来源：新浪证券-红岸工作室 资金分析 今日主力净流入-206.33万，占比0.02%，行业排名12/18，连续2日被主力资金减仓；所属行业主力净流 入-5009.63万，连续2日被主力资金减仓。 11月28日，星徽股份涨0.68%，成交额1.34亿元，换手率5.10%，总市值34.11亿元。 异动分析 跨境电商+人民币贬值受益+无线耳机+家用电器+消费电子概念 1、2024年4月16日互动易：公司跨境电商业务板块在售的产品包含小家电品类，产品有香薰机、咖啡 机、空气炸锅、奶泡机等，主要在海外销售。 2、根据2024年年报，公司海外营收占比为67.99%，受益于人民币贬值。 3、2019年11月18日公司在互动平台称：公司音频产品的主要品牌是TaoTronics，TWS技术现已普遍应 用于公司蓝牙耳机产品，年销售额达数千万美金 4、根据2022年半年报，公司智能家电类产品实现销售收入 2.40 亿元，占公司电商业务收入 37.14%。 5、广东星徽精密制造股份有限公司的主营业务是精密金属连接件的研发、生产、销售和自有品牌的智 能小家电类、电脑手机周边类、电源类、家私类等消费电子产品的研发、设计、销售。公司主要产 ...

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is benefiting from its cross-border e-commerce business and the depreciation of the RMB, with a significant portion of its revenue coming from overseas sales. Group 1: Company Overview - Guangdong Xinghui Precision Manufacturing Co., Ltd. specializes in the research, production, and sales of precision metal connectors and smart home appliances, with its main products including slides, hinges, and various consumer electronics [5][7]. - The company was established on November 11, 1994, and went public on June 10, 2015 [7]. - As of October 10, the company had 23,200 shareholders, a decrease of 2.55% from the previous period, with an average of 15,296 circulating shares per person, an increase of 2.62% [7]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.112 billion yuan, a year-on-year decrease of 6.23%, while the net profit attributable to shareholders was 2.6922 million yuan, a year-on-year increase of 106.21% [7]. - The company has cumulatively distributed 71.1607 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [8]. Group 3: Business Segments - The company's revenue composition includes 71.62% from slides, 16.77% from smart home appliances, 8.01% from power supplies, and 3.60% from other categories [7]. - The cross-border e-commerce segment includes small household appliances such as aroma machines, coffee machines, air fryers, and milk frothers, primarily sold overseas [2][3]. Group 4: Market Activity - On November 25, the company's stock rose by 0.55%, with a trading volume of 92.8739 million yuan and a turnover rate of 3.57%, resulting in a total market capitalization of 3.328 billion yuan [1]. - The company has experienced a net outflow of 10.5317 million yuan from major funds today, ranking 12th out of 18 in its industry, indicating a trend of reduced holdings by major investors over the past three days [4][5].

