异动分析 跨境电商+家用电器+无线耳机+人民币贬值受益+消费电子概念 来源：新浪证券-红岸工作室 9月11日，星徽股份跌0.18%，成交额6414.51万元，换手率3.22%，总市值26.05亿元。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 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%。 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 资金分析 今日主力净流入-496.61万，占比0.08%，行业排名10/18，连续3日被主力资金减仓；所属行业主力净流 入-8870.63万，连续2日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-496.61万-797.28万-801.86万-2608.39万-5877.48万 主力持仓 4、根据2024年年报，公 ...

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is experiencing a decline in stock price and sales, while benefiting from its cross-border e-commerce and smart home appliance segments due to the depreciation of the RMB [1][4][5]. 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 portion of its revenue coming from cross-border e-commerce [3][7]. - The company's main products include slides (55.24% of revenue), smart home appliances (15.69%), hinges (7.71%), and power supplies (7.54%) [7]. 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% [7]. - As of June 30, the company had a total market capitalization of 2.481 billion yuan, with a trading volume of 68.1344 million yuan on September 3, 2023 [1][7]. Market Activity - On September 3, 2023, the stock price of Xinghui fell by 3.90%, with a turnover rate of 3.46% [1]. - The company has seen a net outflow of 3.8241 million yuan from major investors, indicating a trend of reduced holdings over the past three days [4][5]. Product Segments - The company's 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]. - The smart home appliance segment accounted for 37.14% of the company's e-commerce revenue, generating sales of 240 million yuan in the first half of 2022 [3]. International Revenue - The company's overseas revenue accounted for 67.99% of total revenue, benefiting from the depreciation of the RMB [3].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company's Q2 performance met expectations, with H1 2025 revenue of 1.157 billion yuan, a year-on-year increase of 35%, while net profit attributable to shareholders decreased by 21% to 54 million yuan [5][8] - The company is expanding its product categories, particularly in air fryers and coffee machines, which contributed to revenue growth [8] - The profitability is expected to improve as new products gain traction, with a projected increase in gross margin [8] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 2.441 billion yuan, with a year-on-year growth rate of 18.6% [7] - The net profit attributable to shareholders for 2025 is forecasted to be 178 million yuan, reflecting a year-on-year increase of 27.7% [7] - The company’s gross margin is projected to improve to 15.2% in 2025, with a return on equity (ROE) of 13.8% [7][8]

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is experiencing a decline in stock performance and revenue, while benefiting from its cross-border e-commerce business and the depreciation of the RMB [1][2][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 a focus on products such as slides, hinges, and small household appliances [7]. - The company was established on November 11, 1994, and went public on June 10, 2015 [7]. - As of March 31, the company had 25,100 shareholders, a decrease of 13.57% from the previous period, with an average of 14,152 circulating shares per shareholder, an increase of 27.50% [7]. Financial Performance - For the first quarter of 2025, the company reported revenue of 335 million yuan, a year-on-year decrease of 8.65%, and a net profit attributable to shareholders of -2.84 million yuan, a year-on-year decrease of 161.13% [7]. - Cumulative cash dividends since the company's A-share listing amount to 71.16 million yuan, with no dividends distributed in the past three years [8]. Business Segments - The company's revenue composition includes: slides (55.24%), smart home appliances (15.69%), hinges (7.71%), power supplies (7.54%), computer and mobile peripherals (3.54%), furniture (3.07%), and other categories [7]. - The cross-border e-commerce segment includes small appliances such as aroma machines, coffee machines, air fryers, and milk frothers, primarily sold overseas [2][3]. Market Dynamics - The company's overseas revenue accounted for 67.99% of total revenue, benefiting from the depreciation of the RMB [3]. - The main brand for audio products is TaoTronics, with annual sales reaching tens of millions of USD [3]. Technical Analysis - The average trading cost of the stock is 5.68 yuan, with the current stock price fluctuating between resistance at 6.31 yuan and support at 5.69 yuan, indicating potential for range trading [6]. Capital Flow - The stock experienced a net outflow of 5.96 million yuan today, with a total net outflow of 23.90 million yuan over the past three days, indicating a lack of strong capital support [4][5].

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is benefiting from its cross-border e-commerce business, particularly in the small home appliance sector, amidst the depreciation of the RMB. Group 1: Business Overview - The company specializes in the research, production, and sales of precision metal components, including slides and hinges, with a significant portion of its revenue coming from cross-border e-commerce [7]. - As of March 31, the company's revenue composition includes 55.24% from slides, 15.69% from smart home appliances, and 7.71% from hinges, among other categories [7]. - The company reported a revenue of 3.35 billion yuan for the first quarter of 2025, a year-on-year decrease of 8.65%, with a net profit of -28.42 million yuan, a significant decline of 161.13% [7]. Group 2: Financial Performance - The company's overseas revenue accounted for 67.99% of total revenue, benefiting from the depreciation of the RMB [3]. - In the first half of 2022, the sales revenue from smart home appliances reached 240 million yuan, representing 37.14% of the company's e-commerce revenue [2]. - 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 [8]. Group 3: Market Activity - On August 6, the company's stock price increased by 0.71%, with a trading volume of 59.59 million yuan and a market capitalization of 2.591 billion yuan [1]. - The stock has shown a net inflow of 5.09 million yuan from major investors today, indicating a lack of clear trend in major investor activity [4][5]. - The average trading cost of the stock is 5.53 yuan, with the current price approaching a resistance level of 5.67 yuan, suggesting potential for upward movement if the resistance is broken [6].

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 [3]. Group 1: Company Overview - Guangdong Xinghui Precision Manufacturing Co., Ltd. was established on November 11, 1994, and listed on June 10, 2015. The company specializes in the research, production, and sales of precision metal components such as slides and hinges, with a focus on cross-border e-commerce [7]. - The company's main business revenue composition includes: slides (55.24%), smart small appliances (15.69%), hinges (7.71%), power supplies (7.54%), computer and mobile peripherals (3.54%), and others [7]. - As of March 31, the number of shareholders is 25,100, a decrease of 13.57% from the previous period, with an average of 14,152 circulating shares per person, an increase of 27.50% [7]. Group 2: Financial Performance - In the first quarter of 2025, the company achieved operating revenue of 335 million yuan, a year-on-year decrease of 8.65%, and a net profit attributable to the parent company of -2.84 million yuan, a year-on-year decrease of 161.13% [7]. - The company has distributed a total of 71.16 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [8]. Group 3: Market Activity - On August 5, the company's stock rose by 0.72%, with a trading volume of 61.45 million yuan and a turnover rate of 3.09%, bringing the total market capitalization to 2.573 billion yuan [1]. - The company's cross-border e-commerce segment includes small household appliances such as aroma machines, coffee machines, air fryers, and milk frothers, primarily sold overseas [2]. - The company reported that its audio products, under the brand TaoTronics, achieved annual sales of tens of millions of dollars, with TWS technology widely applied in its Bluetooth earphone products [2].