&D investments and become a leader in the global air conditioning industry, expanding its product range from home to commercial air conditioning [6] - In 2024, Gree Electric rebranded its nationwide stores to "Dong Mingzhu Healthy Home," signaling a strategic transformation towards a comprehensive home appliance matrix [6][7] Future Strategy - The company aims to enhance product positioning towards health, intelligence, and personalization, providing one-stop home solutions and creating smart living environments [7] - Dong Mingzhu's continued leadership, with a 2024 salary of 14.372 million yuan (an 18% increase), reflects the company's recognition of her contributions and market expectations for future growth [8] - Gree Electric plans to deepen channel reforms, strengthen online and offline integration, and increase R&D investments in new energy and smart manufacturing to find new growth points [8]