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is experiencing fluctuations in stock performance and is benefiting from its cross-border e-commerce business amid the depreciation of the RMB, particularly in the small home appliance and consumer electronics sectors [2][3]. Company Overview - Guangdong Xinghui Precision Manufacturing Co., Ltd. specializes in the research, production, and sales of precision metal connectors, as well as its own brand of smart home appliances and consumer electronics [5][7]. - The company's main revenue sources include sliding rails (71.62%), smart home appliances (16.77%), and power supply products (8.01%) [7]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 1.112 billion yuan, a year-on-year decrease of 6.23%, while the net profit attributable to shareholders was 2.6922 million yuan, showing a year-on-year increase of 106.21% [7]. - The company's overseas revenue accounted for 67.99% of total revenue, benefiting from the depreciation of the RMB [3]. Market Activity - On November 12, the company's stock price fell by 1.60%, with a trading volume of 89.5265 million yuan and a turnover rate of 3.39%, resulting in a total market capitalization of 3.388 billion yuan [1]. - The stock has seen a net outflow of 11.4606 million yuan from major investors today, indicating a trend of reduced holdings over the past three days [4][5]. Product and Brand Information - The company’s cross-border e-commerce segment includes small appliances such as aroma machines, coffee machines, air fryers, and milk frothers, primarily sold overseas [2]. - The main audio product brand is TaoTronics, with annual sales reaching tens of millions of USD, utilizing TWS technology in Bluetooth earphones [3].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][13]. Core Insights - The company's performance is currently under pressure due to new product investments, but there are expectations for future profitability recovery [1]. - In Q3 2025, the company reported revenue of 600 million yuan, a year-over-year decrease of 3.4%, and a net profit attributable to shareholders of 20 million yuan, down 45.1% year-over-year [6]. - The decline in revenue is attributed to a high base effect from the previous year and impacts from trade disputes affecting export performance [6]. - The gross margin for Q3 2025 was 12.7%, down 2.5 percentage points year-over-year, primarily due to significant mold investments for new products and lower margins from new environmental appliances [6]. - The net profit margin for Q3 2025 was 3.1%, down 2.3 percentage points year-over-year, influenced by increased overall expense ratios due to new product investments [6]. - The company is actively developing new products, including coffee machines and AI vacuum cleaners, which are expected to enhance revenue and profit levels in the future [6]. - The target price for the company's stock is set at 22.4 yuan, with the current price at 20.28 yuan, suggesting potential upside [2]. Financial Summary - Projected total revenue for 2024 is 2,059 million yuan, with a growth rate of 32.0%, and is expected to reach 2,674 million yuan by 2027, with a growth rate of 5.0% [2][7]. - The net profit attributable to shareholders is projected to decline to 110 million yuan in 2025, before recovering to 167 million yuan by 2027 [2][7]. - Earnings per share (EPS) is expected to decrease to 0.59 yuan in 2025, with a recovery to 0.89 yuan by 2027 [2][7]. - The price-to-earnings (P/E) ratio is projected to be 34 times in 2025, decreasing to 23 times by 2027 [2][7].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 1.756 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19%. However, the net profit attributable to shareholders decreased by 29% to 72 million yuan [4][7] - The decline in net profit is attributed to significant investments in new product molds and the initial costs associated with subsidiaries [7] - The company is expanding its product categories, particularly in air fryers and coffee machines, which are expected to contribute to revenue growth in the future [7] - The company has successfully established itself as a key supplier for several well-known domestic and international brands [7] Financial Data and Profit Forecast - For 2025, the company is projected to achieve a total revenue of 2.441 billion yuan, with a year-on-year growth rate of 18.6% [6] - The net profit attributable to shareholders is expected to be 153 million yuan in 2025, reflecting a growth of 9.9% [6] - The gross margin is forecasted to improve gradually as new products ramp up production, with an expected gross margin of 14.3% in 2025 [6][7] - The company plans to enhance its overseas production capacity, with ongoing developments in its Thailand facility [7]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1]. Core Insights - The company reported a revenue of 1.756 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19%. However, the net profit attributable to shareholders decreased by 29% to 72 million yuan, and the net profit after deducting non-recurring items fell by 33% to 66 million yuan [4][7]. - The decline in profit is attributed to significant investments in new product molds and the initial costs associated with the startup phase of subsidiaries. Despite this, the company is expanding its product categories, particularly in air fryers and coffee machines, which are expected to contribute to revenue growth in the future [7]. - The company has successfully established itself as a key supplier for several well-known domestic and international brands, enhancing its market position [7]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 2.441 billion yuan in 2025, with a year-on-year growth rate of 18.6%. The net profit attributable to shareholders is expected to be 153 million yuan, reflecting a growth of 9.9% [6][9]. - The gross margin is forecasted to improve gradually as new products ramp up production, with an estimated gross margin of 14.3% in 2025 [6]. - The company’s earnings per share (EPS) is projected to be 0.82 yuan in 2025, with a price-to-earnings (P/E) ratio of 24 times [6][9].

Core Viewpoint - The stock of Xinghui Co., Ltd. experienced a significant drop of 11.26% on October 15, with a trading volume of 464 million yuan and a market capitalization of 3.534 billion yuan [1] Company Overview - Xinghui Co., Ltd. is primarily engaged in the research, production, and sales of precision metal connectors, as well as its own brand of smart home appliances and consumer electronics [4][8] - The company's main products include slides, hinges, pull baskets, sinks, faucets, and various consumer electronics [4][8] - As of June 30, the number of shareholders increased by 8% to 27,100, while the average circulating shares per person decreased by 7.4% to 13,104 shares [8] Financial Performance - For the first half of 2025, the company reported a revenue of 726 million yuan, a year-on-year decrease of 9.38%, and a net profit attributable to shareholders of -10.137 million yuan, a decline of 208.43% [8] - The company has cumulatively distributed 71.16 million yuan in dividends since its A-share listing, with no dividends distributed in the last three years [9] Business Segments - In 2024, overseas revenue accounted for 67.99% of the company's total revenue, benefiting from the depreciation of the RMB [3] - The smart home appliance segment generated sales revenue of 240 million yuan, representing 37.14% of the company's e-commerce business revenue [4] Market Activity - The stock's average trading cost is 7.45 yuan, with the current price near a support level of 7.48 yuan, indicating potential for a rebound if this support holds [7] - The main capital inflow for the day was -24.50 million yuan, with a net inflow of 1.22 billion yuan in the industry, indicating a lack of clear trends in capital movement [5][6]

