家电行业 行业研究 | 动态跟踪 PPI 上行周期，中高端卡位机会显现 核心观点 投资建议与投资标的 投资建议： PPI 上行周期，中高端卡位机会显现。龙头公司顺价能力更强，盈利确定性 更高，推荐经营稳健的龙头公司。 主线一：龙头公司经营效率更高，成本上行周期经营更稳健，结合较高股息率可作为稳 健配置首选，相关标的：海尔智家(600690，未评级)、海信视像(600060，增持)。 主线二：出海仍为长期主线，2026 年有望迎来估值切换，相关标的：石头科技 (688169，买入) 、莱克电气(603355，买入)。 风险提示 以旧换新补贴政策持续性存在不确定性、关税扰动反复。 国家/地区 中国 行业 家电行业 报告发布日期 2026 年 02 月 05 日 看好（维持） | 李汉颖 | 执业证书编号：S0860525100006 | | --- | --- | | | lihanying@orientsec.com.cn | | | 021-63326320 | | 曲世强 | 执业证书编号：S0860525100004 | | | qushiqiang@orientsec.com.cn | | | 021- ...

奥克斯空调总裁忻宁表示，2026 年将通过硬核技术与产品直击消费者痛点。沙利文的三重数据认证，正是对这一战略的最佳回应。从全产业链构建品质壁 垒，到智能科技体验升级，再到服务创新夯实用户信任，奥克斯用长期主义实践赢得了市场的认可。未来，随着 "科技、品质、服务" 三大引擎的持续发 力。 在空调产业迈入 "用户价值主导" 新周期的关键节点，全球知名调研机构沙利文的最新报告给出了清晰的市场答案：奥克斯空调 2018 年至 2024 年累计七年 全球家用分体式空调销量前三，2023 年至 2024 年连续两年大众市场家用空调全国销量第一，2022 年至 2024 年连续三年智能语音空调全国销量第一。三项 权威数据的背书，不仅印证了奥克斯的市场地位，更彰显其在 "科技、品质、服务" 三大引擎驱动下的硬核竞争力。 奥克斯的市场领跑，绝非短期爆发的偶然结果，而是 32 年深耕空调产业的必然回报。自始创以来，奥克斯始终秉持 "创新是灵魂、品质是基石" 的价值观， 在行业竞争中持续构建差异化优势。作为头部阵营第三家掌握 "压缩机等核心零部件 + 整机" 全产业链能力的企业，奥克斯通过与松下联合研发生产压缩 机，实现核心技术自 ...

Core Viewpoint - The "Mars 1 Degree of Electricity" challenge by Aux is not just a marketing stunt but a strategic move to upgrade the brand and showcase its energy-saving technology, which may be undervalued in the market [1][2]. Group 1: Event and Technology - The challenge successfully demonstrated Aux's energy-saving technology by illuminating 10,306 LED lights using just 1 degree of electricity, transforming abstract energy savings into a visual spectacle [1]. - Aux's "smart energy-saving technology" is supported by precise temperature control algorithms and dynamic power adjustment systems, allowing the air conditioning units to optimize their operation based on environmental changes [4]. Group 2: Market Impact and User Value - The energy-saving technology can potentially save each household over 100 kWh annually, making the benefits tangible and relatable for consumers, thus enhancing the emotional connection between the brand and users [5]. - The challenge aligns with the global "dual carbon" consensus, addressing market demands for high cost-performance and low energy consumption products, particularly in emerging markets [6]. Group 3: Financial Performance and Growth - Aux's overseas sales revenue reached 10.41 billion yuan in 2023 and is projected to grow to 14.68 billion yuan in 2024, with significant year-on-year increases of 24.2% and 41.0% respectively [9]. - The company's overseas revenue surpassed domestic sales for the first time in the first half of 2025, reaching 10.84 billion yuan, reflecting a 27.9% year-on-year growth [9]. Group 4: Strategic Evolution - Aux has evolved from an industry follower to a global player, leveraging strategic insights to address core industry challenges and adapting to market changes over three decades [12]. - The dual business model of ODM and OBM has been crucial for Aux's global success, with ODM contributing 81.3% of foreign sales revenue in 2024 [13]. Group 5: Social Responsibility and Market Perception - Aux's commitment to social responsibility is evident through its donation of 30 million HKD for disaster relief, reinforcing its brand value beyond mere commercial success [16]. - Market analysts, such as Huatai Securities, have given Aux a "buy" rating with a target price of 17.67 HKD, indicating potential for valuation growth based on its technological and strategic strengths [16].

