创创创创创创创创创创创创创创创创创 创创创创创创创创创创创 创创创创创创创创创创创创创创创 创创创创创创创S0630522040002 创创创创创wmj@longone.com.cn 202 6创1创5创 CONTENTS 一、市场情况 二、产品趋势 三、展望与投资建议 四、风险提示 创创创创创创 HTTP://WWW.LONGONE.COM.CN 创创创创创创创创创创创创创创创创创创 2025年内销市场：政策催化年度增长， Q 4基数效应显现 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 0 50000 100000 150000 200000 250000 300000 350000 零售额（万元） 右轴：同比（%） 2025年扫地机器人监测零售额及同比 资料来源：同花顺，产业在线，东海证券研究所 ⚫ 2025年"以旧换新"补贴政策延续，后期补贴管理有所加强。扫地机具有高客单价和强价格敏感性，因此补贴对消费者购买意愿具有一定带动作用 。 据奥维云网周度监测数据，2025年第1-51周（2024年12月30日至2025年12月21日）扫地机器人线 ...

Core Insights - The upcoming CES 2026 in Las Vegas is set to showcase significant advancements in AI technology, marking a shift from conceptual displays to practical applications in various industries [3][6][12] - Chinese companies, particularly in the embodied intelligence sector, are making a strong presence at CES, with many participating for the first time and aiming to establish their brand internationally [6][9][11] Group 1: Event Overview - CES 2026 will officially commence on January 6, featuring major tech companies and startups presenting their upcoming products and innovations [3] - The event is expected to have a heightened focus on AI, with numerous social activities organized by venture capital institutions, indicating increased interest and investment in AI technologies [3][6] Group 2: Key Presentations and Themes - AMD CEO Lisa Su will deliver a keynote on the latest developments in CPU, GPU, and AI software, while NVIDIA CEO Jensen Huang will also present significant advancements in AI technology [5][6] - The narrative of CES 2026 will center around how AI technology integrates with hardware products and industrial applications, emphasizing the importance of practical implementation [6][12] Group 3: Chinese Companies and Robotics - A notable influx of Chinese companies in the embodied intelligence sector is expected, with firms like Yushun Technology and Galaxy General showcasing their innovations and receiving international inquiries [8][9] - The participation of Chinese robotics companies aims to enhance brand visibility and secure overseas orders, reflecting a broader trend of Chinese firms expanding into international markets [9][11] Group 4: Industry Trends - The focus of CES is shifting from mere technological showcases to the deep integration of AI with real-world applications, indicating a transformative phase in the tech industry [12] - The event will also highlight the collaboration between various tech giants, showcasing a collective effort to build an ecosystem around AI technologies and their applications [12]

Group 1 - The CES 2026 is set to take place in Las Vegas on January 6, showcasing the latest innovations in consumer electronics, with a significant focus on AI technologies [3][4] - AI has transitioned from being a mere technical showcase to a critical point for practical applications in various industries, marking a shift towards real-world integration [4][11] - Chinese companies, particularly in the field of embodied intelligence, are making a strong presence at CES, with many participating for the first time [5][16] Group 2 - AMD CEO Lisa Su will deliver a keynote address outlining advancements in CPU, GPU, and AI software, while NVIDIA CEO Jensen Huang will also present significant updates on AI technologies [9][10] - The focus of discussions at CES will be on how AI technologies can be integrated into hardware products and industrial applications, emphasizing the importance of practical deployment [10][11] - The trend of industrial AI is gaining momentum, with companies like Siemens and NVIDIA exploring how to scale AI applications in manufacturing and other sectors [10][11] Group 3 - The participation of Chinese robotics companies at CES is expected to increase, with firms like Yushun Technology and Galaxy General showcasing their products and receiving international inquiries [14][16] - The Korean robotics sector is also actively participating, with plans to unveil new robotic technologies and strategies during the event [18] - The smart cleaning segment is set to introduce new products aimed at overseas markets, indicating a broader trend of Chinese companies diversifying their offerings and targeting international customers [19]

