证券研究报告 2025 年 12 月 1 日 湘财证券研究所 行业研究 家电行业周报 估值洼地，龙头业绩确定性强 相关研究： 核心要点： ❑ 板块持续跑输大盘，在市场风格切换时有望受益 行业评级：增持（首次覆盖） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.5% 12.8% 5.0% 绝对收益 -3.5% 18.0% 14.7% 注：相对收益与沪深 300 相比 分析师：张弛 证书编号：S0500525110001 Tel：17621838100 Email：zc08241@xcsc.com 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 年初至今家电行业涨幅较低，仅为+7.82%，在 31 个申万一级行业中仅仅 排名第 21 名，未能跑赢同期沪深 300 指数（+15.04%）。板块内部来看， 年初以来的主要上涨来自家电零部件子行业，空调（+0.15%）、冰洗（-3.98%） 等子行业基本停滞不前。而板块内部部分龙头公司市场份额稳步提升，现 ...

Core Viewpoint - The implementation of the "Private Economy Promotion Law" in May 2023 is facilitating the transformation of private enterprises in Ningbo through capital market engagement, enhancing their innovation, industrial upgrades, and global expansion efforts [1] Group 1: Capital Market Support - Ningbo's local securities firms are building a comprehensive service system to assist private enterprises in accessing capital markets, with 19 projects completed since 2020, raising a total of 14.362 billion yuan [2] - Fujia Co., Ltd. has transformed from a single ODM manufacturer to a global enterprise with an annual output value of nearly 3 billion yuan, supported by its "one body, two wings" strategic layout focusing on clean small appliances, energy storage, and robotics [2] - Fujia's revenue before going public was approximately 1 billion yuan, with over 90% of sales coming from its largest customer [2] Group 2: Financial Stability and Governance - By the end of 2024, Fujia's four fundraising projects will be completed, with surplus funds of 85.2974 million yuan permanently added to its working capital, providing solid financial support for sustainable development [3] - The listing process has led to improved management focus on performance enhancement and shareholder value maximization, resulting in better corporate governance and transparency [3] Group 3: Technological Advancement - The capital market acts as a catalyst for technological iteration, as demonstrated by Deyue Co., Ltd., which recognized the need to expand production capacity in response to the booming photovoltaic industry [4] - Deyue's fundraising project, initiated in 2022, raised 1.992 billion yuan for inverter production line construction and working capital, with the funds fully in place by June 2024 [4] Group 4: Mergers and Acquisitions - The China Securities Regulatory Commission's recent guidelines aim to enhance the role of capital markets in mergers and acquisitions, with several Ningbo-based companies actively engaging in this trend [5] - Ningbo Jingda's acquisition of Wuxi Weiyan for 360 million yuan exemplifies innovative use of merger tools, combining share issuance and cash payments to optimize cash flow and maintain control [6] - The acquisition project is seen as a positive exploration of how state-owned enterprises can empower listed companies through capital operations, enhancing financing efficiency and supporting core business development [7] Group 5: Future Directions - The path for capital market empowerment of private enterprises is becoming clearer, with suggestions for dual empowerment through "capital + technology" and the establishment of an overseas investment policy information hub for private enterprises [7]