2025 年 11 月 22 日 尔机器人与 INDEMIND i 合作,比依股份定增获批 -《2025/11/17-2025/11/21》家电周报 本期投资提示: 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 本周家电板块跑赢沪深 300 指数。本周申万家用电器板块指数下跌 2.3%，同期沪深 ● 300 指数下跌 3.8%，家电板块指数跑赢沪深 300。重点公司方面，奥普科技（6.7%)、 浙江美大 (2.7%)、苏泊尔 (1.5%) 领涨;九阳股份 (-15.6%)、倍轻松 (-9.3%)、比 依股份（-9.2%）领跌。 行业动态：1）海尔机器人与 INDEMIND 达成战略合作。11 月 19 日，海尔机器人与 ● 北京盈迪曼德科技有限公司（INDEMIND）在北京正式签署战略合作协议，共同推动 具身机器人在家庭场景的落地与应用。在具体合作上，INDEMIND 将作为海尔 ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting that the sector outperformed the CSI 300 index during the week [2][3]. Core Insights - The home appliance sector index fell by 2.3%, while the CSI 300 index dropped by 3.8%, indicating a relative strength in the sector [2][3]. - Key companies such as Aopu Technology, Zhejiang Meida, and Supor showed gains, while companies like Joyoung, Beiqi, and Biyi experienced significant declines [4]. - Haier Robotics and INDEMIND signed a strategic cooperation agreement to advance the application of embodied robots in home settings [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance [9]. Sales Data - In October, sales of cleaning appliances increased year-on-year, with robotic vacuum sales rising by 36.01% to 500,900 units and sales revenue increasing by 35.34% to 1.025 billion yuan [29]. - Sales of washing machines also saw a significant increase, with units sold rising by 60.11% to 429,300 and revenue increasing by 60.34% to 756 million yuan [29]. - Personal care products showed mixed results, with hairdryer sales slightly up by 0.31% but revenue down by 18.17%, while electric shaver sales rose by 29.12% with revenue up by 38.05% [34]. Industry Dynamics - The report identifies three main investment themes: 1. The potential of leading white and black appliance companies characterized by low valuations, high dividends, and stable growth [2]. 2. Upstream core component manufacturers are diversifying into emerging tech fields such as robotics and data center cooling [2]. 3. The increasing penetration of new consumer categories like cleaning appliances presents significant growth opportunities [2]. Macro Economic Environment - As of November 21, 2025, the USD to CNY exchange rate was reported at 7.0875, reflecting a year-to-date decrease of 1.40% [40]. - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year increase of 2.90% [42].

1891年，杰拉德·飞利浦在荷兰小城点起一盏灯，从此照亮半个世纪。它造出欧洲第一颗商用灯泡，推 出全球首款家用录音机，和索尼一起定义CD标准，医疗设备更是医院里的常客。 那时候"Philips"背后，代表的是技术、可靠、工匠精神，是实打实用实验室和工厂堆出来的尊严。 可不知从哪天起，飞利浦开始觉得造东西太累，不如卖牌子轻松。于是，电视卖给冠捷，手机甩给中国 公司，照明业务拆分，半导体独立成NXP，连最经典的剃须刀、电饭煲、空气炸锅，也在2021年打包卖 给了高瓴资本。 从此，飞利浦彻底告别生产线。它不再研发新电机，不再调试电路板，不再为一颗LED灯珠的寿命熬通 宵。它只干一件事：把LOGO印在别人的产品上，坐等收钱。 飞利浦，只剩一个Logo在硬撑 走进商场，拿起一把"飞利浦"剃须刀，包装精致、LOGO闪亮，你可能还觉得这是荷兰原产、欧洲精 工。 可真相是：这玩意儿大概率出自广东某代工厂，飞利浦连螺丝都没碰过，只负责收一笔授权费。 曾经那个点亮世界的灯泡巨人，如今靠"卖名字"活着。百年品牌，除了商标，啥都不剩了。 这不是转型，是缴械；不是升级，是撤退。飞利浦的故事，说白了就是一部"如何亲手埋葬自己"的教科 书 ...

