家用电器 2025 年 08 月 24 日 行 业 研 究 家用电器 大行科工招股书梳理：国内折叠自行车行业龙头 ——25W34 周观点 投资要点： 大行科工招股书梳理：国内折叠自行车行业龙头 行 业 定 期 报 告 大行科工为国内折叠自行车行业龙头。大行品牌由韩德玮博士于 1982 年创立。凭借逾 40 年的发展，大行品牌在技术实力、创新精神、 匠心工艺、对卓越性能和产品质量的追求方面享负盛名。根据招股书 援引的灼识咨询数据，2024 年公司在中国内地折叠自行车行业销量市 占率达 26.3%，销售额市占率为达 36.5%，均位列行业第一，拥有强大 的品牌影响力和行业地位。近年来公司实现快速增长，2024 年公司自 行车销量为 22.95 万辆，2022-2024 年 CAGR 为 24%，2024 年实现营 收 4.51 亿元，同比+50%，2022-2024 年 CAGR 为 33%，2024 年公司 实现净利润 0.52 亿元，同比+50%，2022-2024 年 CAGR 为 30%。 行情数据 本周家电板块涨跌幅+1.5%，其中白电/黑电/小家电/厨电板块涨跌 幅分别-0.3%/+9.1%/+0.8 ...

新浪科技讯 8月23日晚间消息，小米之家昆明公园1903汽车旗舰店今日开业，该店是云南最大的小米之 家。其外形为城堡式建筑风格，被米粉们誉为"最美小米之家"。小米集团高级副总裁兼中国区总裁王晓 雁等多位高管共同出席开业仪式。 责任编辑：凌辰 据介绍，小米之家昆明公园1903汽车旗舰店拥有1600平沉浸式空间，不仅有手机、AIOT、大家电，展 厅"C位"还放置有包括 YU7 在内的 5台小米汽车，让米粉们进一步了解小米"人车家全生态"。二楼是智 能家电和客户服务中心，同时还为顾客布置了咖啡茶歇区。该店不仅是产品展示与销售的空间，更是用 户相聚、探索与共享欢乐的科技客厅。同时也肩负着探索新零售、新体验的重要使命。 王晓雁在开业仪式里提到：今年年底，小米之家门店数量将突破20000店，昆明公园 1903汽车旗舰店的 开业也意味着小米之家形象升级里程碑开启，小米之家在门店高端化进程中已迈出关键一步。到年底将 有3000家店形象全面升级，升级后的门店位置更好、面积更大、品类更齐全。人车家全生态融合店超 200家，用户可以一站式体验全品类产品。同时，服务端也同步升级，全国已建立了2000+家销服一体 店。希望能给米粉朋友 ...

2Q25 智能汽车交付8.1 万辆，ASP 环比升6.7%至25.4 万元。经调整净亏损继续收窄至3 亿元，管理层表 示年内有望实现单季度或单月盈利。我们维持2025/26 年汽车销量预测，分别交付39.8/70.0 万辆。2Q25 汽车业务毛利率环比升3.2ppts 至26.4%。我们上调2025/26 年汽车毛利率预测至26.0%/27.1%（前值 23.5%/24.2%），主要考虑到现有及后续车型（如明年首款增程式SUV）的产品力和同平台规模效应有 望继续拉升毛利率。我们预测小米汽车业务在4Q25 实现扭亏为盈。 智能手机业务：毛利率或随高端新品发布企稳回升。2Q25 智能手机毛利率相比我们之前的预测，下滑 的趋势更快。我们认为存储器涨价对毛利率的负面影响或将至少持续至2025 年底。我们下调2025/26 年 智能手机毛利率预测至11.7%/12.1%（前值12.3%/12.3%）。我们继续看好小米手机高端化趋势，预测手 机毛利率在4Q25 将随高端新机型发布企稳回升。 下调目标价至60 港元。我们微调2026 年汽车业务收入至1820 亿元（前值1,817 亿元）。考虑手机等业 务的不确定性，下调2 ...