Core Viewpoint - Aokai Electric (HK2580) reported a total revenue of 20.085 billion RMB for the first half of 2025, marking a year-on-year increase of 16.7%, with net profit attributable to shareholders reaching 1.873 billion RMB, up 5.1% year-on-year [1][2] Revenue Breakdown - The majority of Aokai's revenue comes from air conditioning, with home air conditioning contributing 17.915 billion RMB, accounting for 89.2% of total revenue, which is a 17.3% increase from the previous year [1][3] - Among home air conditioning sales, wall-mounted units generated 15.386 billion RMB, representing 76.6% of the segment, while cabinet units and mobile air conditioners contributed 2.338 billion RMB and 0.190 billion RMB, respectively [3] - Central air conditioning accounted for 1.922 billion RMB, or 9.6% of total revenue, with a year-on-year growth of 15.0% [3] Brand Performance - Aokai's main brand generated 9.956 billion RMB, making up 49.6% of total revenue, with a year-on-year increase of 15.2% [5] - The sub-brands Huasuan and AUFIT generated 0.503 billion RMB and 0.516 billion RMB, respectively, together accounting for only 5.1% of total revenue, with Huasuan experiencing a significant decline of 39.5% year-on-year [5][4] ODM Business Growth - Aokai's ODM (Original Design Manufacturer) revenue reached 8.861 billion RMB, representing 44.1% of total revenue and an 18.8% increase year-on-year, becoming a key growth driver for the company [4][5] - The overseas market revenue from ODM grew significantly, with Asia (excluding China), Europe, and South America showing increases of 34.5%, 27.8%, and 55.7%, respectively [5][6] Market Dynamics - The Chinese market remains the largest contributor, generating 9.246 billion RMB, accounting for 46.0% of total revenue, although this is a decrease of nearly 5 percentage points year-on-year [6][7] - The overall air conditioning market in China saw a double-digit growth in sales volume and revenue, contrasting with Aokai's slower growth in the domestic market [6] Financial Metrics - Aokai's gross margin for the first half of 2025 was 19.5%, down from 21.1% in the same period of 2024, attributed to a strategic optimization of order mix and increased sales through ODM [7][8] - The company's R&D expenditure remains low, at only 1.6% of total revenue, compared to sales and administrative expenses which are higher [8] Stock Performance - Aokai was listed on the Hong Kong Stock Exchange on September 2, 2023, with a net amount raised of 3.9935 billion HKD, but the stock price has declined approximately 15% since its debut [8][9]

Core Insights - The Chinese air conditioning industry is projected to reach a total sales volume of 196 million units in the 2025 cooling year, representing a year-on-year growth of 11.5%, with domestic shipments exceeding 100 million units for the first time, growing by 8.7% [1] - The air conditioning market has seen a few leading brands maintain stable growth over nearly 30 years, with AUX emerging as a "minority" and "leader" in the industry [1] - The industry is entering a critical phase of "boundary-breaking reconstruction," where user-centric value reshaping and technological innovation are essential for overcoming homogenized competition [1][2] Company Strategy and Philosophy - AUX has successfully navigated the air conditioning industry's challenges through a dual strategy of "small steps fast" and "big steps slow," establishing itself as a leader capable of transcending both time and industry cycles [2] - The company's philosophy emphasizes "quality as the foundation and innovation as the soul," which has been integrated into all aspects of its operations, enabling it to adapt to competitive pressures over time [2][3] - AUX's commitment to quality and continuous innovation has allowed it to build a robust defense against market challenges, demonstrating that Chinese home appliance companies can gain global trust through these principles [2][3] Competitive Advantages - AUX has developed a "four comprehensive capabilities" framework that enhances its competitive edge in the global air conditioning market, aligning with the industry's shift towards ecological and business model reconstruction [4] - The company has established a full industry chain layout, comprehensive channel distribution, and a full product category strategy, which are essential competitive thresholds in the air conditioning sector [4] - AUX's global operations cover over 150 countries and regions, with international revenue accounting for a significant portion of its overall income, showcasing its successful globalization strategy [5] Innovation and Technology - AUX has embraced cutting-edge technologies and formed partnerships with leading tech companies to enhance its product offerings, particularly in AI and voice technology [6] - The company has achieved a breakthrough in self-research and production of compressors through strategic collaboration with Panasonic, solidifying its core competitive capabilities [6] - AUX's focus on user needs has led to the establishment of a comprehensive lifecycle service system, enhancing customer experience and brand trust [7] Market Position and Future Outlook - AUX's recent listing on the Hong Kong Stock Exchange marks a significant milestone, positioning the company for further global brand development and operational expansion [8] - The company aims to transition from a manufacturer to a provider of smart air solutions, leveraging its diverse brand portfolio to meet varied consumer demands [9] - AUX's 30-year journey illustrates that true global competitiveness stems from a commitment to quality, innovation, and respect for user needs, integrating its growth into the global industrial upgrade wave [9]

