Core Insights - The article highlights how Skyworth Group achieved a remarkable mid-year performance with a revenue of 36.264 billion yuan, representing a year-on-year growth of 20.3%, positioning itself as a model for growth in the manufacturing sector amidst a challenging market environment [2][3]. Revenue Breakdown - The company's revenue is segmented, with 13.801 billion yuan coming from its new energy business, which saw an impressive growth rate of nearly 54% despite the overall photovoltaic industry facing challenges due to falling silicon prices [5]. - The home appliance segment generated 17 billion yuan, transitioning from hardware sales to a comprehensive ecosystem that includes data operations and value-added services [7]. Innovation and R&D - Skyworth invested 1 billion yuan in R&D during the first half of 2025, focusing on AI algorithms, energy storage, and vehicle display technologies, which is only 2.8% of its revenue but is crucial for future growth [13]. - The company has digitized its entire process from demand insight to after-sales service, transforming R&D into a central hub that connects its new energy, home appliance, and automotive display businesses [13]. Future Outlook - The company has successfully transitioned from a traditional home appliance manufacturer to a green energy operator and AI terminal platform, leveraging new energy to create significant growth opportunities and using global expansion to mitigate market fluctuations [15]. - The narrative for the next decade will focus on maximizing the value of green energy, appliances, and data within a global digital-energy cycle, marking a shift in the company's strategic direction [16].

2025Q2 公司毛利率同比+1.41pct，我们预计主要得益于内销结构升级，外销降本增效也有一定贡献； 2025Q2 公司销售、管理、研发、财务费用率分别同比+0.91/+0.12/+0.05/-0.12pct，其中销售费用率增加 或由于产品营销与渠道拓展投放加大，财务费用率变动主要受到汇率波动影响，同时公司汇率对冲相关 损益已计入投资收益与公允价值变动损益，期内外汇对盈利端影响偏中性。综上，毛销差改善，叠加期 内公司有效所得税率同比下滑，公司当季归母净利率同比+0.7pct至3.6%，扣非净利率同比+0.5pct 至 2.6%，盈利能力稳步修复带动业绩快速增长。 拾阶而上，维持公司"买入"评级 期内公司内销结构升级显著，外销因库存因素小幅承压，总体营收稳健增长，且公司积极推广 MiniLED、大屏等高端产品，带动毛销差提升，盈利能力改善，内销成效更为显著。后续来看，随着库 存充分调整以及新品有序上市，公司美国业务改善确定性高，以东盟、拉美、中东非为代表的新兴市场 增量持续显著，内销或凭借大屏化、降本增效等举措延续营收增长、改善盈利能力；同时考虑到集团组 织变革深化，我们看好海信视像盈利中枢稳步提升。我们预 ...

上市公司2023年业绩预告陆续披露。同花顺iFinD数据显示，截至1月10日记者发稿，A股共有148家上 市公司披露2023年业绩预告。按行业划分，有16家为消费电子类上市公司，包含新型显示厂商、结构件 厂商、终端设备厂商等，除1家业绩预减、2家不确定外，其余13家均预喜。 在经过较长一段时间的低迷期后，消费电子产业在去年下半年已有回暖势头，智能手机、电脑出货量降 幅开始收窄，而从2023年三季报看，部分消费电子上市公司的业绩也开始改善。展望2024年，消费电子 产业是否会持续回暖引发关注。 天风国际证券分析师郭明錤发文称，主要安卓手机品牌自去年第三季度开始的库存回补，预计将于2024 年1月份结束。从出货预估与订单能见度的变化来看，安卓手机需求改善可能低于市场预期。郭明錤表 示："目前非中国市场的中低阶手机出货预估已开始向下修正，'砍单'幅度普遍在双位数以上。" 群智咨询总经理李亚琴对《证券日报》记者表示："无论是产品终端还是半导体显示环节，2024年均将 呈现温和向好趋势，但可能并不十分强劲。消费电子所面向的终端需求、用户群消费信心和购买力在今 年仍将处于疲软状态。不过从大趋势看，AI对消费电子产业的拉动 ...