Group 1 - The core viewpoint of the report is that Xiaomi Group's automotive performance in Q2 is impressive, while the smartphone business adjustments are largely in line with expectations [1] - Xiaomi's Q2 revenue and adjusted net profit were 116 billion and 10.8 billion RMB respectively, meeting market expectations [1] - Automotive revenue increased by 40% year-on-year, with a gross margin of 26.4%, a historical high driven by average selling price growth and platform scale effects [1] Group 2 - Smartphone revenue decreased by 2% year-on-year, primarily due to the REDMI A5 launch lowering overseas average selling prices, while domestic average selling prices benefited from an increase in high-end model proportions [1] - Smartphone gross margin declined by 0.9 percentage points to 11.5% quarter-on-quarter, attributed to rising storage prices impacting mid-to-low-end models [2] - AIOT revenue grew by 45% year-on-year, with a gross margin of 22.5%, slightly down by 2.7 percentage points due to the 618 promotion [2] Group 3 - The company maintained a "buy" rating but adjusted the target price from 67 HKD to 60 HKD based on a 25x P/E for mobile and a 2.2x P/S for automotive business by 2026 [1] - The forecast for automotive revenue in 2026 was slightly adjusted to 182 billion RMB from a previous estimate of 181.7 billion RMB [2] - Revenue forecasts for 2025 and 2026 were lowered to 483 billion and 605.8 billion RMB respectively, along with adjusted earnings per share estimates for those years [2]

交银国际研究 公司更新 | 科技 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 8 月 21 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 52.55 | 港元 60.00↓ | +14.2% | | | 小米集团 (1810 HK) | | | | | | 资料来源 : FactSet 8/24 12/24 4/25 8/25 -50% 0% 50% 100% 150% 200% 250% 1810 HK 恒生指数 股份资料 | 52周高位 (港元) | 60.15 | | --- | --- | | 52周低位 (港元) | 17.52 | | 市值 (百万港元) | 1,126,648.88 | | 日均成交量 (百万) | 158.10 | | 年初至今变化 (%) | 52.32 | | 200天平均价 (港元) | 51.64 | | 资料来源 : FactSet | | 童钰枫 Carrie.Tong@bocomgroup.com (852) 3766 1804 王大卫, PhD, CFA Dawei.wang@bocomgr ...

大家电带动IoT收入持续高增，互联网业务稳健成长 2Q25公司IoT收入同比增长44.7%至387.12亿元，其中大家电/可穿戴/平板收入同比增速分别为 66.2%/70.9%/41.4%，尤其空调出货量超过500万台。由于"618"促销影响，2Q25IoT毛利率环比下降 2.7ppt至22.5%，但仍保持了较好水平。互联网业务方面，2Q25收入同比增长10.1%至90.97亿元，毛利 率同比下降3.0ppt至75.4%，该行判断主要系广告收入结构影响。 中金发布研报称，考虑小米集团-W(01810)手机需求低迷及原材料涨价，下调2025年经调整净利润5.9% 至461.39亿元;维持2026年利润预测不变。当前股价对应27.0倍/18.5倍市盈率。维持跑赢行业评级，基于 SOTP估值法切换估值中枢至2026年，维持70.0港元目标价，对应36.1倍/24.7倍市盈率，有33.6%的上行 空间。 汽车交付量持续提升，毛利率环比强劲提升 中金主要观点如下： 2Q25公司汽车交付量达到8.13万台，ASP达到25.37万元，尤其毛利率继续环比提升3.27ppt至26.4%，该 行判断主要系规模提升带来的单位成本下 ...

Core Insights - Xiaomi Group reported a total revenue of 116 billion yuan for Q2 2025, representing a year-on-year growth of 30.5%, and a net profit of 11.9 billion yuan, up 134.2% year-on-year [1] - Adjusted net profit, based on non-IFRS measures, reached 10.8 billion yuan, marking a 75.4% increase year-on-year [1] IoT Business Performance - Xiaomi's AIoT segment showed strong growth in both domestic and international markets, benefiting from the expansion of its new retail system [3][4] - The company has shifted its focus from rapid expansion to "scaled closure" in its overseas retail strategy, aiming to open 400 to 500 new stores by the end of the year, with a potential for over 1,000 stores in the following year [4] - The growth rate in the Chinese market is higher than in overseas markets, primarily due to the rapid development of the home appliance sector [3] Mobile Business Insights - The gross margin for the mobile business saw a quarter-on-quarter decline, attributed to rising component costs and a limited number of new product launches in Q2 [5][6] - The company anticipates a recovery in gross margin by Q4 2025, coinciding with a more significant release of new products [5] R&D Investments - Xiaomi's R&D expenditure increased by over 40% year-on-year in Q2, marking the fastest growth rate in recent years, with investments spread across core technologies such as chips, AI, and the Surge OS [7][8] - The company is committed to enhancing its technological capabilities, which are deemed essential for maintaining competitiveness in the market [7][8] AIoT Margins and Market Dynamics - The IoT business's gross margin showed a year-on-year increase but faced some pressure on a quarter-on-quarter basis, influenced by promotional activities like the "618 shopping festival" [6][9] - Despite competitive pressures in the home appliance market, Xiaomi remains on track to meet its annual targets for the IoT segment [7]