Core Insights - The upcoming CES 2026 in Las Vegas is set to showcase a significant focus on AI, marking a shift from mere technological displays to practical applications in various industries [1][4] - Chinese companies, particularly in the embodied intelligence sector, are making a notable entrance at CES, with many participating for the first time [2][8] - Key industry leaders, including AMD's CEO Lisa Su and NVIDIA's CEO Jensen Huang, will highlight advancements in AI technology and its integration into hardware and industrial applications [3][4] Group 1: Event Overview - CES 2026 will officially commence on January 6, featuring major tech companies and startups presenting their upcoming products and innovations [1] - The event is expected to attract significant attention from venture capital firms, indicating a robust interest in AI and technology trends [1][5] Group 2: AI Focus - AI has transitioned from a conceptual showcase to a critical element in hardware and industrial applications, with major companies emphasizing its importance in their presentations [4][6] - AMD and Siemens are among the companies that will discuss the scaling of industrial AI and its integration into various operational environments [4] Group 3: Chinese Companies Participation - A new wave of Chinese companies in the embodied intelligence sector, such as Yushutech and Galaxy General, will debut at CES, aiming to enhance their brand visibility and secure international orders [7][8] - The participation of these companies reflects a broader trend of Chinese firms seeking to establish a presence in overseas markets and explore new application scenarios [9] Group 4: Industry Trends - The narrative of CES is shifting towards the deep integration of AI technology with real-world applications, moving beyond simple technological showcases [9] - The event will feature a diverse range of products, from industrial robots to consumer electronics, highlighting the evolving landscape of technology and its applications [9]

Core Insights - The commercialization capability of technology combined with scene applications and stable growth in R&D investment are fundamental elements for Ecovacs' entry into embodied intelligence [1][5] Group 1: Market Trends and Events - CES 2026 will focus on AI hardware, consumer electronics innovation, and automotive technology, with AI hardware expected to be a major topic, particularly edge AI devices and robots [1] - Ecovacs will showcase its embodied intelligence products at CES 2026, marking its continued presence in the service robot sector since its first participation in 2018 [1] Group 2: Product Development and Innovation - Ecovacs has mastered the art of creating "hit products" through technical innovation and integration of scene applications, particularly in the competitive vacuum cleaner market [3] - The X8 product integrates a "washing machine structure + intelligent robot capability," addressing the issue of secondary pollution from cleaning cloths [3][4] - The X11 team has upgraded the OZMO ROLLER 2.0 technology, enhancing cleaning capabilities and user experience, leading to significant sales growth in the X series [4] Group 3: Financial Performance and R&D Investment - Ecovacs' revenue reached 12.877 billion yuan, a year-on-year increase of 25.93%, with net profit growing by 130.55% to 1.418 billion yuan [7] - The company invested 885 million yuan in R&D in 2024, a 7.3% increase, with a total of 2,545 authorized patents, including 713 invention patents [5][6] Group 4: Supply Chain and Manufacturing - Ecovacs has established a complete and mature robot supply chain system, producing nearly 30,000 service robots daily, with over half of the components sourced locally [6][7] - The company plans to invest 200 million yuan in a new manufacturing project for core components in Huzhou, aiming for an annual output of 20 million parts [9] Group 5: Competitive Landscape and Future Outlook - Ecovacs is positioned as a strong competitor in the embodied intelligence sector, leveraging its extensive experience in product development and supply chain management [2][10] - The company aims to enhance its product offerings and market presence in the high-end segment, with a focus on meeting evolving consumer demands [5][11]