Group 1: Market Overview - The home appliance market is expected to show resilient growth in the first half of 2025, driven by the trade-in policy, although significant differentiation among industry players is evident [1][2] - The color TV market is experiencing a steady recovery, with both volume and revenue growth in the first half of 2025 [2] Group 2: Company Performance - Sichuan Changhong's net profit, excluding non-recurring gains, is expected to decline year-on-year, while the company anticipates a net profit of 4.39 billion to 5.71 billion yuan, an increase of 56.53% to 103.59% due to significant non-recurring gains [2][3] - Skyworth Group expects a nearly 50% decline in after-tax net profit, primarily due to the ongoing downturn in the real estate market and sluggish sales [3] - Konka Group forecasts a narrowed loss, with a net profit ranging from -500 million to -360 million yuan, despite a year-on-year increase of 54.03% to 66.90% in net profit [3] Group 3: Sector-Specific Insights - The kitchen appliance sector is heavily impacted by the real estate market and export policies, with Supor experiencing revenue growth without profit increase, and major players like Liren Technology and Shuaifeng Electric facing significant profit declines [1][5] - TCL Technology expects revenue between 82.6 billion to 90.6 billion yuan, with a net profit of 1.8 billion to 2 billion yuan, driven by strong growth in its semiconductor display business [2] - The air conditioning, refrigerator, and washing machine markets are undergoing deep adjustments, with Hisense Home Appliances reporting a slight revenue increase of 1.44% to 49.34 billion yuan and a net profit increase of 3.01% [5][6] Group 4: Emerging Trends - XGIMI Technology anticipates a revenue of 1.626 billion yuan, a year-on-year increase of 1.63%, and a net profit of 88.66 million yuan, reflecting a significant growth of 2062.33% [4] - The small appliance sector remains sluggish, with Supor's revenue increasing by 4.68% to 11.478 billion yuan, but net profit declining slightly by 0.07% [6][7] - Companies like Beiding and Aishida are showing signs of recovery, with Beiding's revenue growing by 34.05% to 430 million yuan and net profit increasing by 74.92% [7]

Core Viewpoint - The home appliance sector is expected to underperform the CSI 300 index in the first half of 2025 due to tariff increases, fluctuations in the trade-in policy, and high base expectations for the second half of the year [1][2]. Group 1: Home Appliance Sector Overview - As of June 13, 2025, the home appliance sector has seen a year-to-date decline of 3.16%, underperforming the CSI 300 index by 1.37 percentage points [2]. - Key stocks showing positive performance include motorcycle and black appliance companies, such as Taotao Industry, Chunfeng Power, Ninebot, TCL Electronics, and others [2]. Group 2: White Appliance Sector - Demand differentiation between peak and off-peak seasons has increased, with a rapid recovery in Q2 2025 [3]. - China's dominance in global white appliance production remains intact, with short-term external shocks unlikely to alter long-term export growth trends [3]. - Adjustments in local subsidy policies aim to address previous imbalances and funding issues, with limited impact on annual sales expected [3]. - Emerging markets are showing stable economic growth, providing continuous incremental market opportunities for white appliance exports [3]. Group 3: Black Appliance Sector - Domestic and international demand remains robust, with significant structural upgrades towards large-size and MiniLED products [4]. - National subsidies are expected to continue driving domestic demand growth, with rapid increases in MiniLED penetration [4]. - Companies like Hisense and TCL are enhancing their overseas production capabilities, leading to expected growth in shipments and increased market share in the high-end segment [4]. Group 4: Cleaning Appliance Sector - The cleaning appliance category, particularly robotic vacuum cleaners, is benefiting significantly from national subsidies, with high growth expected in 2025 [5]. - The overseas market remains in a favorable cycle, with leading companies expanding their market share [5]. - The shift in consumer perception from optional to essential for cleaning appliances indicates substantial long-term growth potential in the domestic market [5]. Group 5: Investment Opportunities - Investment opportunities in 2025 are primarily focused on the stability of the white appliance industry and the profit improvement potential in black appliances and robotic vacuum cleaners [6].