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is experiencing fluctuations in stock performance and is heavily involved in the cross-border e-commerce sector, particularly benefiting from the depreciation of the RMB. Group 1: Company Overview - Guangdong Xinghui Precision Manufacturing Co., Ltd. specializes in the research, production, and sales of precision metal connectors and smart home appliances, with a significant focus on products like slides, hinges, and small household appliances [4][8]. - The company's main revenue sources include slides (71.62%), smart home appliances (16.77%), and power supply products (8.01%) [8]. - As of June 30, the company had 27,100 shareholders, an increase of 8.00% from the previous period, with an average of 13,104 circulating shares per shareholder, a decrease of 7.40% [8]. Group 2: Financial Performance - For the first half of 2025, the company reported a revenue of 726 million yuan, a year-on-year decrease of 9.38%, and a net profit attributable to shareholders of -10.14 million yuan, a decline of 208.43% [8]. - The company has distributed a total of 71.16 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [9]. Group 3: Market Activity - On October 13, the company's stock price fell by 0.97%, with a trading volume of 371 million yuan and a turnover rate of 12.74%, resulting in a total market capitalization of 3.75 billion yuan [1]. - The stock has seen a net inflow of 2.03 million yuan from major investors today, with the industry ranking at 3 out of 18, indicating a lack of clear trends in major investor activity [5][6]. Group 4: Product and Market Segments - The company’s audio products, primarily under the brand TaoTronics, have annual sales reaching tens of millions of USD, with TWS technology widely applied in Bluetooth earphones [2]. - The cross-border e-commerce segment includes small household appliances such as aroma machines, coffee machines, air fryers, and milk frothers, primarily sold overseas [2][3].

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is experiencing fluctuations in stock performance and is heavily involved in the cross-border e-commerce sector, particularly benefiting from the depreciation of the RMB and the demand for consumer electronics [1][3]. Company Overview - Guangdong Xinghui Precision Manufacturing Co., Ltd. specializes in the research, production, and sales of precision metal connectors and smart home appliances, with its main products including slides, hinges, and various consumer electronics [4][8]. - The company was established on November 11, 1994, and went public on June 10, 2015 [8]. Financial Performance - For the first half of 2025, the company reported a revenue of 726 million yuan, a year-on-year decrease of 9.38%, and a net profit attributable to shareholders of -10.14 million yuan, a significant decline of 208.43% [8]. - As of June 30, the company had a total market capitalization of 3.786 billion yuan, with a trading volume of 447 million yuan and a turnover rate of 15.21% on October 10 [1][8]. Business Segments - The company's revenue composition includes 71.62% from slides, 16.77% from smart home appliances, 8.01% from power supplies, and 3.60% from other categories [8]. - The overseas revenue accounted for 67.99% of total revenue, benefiting from the depreciation of the RMB [3]. Market Activity - On October 10, the stock price decreased by 1.43%, with a net outflow of 31.02 million yuan from major investors, indicating a lack of clear trend in major investor activity [1][5][6]. - The average trading cost of the stock is 6.93 yuan, with the current price approaching a resistance level of 8.74 yuan, suggesting potential for a price correction if this level is not surpassed [7].

Core Viewpoint - The stock of Guangdong Xinghui Precision Manufacturing Co., Ltd. has seen a significant increase of 7.23% on September 26, with a trading volume of 302 million yuan and a market capitalization of 2.784 billion yuan [1] Group 1: Company Overview - Guangdong Xinghui Precision Manufacturing Co., Ltd. specializes in the research, production, and sales of precision metal connectors and its own brand of smart home appliances, computer and mobile peripherals, power supplies, and furniture-related consumer electronics [3][7] - The company's main products include slides, hinges, pull baskets, sinks, faucets, and smart home appliances [3] - As of June 30, the company had 27,100 shareholders, an increase of 8% from the previous period, with an average of 13,104 circulating shares per person, a decrease of 7.4% [7] Group 2: Financial Performance - In the first half of 2025, the company achieved operating revenue of 726 million yuan, a year-on-year decrease of 9.38%, and a net profit attributable to the parent company of -10.137 million yuan, a year-on-year decrease of 208.43% [7] - The company's smart home appliance sales revenue reached 240 million yuan in the 2022 semi-annual report, accounting for 37.14% of the e-commerce business revenue [3] - The company has cumulatively distributed dividends of 71.1607 million yuan since its A-share listing, with no dividends distributed in the last three years [8] Group 3: Market Position and Trends - The company's cross-border e-commerce business includes small household appliances such as aroma machines, coffee machines, air fryers, and milk frothers, primarily sold overseas [2] - The company's overseas revenue accounted for 67.99%, benefiting from the depreciation of the RMB [3] - The main business revenue composition includes slides (71.62%), smart home appliances (16.77%), power supplies (8.01%), and others (3.60%) [7] Group 4: Technical Analysis - The average trading cost of the stock is 5.70 yuan, with recent accumulation activity noted, although the strength of this accumulation is weak [6] - The current stock price is near a support level of 6.06 yuan, and if this support level is breached, it may trigger a downward trend [6]