Group 1 - The article highlights the recent IPO counseling registrations of eight companies, including Shenzhen Shengling Electronics, Suzhou Fatidi Technology, Wanli Tire, Qingdao Likchuan Hydraulic, Yue Li Group, Leju Intelligent, Suzhou Langgao Motor Technology, and Shanghai Suiyuan Technology [1][4][8] - Shengling Electronics, established in 2003, focuses on the R&D, production, and sales of connection products, with major clients including 3M and Huawei. The company reported revenues of 340 million yuan in 2023, with a net profit of approximately 67.35 million yuan [4][5][6] - Fatidi Technology, founded in 2014, specializes in semiconductor test interface products and has served over 100 clients, including major companies like Hikvision and Unisoc. The company has undergone seven rounds of financing [8][9] - Wanli Tire, a state-owned enterprise, is the largest producer and exporter of radial tires in South China, with annual revenues of about 7 billion yuan. The company aims to achieve a production value of 10 billion yuan by 2025 [11][12] - Likchuan Hydraulic, established in 2006, is a professional manufacturer of hydraulic drive devices, reporting steady revenue growth with projected revenues of 205 million yuan in 2023 [14][13] - Yue Li Group, founded in 1996, focuses on small household appliances, achieving a total revenue of 2.26 billion yuan in 2022, with a 10% year-on-year growth [16][18] - Leju Intelligent, established in 2016, is a humanoid robot company that has completed nearly 1.5 billion yuan in Pre-IPO financing, with products aimed at various sectors including education and industrial manufacturing [20][23] - Langgao Technology, founded in 2006, specializes in high-performance electric motors, with projected revenues of 385 million yuan in 2023 and a significant growth rate of 259% in 2024 [25][24] - Suiyuan Technology, established in 2018, focuses on AI cloud computing products and has a valuation of 20.5 billion yuan, ranking 395th among global unicorns [28][29] Group 2 - The article emphasizes the strategic importance of these companies in their respective industries, showcasing their growth potential and market positioning [1][11][20] - The involvement of notable investors and partnerships in these companies indicates strong market confidence and potential for future growth [9][23][29] - The overall trend of these companies pursuing IPOs reflects a growing interest in the capital markets and the potential for increased investment in technology and manufacturing sectors in China [1][8][12]

Core Insights - The China Securities Regulatory Commission (CSRC) has recently disclosed that eight companies, including Shenzhen Shengling Electronics Co., Ltd. and Suzhou Fatidi Technology Co., Ltd., have completed IPO counseling filings, indicating a growing interest in the IPO market [1][3]. Company Summaries Shenzhen Shengling Electronics Co., Ltd. - Shengling Electronics, established in March 2003, specializes in the R&D, production, and sales of connection products, with applications in telecommunications, industrial control, and new energy sectors [3]. - The company reported revenues of 230 million yuan, 333 million yuan, 377 million yuan, and 340 million yuan from 2020 to 2023, with net profits of approximately 33 million yuan, 52 million yuan, 71 million yuan, and 67 million yuan during the same period [4]. - The gross profit margins for the years 2020 to 2022 were 38.44%, 39.3%, and 39.69% respectively [5]. Suzhou Fatidi Technology Co., Ltd. - Fatidi, founded in 2014, focuses on designing and manufacturing semiconductor test interface products, serving over 100 clients including major firms like Hikvision and Unisoc [6]. - The company has undergone seven rounds of financing, with notable investors including Changchun Technology [7]. Wanli Tire Co., Ltd. - Wanli Tire, a state-owned enterprise under Guangzhou Industrial Investment Holdings, is the largest producer and exporter of radial tires in South China, with an annual revenue of approximately 7 billion yuan [8][9]. - The company aims to achieve a production value of 10 billion yuan by 2025 and has recently established a factory in Cambodia [9]. Qingdao Likchuan Hydraulic Co., Ltd. - Likchuan, established in December 2006, specializes in hydraulic drive devices and has shown steady revenue growth, with projected revenues of 205 million yuan, 220 million yuan, and 125 million yuan for 2023, 2024, and the first half of 2025 respectively [10][18]. - The company has received multiple honors, including being recognized as a "Little Giant" enterprise by the national government [18]. Yue Li Group Co., Ltd. - Yue Li Group, founded in 1996, is a leading manufacturer in the small household appliance sector, reporting a total revenue of 2.26 billion yuan in 2022, with a 10% year-on-year growth [12][13]. Leju Intelligent (Shenzhen) Co., Ltd. - Leju Intelligent, established in 2016, focuses on humanoid robots and has developed a comprehensive technology stack for its products, including the KUAVO robot, which is capable of jumping and navigating complex terrains [14][16]. - The company has completed nearly 1.5 billion yuan in Pre-IPO financing, with investments from notable firms such as Tencent and Shenchuang Capital [17]. Suzhou Langgao Motor Technology Co., Ltd. - Langgao, founded in 2006, specializes in high-performance electric motors and has a diverse client base including Yutong Group and SANY Group [18]. - The company has reported revenues of 385 million yuan and 768 million yuan for 2023 and 2024, respectively, with a projected growth of 259% in net profit for 2024 [18]. Shanghai Suiruan Technology Co., Ltd. - Suiruan Technology, established in 2018, focuses on AI cloud computing products and has an estimated valuation of 20.5 billion yuan, ranking 395th among global unicorns [20][21]. - The company has undergone 14 rounds of financing since its inception, attracting investments from various firms [21].