家电行业 2026 年度策略：经营韧性，出海红利，左侧成 长 20251201 摘要 家电企业海外市场份额持续提升，欧美市场需求预计 2026 年下半年显 著回升，尤其美国降息及房地产需求将推动家电需求增长，利好相关企 业业绩。 出口链公司 2025 年业绩受海外产能爬坡影响，预计 2026 年修复。中 国家电企业在新兴市场抢占日韩份额，欧美市场增长潜力大，龙头企业 通过全球产能弹性应对关税影响。 黑电行业竞争格局改善，面板周期性减弱，国内面板产能接近垄断，成 本压力减轻，小米等竞争对手放缓竞争，中国黑电企业有望提升全球份 额和利润率。 2025 年双十一黑电行业整体下滑，但 Mini LED 渗透率提升至 47%， 均价提升 14%，表明高端产品需求稳健，预计 2026 年 Mini LED 与 LCD 价差收窄将继续推动渗透率提高。 北美市场库存趋于合理化，美国消费需求有望在降息周期下逐步恢复， 推动黑电行业复苏，欧洲市场价格竞争预计 2026 年放缓，利好中国黑 电龙头企业利润率稳定。 Q&A 2026 年家电行业的年度策略展望是什么？ 2026 年的家电行业投资策略主要围绕四条主线展开：经营韧性、出海 ...

Core Viewpoint - The State Council's meeting emphasized the need to enhance the implementation mechanism of the large-scale equipment update and consumer goods trade-in policy to better stimulate domestic demand [1] Consumer Goods Trade-in Policy - The consumer goods trade-in policy has effectively driven market growth, particularly for high-end smart and energy-efficient products, with sales exceeding 1.6 trillion yuan by mid-July [2] - Over 80% of new orders on major online platforms are for products with 1st and 2nd-level energy efficiency ratings [2] - The policy has led to capacity expansion and technological upgrades in key industries such as automotive, home appliances, and digital products [2] Business and Consumer Reactions - Businesses support the trade-in policy, with many offering additional incentives beyond government subsidies, leading to increased sales and profits for over 80% of participating companies [3] - However, some businesses face challenges with complex subsidy application processes and slow reimbursement, leading to financial pressures [3] - Consumers generally welcome the policy, with a satisfaction score above 76, although issues like high product prices and inadequate recycling options affect some consumers' experiences [4] Future Potential - There is significant potential for the trade-in policy to expand, with expected increases in funding, product categories, and subsidy standards in 2025 compared to 2024 [7] - The automotive market is projected to see a peak in vehicle replacement from 2024 to 2026, while the home appliance sector is experiencing a surge in obsolete products being phased out [7] Recommendations for Improvement - The policy's support scope should be expanded to include more durable consumer goods and services related to the products [8] - A more flexible subsidy approach is recommended to avoid issues with limited availability and ensure that genuine consumers can benefit [9] - Increased support for small and medium-sized businesses is necessary to alleviate their financial burdens and enhance their participation in the trade-in program [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26]. Core Views - The company has experienced accelerated revenue growth and continuous improvement in profitability, with H1 2025 revenue reaching 8.68 billion (+24.4%) and net profit of 0.98 billion (+60.8%) [1][2]. - The introduction of new products, particularly the floor cleaning robots, has significantly boosted sales, leading to a strong performance in both domestic and international markets [2][3]. - The company has successfully optimized its cost structure, resulting in improved gross margins and net profit margins [3]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved revenue of 86.8 billion, a year-on-year increase of 24.4%, and a net profit of 9.8 billion, up 60.8% [1]. - Q2 2025 saw revenue of 48.2 billion, representing a 37.6% increase, with net profit also rising to 5.0 billion (+62.2%) [1]. Product Performance - The company's brand revenue grew by 41.5% to 48.1 billion in H1 2025, with domestic sales increasing by 34.7% and international sales by 51.9% [2]. - The new floor cleaning robots have captured significant market share, with online retail sales increasing by 1593% in H1, accounting for 24.4% of the market [2]. Cost Management and Margins - The gross margin improved by 2.0 percentage points to 49.7% in H1 2025, driven by higher sales of premium products and cost reductions in the supply chain [3]. - The company has optimized its expense ratios, leading to a net profit margin increase of 1.6 percentage points to 10.5% in Q2 2025 [3]. Future Outlook - The company has raised its profit forecasts, expecting net profits of 19.1 billion, 22.9 billion, and 26.4 billion for 2025, 2026, and 2027 respectively, reflecting a year-on-year growth of 137%, 20%, and 15% [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][11] Core Views - The company has achieved unexpected growth in its floor cleaning machines, with continuous improvement in profitability. The company is actively exploring cost reduction opportunities, accelerating product upgrades, and benefiting from domestic subsidy policies. High-end products, represented by floor cleaning robots, are also well-received overseas. The company is expected to build a key industry chain and technological elements for embodied robots through both external investments and internal R&D [3][11]. Financial Performance - In H1 2025, the company reported revenue of 8.676 billion, a year-on-year increase of 24.4%, and a net profit attributable to shareholders of 979 million, up 60.8%. The second quarter of 2025 saw revenue of 4.818 billion, a 37.6% increase year-on-year, and a net profit of 505 million, up 62.2% [11][17]. - The service robot segment grew by 42.8%, while the smart home appliance segment grew by 6.3%. The company’s floor cleaning robots saw a shipment increase of 55.5% [11][17]. - The gross margin for service robots improved by 4.4 percentage points year-on-year, while the gross margin for smart home appliances decreased by 2.9 percentage points due to intense competition [11][17]. Market Dynamics - The company’s domestic and overseas revenue both grew by approximately 24% in H1 2025, with the overseas market, particularly Europe and North America, leading the growth [11][17]. - The company is expected to achieve net profits of 2.151 billion and 2.517 billion in 2025 and 2026, respectively, with corresponding P/E ratios of approximately 24.5x and 20.9x [11][19].