Core Viewpoint - Aux Electric Co., Ltd., led by entrepreneur Zheng Jianjiang, has successfully listed on the Hong Kong Stock Exchange after seven years of preparation, marking a significant milestone for the company in the air conditioning industry [1][5] Company Overview - Aux Electric primarily focuses on air conditioning manufacturing and was officially listed on September 2, 2025, with an initial share price of HKD 17.42. However, the stock price fell by 7% on its first day, closing at HKD 16.73, giving the company a market capitalization of approximately HKD 257.27 billion [1] - Zheng Jianjiang, at 64 years old, has now taken his third company public, having previously listed SamSung Medical and Aux International [1] Industry Context - Aux has rapidly risen in the air conditioning sector through smart products and competitive pricing strategies, gaining positive consumer feedback, particularly for its mobile app remote control features [3] - The company has been embroiled in a long-standing patent dispute with Gree Electric, which has filed 27 lawsuits against Aux for patent infringement since 2013, winning all cases [3] - Despite the ongoing legal challenges, Aux has demonstrated strong financial growth, with revenue increasing from CNY 19.528 billion in 2022 to CNY 29.759 billion in 2024, and net profit rising from CNY 1.442 billion to CNY 2.91 billion during the same period [3] - In Q1 2025, Aux reported revenue of CNY 9.352 billion, a 27% year-on-year increase, and a net profit of CNY 0.925 billion, up 23% year-on-year [3] Market Positioning - Aux's journey to listing has been marked by several attempts, including a brief stint on the New Third Board in 2016 and an unsuccessful bid for A-share listing in 2023. The company finally turned to the Hong Kong market, submitting its application in January 2025 and successfully passing the hearing in August [5] - The competition between Aux and Gree represents a broader market struggle, with Gree maintaining a stronghold in first- and second-tier cities, while Aux has adopted a "rural encirclement of cities" strategy, leveraging low prices and e-commerce channels to capture market share [5] - Despite Aux's impressive growth, it still lags behind Gree, which reported revenue of CNY 190.038 billion in 2024 compared to Aux's CNY 29.759 billion. However, Aux's successful listing is expected to provide the necessary capital to enhance its competitive position and address ongoing patent disputes [5]

Group 1 - AUX Electric officially listed on the Hong Kong Stock Exchange on September 2, with an IPO price of HKD 17.42 per share, resulting in a market capitalization of approximately HKD 27 billion [1] - The founder, Zheng Jianjiang, transitioned from a car repairman to the head of the world's fifth-largest air conditioning supplier, utilizing a low-price strategy to gain market share [1][2] - Since 2018, AUX has been preparing for its IPO, moving from the A-share market to the Hong Kong market, reflecting the current trend of companies seeking to list in Hong Kong [1][4] Group 2 - Zheng Jianjiang, born in 1961 in Ningbo, Zhejiang, started his entrepreneurial journey by taking over a struggling parts factory, eventually entering the air conditioning industry in 1994 [2] - AUX's pricing strategy involved setting prices 60% lower than imported products and 30% lower than domestic competitors, allowing the company to become the fourth largest in China within five years [2][3] - The company faced criticism for disrupting the market, particularly from competitors like Gree, leading to ongoing legal disputes over patents and trade secrets [3] Group 3 - According to the prospectus, AUX's revenue projections for 2022-2024 are CNY 19.528 billion, CNY 24.832 billion, and CNY 29.759 billion, with adjusted net profits of CNY 1.449 billion, CNY 2.511 billion, and CNY 2.935 billion respectively [3] - AUX's market share is projected to reach 7.1% by 2024, solidifying its position as a major player in the global air conditioning market [3] Group 4 - AUX has expanded its overseas market presence since 2015, with sales in over 150 countries, contributing nearly half of its revenue [5] - The company plans to use funds from the IPO to enhance global research and development, upgrade smart manufacturing systems, and strengthen sales channels [5] - The Hong Kong IPO is seen as a strategic move for global expansion, aligning with the trend of many Chinese companies seeking to establish a presence in international markets [5][6]