Core Insights - The article reports on the quality supervision sampling conducted by the Wenzhou City Market Supervision Administration for gas appliances and electrical products in 2025, revealing that out of 78 batches tested, 2 batches were found to be non-compliant [3][4]. Group 1: Quality Supervision Results - A total of 78 batches of gas appliances and electrical products were sampled in Wenzhou City [3]. - Out of these, 2 batches were identified as non-compliant [3]. - The sampling was part of the quality supervision efforts for the year 2025 [3]. Group 2: Non-compliance Details - Specific products that failed the quality checks include various types of switches and electrical appliances, with details on the manufacturers and production dates provided [4][5][6]. - The non-compliance issues were noted across multiple product categories, including gas stoves, electrical fans, and gas regulators [6].

沪深两市 辅导备案登记受理 10月28日-11月3日，有7家公司境内（沪深两市）发行上市辅导备案登记获受理。 | 数据来源：公开信息；图表制作： | | --- | 洞察IPO 深圳盛凌电子股份有限公司 10月28日，深圳盛凌电子股份有限公司（简称：盛凌电子）向深圳证监局提交了上市辅导备案报告，辅导机构为兴业证券。 盛凌电子是一家从事连接产品研发、生产和销售的国家级高新技术企业，产品主要包括连接器、连接器组件等。公司的连接产品广泛应用于通讯、工业控制 和新能源等领域，主要客户/终端客户包括3M、华为、立讯精密、汇川技术、泰科电子、新华三、阳光电源、诺基亚、超聚变、迈瑞医疗、时代电气、中兴 通讯等国内外知名厂商。 盛凌电子的控股股东为深圳市盛凌实业有限公司，持股比例为59.82%。此外，实际控制人蒋志坚直接持股24.40%，深圳福泉盛凌投资合伙企业（有限合 伙）直接持股4.80%。 盛凌电子曾于2023年5月向深圳证券交易所提交了公司首次公开发行股票并在创业板上市的申请材料，后于2024年6月IPO终止。 苏州法特迪科技股份有限公司 10月28日，苏州法特迪科技股份有限公司（简称：法特迪）向江苏证监局提交了上市 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, indicating increased competition in the personal care small appliance market, particularly in traditional segments like shavers and hair dryers [1][2]. Financial Performance - For Q3 2025, the company achieved revenue of 30.40 billion yuan, down 8.5% year-over-year (YoY), and a net profit attributable to shareholders of 4.6 billion yuan, down 1.61% YoY [1]. - Adjusted figures for Q3 2025 show revenue of 9.24 billion yuan, down 7.75% YoY, and a net profit of 1.4 billion yuan, down 8.76% YoY [1]. Market Competition - The personal care small appliance market is facing intensified competition, particularly in shavers and hair dryers, leading to revenue pressure for the company [2]. - Online sales data for Q3 2025 indicates that the domestic market for shavers and hair dryers saw growth, but the company's sales in these categories declined significantly [2]. Gross Margin Analysis - The overall gross margin for the company was 57.1%, an increase of 1.1 percentage points YoY, but the adjusted gross margin for Q3 2025 was 56.1%, a decrease of 0.8 percentage points YoY [2]. - The decline in gross margin is attributed to increased industry competition and revenue decline [2]. Cost Structure and R&D Investment - The company optimized its cost structure, resulting in a net profit margin of 15.0% for Q1-3 2025, up 1.0 percentage points YoY, while the adjusted net profit margin for Q3 2025 was 14.7%, down 0.2 percentage points YoY [3]. - The company has increased its R&D investment to enhance product innovation and technology upgrades to address future competition [3]. Investment Outlook - As a leading player in the domestic personal care small appliance market, the company has shown significant progress in channel transformation and product innovation [4]. - Despite recent weak monitoring data and ongoing industry competition, the company is expected to maintain growth, with projected EPS for 2025, 2026, and 2027 at 1.37, 1.57, and 1.77 yuan, respectively [4]. - The target price has been adjusted to 38.0 yuan, maintaining a "recommended" rating based on DCF valuation [4].