Core Insights - The company, Ecovacs, has experienced a strong rebound in performance driven by its dual-brand strategy, with significant revenue and profit growth in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, Ecovacs achieved total revenue of 8.676 billion yuan, representing a year-on-year increase of 24.37% [2]. - The net profit attributable to shareholders reached 979 million yuan, up 60.84% year-on-year [1][2]. - The company's cash flow from operating activities surged by 487.7%, amounting to 1.456 billion yuan [2]. Brand Performance - The two main brands, Ecovacs and Tineco, contributed significantly to revenue, with combined sales of 8.466 billion yuan, accounting for 97.58% of total revenue [2]. - Ecovacs brand service robots generated 4.805 billion yuan in revenue, while Tineco brand smart home appliances contributed 3.661 billion yuan [2]. Product Highlights - The floor cleaning robot emerged as a key highlight, with its revenue share nearing 60% within the Ecovacs brand and a domestic online market share of 73.1% [3]. - In the first half of 2025, global shipments of Ecovacs brand service robots reached 1.876 million units, a 55.5% increase year-on-year [3]. - Tineco brand floor cleaning machines saw global shipments of 1.974 million units, up 17.5% year-on-year [3]. Cost Management and Efficiency - The company implemented cost reduction measures, resulting in a 2.0 percentage point increase in overall gross margin [3]. - The gross margin for the Ecovacs brand improved by 5.3 percentage points due to effective cost structure optimization [3]. International Expansion - Ecovacs has actively expanded its overseas market presence, with international revenue accounting for 40.8% of total revenue in the first half of 2025 [4]. - The brand's overseas revenue grew by 66.6% in the second quarter, with significant increases in Europe (89.2%) and the United States (86.5%) [4]. Research and Development - The company has invested heavily in R&D, with cumulative R&D expenses reaching 3.848 billion yuan over the past five and a half years [5]. - As of the reporting period, Ecovacs held 2,545 patents, including 713 invention patents, and is focusing on next-generation service robots as a strategic direction [5]. - New product lines, including window cleaning and lawn mowing robots, have entered a phase of significant growth, with overseas revenue from these categories increasing by 120.6% year-on-year [5].