Core Viewpoint - Company plans to globally offer approximately 207 million shares, with an estimated net proceeds of about HKD 3.287 billion based on a share price of HKD 16.71 [1][3][5] Group 1: Share Offering Details - The global offering includes 10.3582 million shares for Hong Kong and approximately 196.803 million shares for international sale, with a maximum offer price of HKD 17.42 per share [1][3] - The offering is expected to commence trading on the Hong Kong Stock Exchange on September 2, 2025 [1] - The company has a 15% over-allotment option for additional shares [1] Group 2: Fund Utilization - 50% of the proceeds will be used to upgrade the company's smart manufacturing system and supply chain management [3] - Approximately 20% will be allocated for global research and development [3] - Another 20% will strengthen sales and distribution channels, while the remaining 10% will be used for general working capital [3] Group 3: Company Performance and Market Position - Company reported revenues of CNY 195.28 billion, CNY 248.32 billion, and CNY 297.59 billion for the years 2022 to 2024, with adjusted net profits of CNY 14.49 billion, CNY 25.11 billion, and CNY 29.35 billion respectively [5][6] - As of the first quarter of this year, the company achieved a revenue of CNY 73.6 billion, a year-on-year increase of 27%, with profits rising 23% to CNY 9.2 billion [5] - The company is the fifth largest air conditioning provider globally, holding a market share of 7.1% as of 2024 [5] Group 4: Competitive Landscape - The company's low-price strategy has significantly compressed profit margins, with gross margins of 21.3%, 21.8%, and 21.5% for 2022, 2023, and the first three quarters of 2024 respectively [6] - The company faces stiff competition from leading brands like Gree and Midea, which have significantly higher gross margins [6] - The company's market share in online air conditioning sales has dropped from 28.57% in 2018 to 5.02% in 2025, ranking sixth [6] Group 5: Financial Health and Liabilities - The company has a high debt ratio, with asset-liability ratios of 88.3%, 78.8%, 84.1%, and 82.5% from 2022 to the first quarter of 2025 [8] - Short-term debt pressure is notable, with current liabilities reaching CNY 172.84 billion against cash reserves of only CNY 28.96 billion [8] - The company has accumulated significant trade payables, with accounts payable and notes payable totaling CNY 97.5 billion, constituting 50% of total liabilities [8]

Core Viewpoint - Gree's air conditioning market share has significantly declined, particularly during the peak sales season in July, leading to increased competition from Xiaomi and the impending entry of Huawei into the air conditioning market [1][3][6]. Market Performance - In July, Gree's air conditioning sales dropped by 16.9% year-on-year, with its market share falling to 17.2% [1][3]. - Midea remains the market leader with a share of 26.8%, despite a 5.3% decline [3]. - Xiaomi's market share has surged to 13.7%, reflecting a remarkable year-on-year growth of 53.9% [3][6]. - Gree's market position is threatened as the gap between Gree and Xiaomi has narrowed to 3.5% [3][6]. Competitive Landscape - The entry of Huawei into the air conditioning sector is a significant concern for Gree, as Huawei plans to leverage its technology and ecosystem to compete effectively [6][10]. - Huawei's air conditioning products will follow a model similar to its automotive strategy, focusing on software and ecosystem integration rather than traditional manufacturing [8][10]. - The competition is shifting from product-based to ecosystem-based, with Xiaomi already demonstrating success in this area [10]. Strategic Implications - Gree has the potential to collaborate with Huawei to create a new air conditioning brand, although it remains uncertain whether Gree's leadership will consider such a partnership [12].

Core Viewpoint - Aux Electric Co., Ltd. is attempting to go public in Hong Kong after previous unsuccessful attempts in A-shares and New Third Board, highlighting a decade-long pursuit of listing amid high growth and significant financial risks [1][2]. Group 1: Financial Performance - From 2022 to 2024, Aux's revenue is projected to grow from 19.53 billion to 29.76 billion RMB, a 52.8% increase, while net profit is expected to rise from 1.44 billion to 2.91 billion RMB, a 102% increase [2][3]. - The overseas market has been a significant contributor, with revenues from international sales increasing from 8.39 billion in 2022 to 14.68 billion in 2024, accounting for nearly half of total revenue [2][3]. - Despite high growth, the company faces challenges with accounts receivable increasing from 1.428 billion to 3 billion RMB over three years, indicating deteriorating collection efficiency [4]. Group 2: Dividend Controversy - Aux declared a substantial dividend of 3.794 billion RMB in 2024, exceeding its net profit of 2.91 billion RMB for the same year, raising concerns about financial prudence [5][6]. - The founder's family, holding 96.36% of the shares, stands to receive over 3.656 billion RMB from this dividend, which is 55% of the total net profit from 2022 to 2024 [6][7]. - The dividend was funded through cash reserves, leading to a reduction in liquid assets and increasing net current liabilities [8][11]. Group 3: Product Quality Issues - Aux has faced numerous consumer complaints, totaling 6,383, regarding product quality, including issues with air conditioners and other appliances [16][18]. - Reports of product malfunctions, including fires and electrical failures, have raised serious concerns about safety and reliability [19][21]. - The company's low-cost strategy has resulted in lower profit margins and less investment in research and development compared to competitors like Gree and Midea, which may hinder its ability to adapt to market changes [16][22].