Core Insights - The cross-border e-commerce industry is adapting to changes in international tariff policies and is focusing on enhancing supply chain resilience [1][5] - The recent China (Guangzhou) Cross-Border E-Commerce Fair attracted over 1,000 quality supply chain companies and more than 40 major domestic and international cross-border e-commerce platforms [1][8] Tariff Policy Impact - The U.S. has suspended the minimum tax exemption for low-value goods, effective August 29, impacting goods valued at or below $800 shipped outside the international postal network [5] - The actual impact of the tariff policy on cross-border e-commerce varies significantly by product category, with some categories less affected due to cost advantages [5][6] - The beauty and health product sectors are less impacted by the new tariff policy due to their higher profit margins and cost advantages of Chinese products [6] Trends in Cross-Border E-Commerce - There is a growing trend towards overseas warehouse operations, which enhance logistics efficiency compared to traditional small parcel shipping methods [6][7] - Companies like JD, SF, and Cainiao are actively expanding their overseas warehouse capabilities [6] - The overseas warehouse model is evolving to provide more comprehensive services, including local market entry support and product certification [7] Compliance and Legal Considerations - Cross-border e-commerce companies are increasingly prioritizing compliance, particularly in intellectual property rights and consumer protection in foreign markets [8] - The demand for legal consultation regarding intellectual property infringement and compliance has risen, especially in sectors with dense intellectual property issues [8] Market Growth - Guangdong's cross-border e-commerce import and export scale has grown from 11.3 billion yuan in 2015 to 745.4 billion yuan in 2024, marking a 66-fold increase over nine years [8]

今日小米举行人车家全生态发布会，会后雷军接受了媒体采访。他表示，作为湖北人，在武汉念了4年 的大学，我对武汉的感情特别深。2017年，小米落户了武汉。"经过这么多年的建设，我们提出了一个 目标：要在武汉建立万人研发中心。经过这么多年的建设，现在有四五千人的规模，希望能尽早到万人 规模。"另外，他还表示，这两年把大家电的业务落户到武汉，并且第一座大家电智能工厂也是在武汉 建的，希望通过一点点的努力为家乡建设做贡献。(新浪科技) ...

Group 1 - The core viewpoint of the articles highlights the rapid growth of instant retail during the "618" shopping festival, which has activated the entire consumption ecosystem and allowed offline stores to participate in online promotions [1][2]. - Meituan's flash purchase reported over 100 million users participating in the "618" event, with more than 60 categories of products seeing transaction amounts increase by over 100% compared to the previous year [1]. - High-priced items have gained popularity, with significant increases in transaction amounts for various categories, including mobile phones doubling, small appliances nearly doubling, and major appliances increasing by over 110% [1]. Group 2 - Instant retail has provided new business growth for merchants, with Tmall's flash purchase achieving a daily GMV of over 3 million within four days of launching store pickup [2]. - JD's data shows that during "618," daily order volume for JD's delivery exceeded 25 million, with online orders for JD Seven Fresh increasing by over 150% year-on-year [2]. - The instant retail market in China reached 650 billion yuan in 2023, with projections to exceed 2 trillion yuan by 2030, indicating significant growth potential in the sector [2]. Group 3 - The relationship between traditional retail and instant retail is described as a positive cycle, with instant retail leveraging digital advantages to drive online growth for physical stores [3]. - Instant retail is expected to play a more active role in enhancing consumer convenience, promoting consumption, and empowering the industry [3].