Core Viewpoint - Feike Electric is a leading brand in the domestic personal care appliance market, known for high quality and innovative design, with significant market share in electric shavers and hair dryers [1] Group 1: Business Performance - In Q3 2025, Feike Electric achieved a revenue of 3.04 billion yuan, ranking first in the industry, significantly surpassing the second-place Rainbow Group's 663 million yuan, with the industry average at 1.11 billion yuan and the median at 607 million yuan [2] - The main business composition includes electric shavers generating 1.418 billion yuan, accounting for 67.04%, and hair dryers contributing 397 million yuan, making up 18.75% [2] - The net profit for the same period was 457 million yuan, also ranking first in the industry, far exceeding Rainbow Group's 46.9759 million yuan, with the industry average at 110 million yuan and the median at 25.1615 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Feike Electric's debt-to-asset ratio was 16.02%, down from 28.12% year-on-year and below the industry average of 31.48%, indicating strong solvency [3] - The gross profit margin for the same period was 57.09%, up from 56.00% year-on-year and higher than the industry average of 49.58%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.52% to 12,100, while the average number of circulating A-shares held per shareholder decreased by 0.51% to 36,100 [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and Guofu Potential Combination Mixed A, while Guangfa Pension Index A entered the list as a new shareholder [5] Group 4: Management Compensation - The chairman, Li Gaiteng, received a salary of 3.612 million yuan in 2024, an increase of 672,000 yuan from 2.94 million yuan in 2023, reflecting his extensive industry experience since founding the company in 2006 [4] Group 5: Market Outlook - Analysts from Huatai Securities noted that Feike Electric's Q3 2025 revenue and profit faced slight pressure due to intensified industry competition, with expectations for net profits in 2025-2027 adjusted to 615 million, 707 million, and 840 million yuan respectively [5][6] - Shenwan Hongyuan highlighted that the company's performance met expectations, with ongoing brand structure adjustments and a focus on enhancing its mid-to-high-end image while optimizing cost-performance for the Borui brand [6]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 40.50 [6]. Core Views - The company's revenue and profit were slightly under pressure in Q3 2025 due to intensified industry competition, with Q3 revenue at RMB 9.24 billion, down 7.8% year-on-year and 3.5% quarter-on-quarter. The net profit attributable to the parent company was RMB 1.36 billion, down 8.8% year-on-year and 2.9% quarter-on-quarter, resulting in a net profit margin of 14.72% [1][6]. - Despite the current challenges, the report anticipates a potential operational turning point as the Broi brand's product layout improves and channel structure adjustments are implemented, leading to expected profit elasticity [1][2]. Summary by Sections Q3 Performance - In Q3 2025, the company reported revenue of RMB 9.24 billion, a decrease of 7.8% year-on-year and 3.5% quarter-on-quarter. The net profit attributable to the parent company was RMB 1.36 billion, down 8.8% year-on-year and 2.9% quarter-on-quarter, with a net profit margin of 14.72% [1][3]. - For the first three quarters, the company achieved revenue of RMB 30.40 billion, down 8.5% year-on-year, and a net profit of RMB 4.57 billion, down 1.6% year-on-year, with a net profit margin of 15.04%, up 1.0 percentage points year-on-year [1]. Product Performance - The Broi brand showed strong sales growth, particularly in the hair dryer segment, with a year-on-year increase of 143.3%. However, the main brand, Feike, faced sales pressure due to its higher-end positioning amid increased competition [2]. - The report highlights that the electric toothbrush segment saw a significant decline in sales, down 57.0% year-on-year, indicating ongoing challenges in new product expansions [2]. Profitability and Cost Structure - The overall gross margin for Q3 2025 was 56.1%, a slight decrease of 0.8 percentage points year-on-year, attributed to revenue decline and intensified competition. The total expense ratio was 40.4%, down 2.6 percentage points year-on-year, with sales expenses benefiting from strategic adjustments [3]. - The report notes that the net profit margin for Q3 2025 was 14.7%, reflecting a year-on-year decrease of 0.2 percentage points [3]. Profit Forecast and Valuation - The profit forecast for the company has been slightly adjusted downward, with expected net profits for 2025, 2026, and 2027 at RMB 6.15 billion, RMB 7.07 billion, and RMB 8.40 billion, respectively. The corresponding EPS is projected to be RMB 1.41, RMB 1.62, and RMB 1.93 [4]. - The report assigns a target PE of 25 times for 2026, resulting in a target price of RMB 40.50, slightly down from the previous target of RMB 41.04 [4].