Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

当地时间2月3日至6日，欧洲视听集成设备与技术展览会（ISE2026）在西班牙巴塞罗那举办。本届展会 以"Push Beyond"为主题，汇聚全球顶尖视听企业与专业买家，共同探索技术突破与跨界融合的行业新 方向。 展会上，光峰专显两款最新4K工程投影产品S Smart与S Pro联袂亮相，以沉浸式现场演示直观展现技术 实力。其中，S Smart依托算法实时生成画面并完成精准适配，将内容清晰投射于现场钟楼建筑模型， 打造出高品质的3D Mapping投影秀。 据悉，该技术可快速生成贴合任意投影载体形态的图像内容，大幅简化复杂的后期制作流程，实现"即 生成、即投射、即应用"的高效落地，为文旅演艺、展览展示、地标光影秀等多元场景，提供更具实操 性的解决方案。 光峰专显连续第三年亮相这一国际盛会，携多系列激光显示产品及前沿技术方案精彩亮相。本次参展通 过动态演示与静态陈列相结合的方式，全方位呈现产品矩阵的多元适配能力与技术创新实力，在全球行 业舞台上展现中国显示科技的发展成果与创新活力。 新品领衔动态展演，赋能场景高效落地 S Pro系列则在现场点亮200寸超大高清画面，依托ALPD 5.0超级全色激光技术，充分展示 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日前，由深圳市总工会主办，南山区总工会与深圳市职工发展基金会承办，光峰科技提供支持的深圳工 会公益答谢交流会暨数字公益强基计划活动，在光峰科技总部大厦成功举办。 活动当天，光峰科技总部大厦内外洋溢着浓厚的公益氛围。活动现场设有主会场和50 个户外公益市集 摊位。主会场内，各级工会代表、公益机构及爱心企业代表齐聚一堂，共同发布"工益节"成果报告，并 就职工关怀、社区服务、数字公益等议题分享实践经验。现场还举行了捐赠答谢仪式，对过去一年为深 圳公益事业作出贡献的单位进行了表彰。 户外公益市集则成为连接工会、企业与市民的活力平台。市集面向公众开放，汇集各类公益展示、互动 体验与惠民服务，旨在提升市民的公益参与意识与获得感。 新浪声明：新浪网登载此文出于传递更多信息之目的，并不意味着赞同其观点或证实其描述。文章内容 仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日前，由深圳市总工会主办，南山区总工会与深圳市职工发展基金会承办，光峰科技提供支持的深 ...

截至9月30日，光峰科技股东户数1.62万，较上期减少3.68%；人均流通股28344股，较上期增加3.83%。 2025年1月-9月，光峰科技实现营业收入13.53亿元，同比减少21.31%；归母净利润-1.36亿元，同比减少 415.70%。 分红方面，光峰科技A股上市后累计派现1.74亿元。近三年，累计派现6814.09万元。 2月2日，光峰科技跌3.18%，成交额1.30亿元。两融数据显示，当日光峰科技获融资买入额1217.88万 元，融资偿还1392.72万元，融资净买入-174.84万元。截至2月2日，光峰科技融资融券余额合计4.51亿 元。 融资方面，光峰科技当日融资买入1217.88万元。当前融资余额4.50亿元，占流通市值的5.86%，融资余 额低于近一年50%分位水平，处于较低位。 融券方面，光峰科技2月2日融券偿还200.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量3.50万股，融券余额58.56万元，低于近一年20%分位水平，处于低位。 资料显示，深圳光峰科技股份有限公司位于广东省深圳市南山区西丽街道西丽社区仙洞路8号光峰科技 总部大厦4层-7层、290 ...

Core Viewpoint - The company, Guangfeng Technology, anticipates a revenue of approximately 1.709 billion yuan for the year 2025, but expects a net loss of around 263 million yuan due to strategic adjustments and operational challenges [1] Group 1: Financial Performance - For 2025, Guangfeng Technology projects a revenue of about 1.709 billion yuan [1] - The company expects a net profit attributable to shareholders of approximately -263 million yuan for the same year [1] Group 2: Business Development - The cinema industry is recovering with several blockbuster films set to release in 2025, which will support Guangfeng Technology's cinema business and provide stable cash flow [1] - The company has made significant breakthroughs in its AR light machine business, which is expected to drive long-term growth [1][2] Group 3: Technological Advancements - Guangfeng Technology has achieved key breakthroughs in upstream core components, establishing a comprehensive industrial chain layout from foundational technology to core components and terminal applications [1] - The company has successfully upgraded its AR light machine from the Dragonfly G1 to the Dragonfly C1 within four months, marking a significant technological advancement [2] - The Dragonfly C1, as the first "one-to-two" architecture full-color AR light machine, addresses major industry pain points such as high cost, heavy weight, and short battery life [2] Group 4: Market Expansion - Guangfeng Technology is actively expanding its domestic and international customer base, focusing on scaling its AR light machine business [2] - The company aims to drive the AI glasses industry into a new phase of mass production, targeting millions of units [2] Group 5: Industry Influence - Guangfeng Technology has joined the global AR industry "innovation engine," AR Alliance, becoming a core member of the Laser Display for AR (LDAR) subcommittee [3] - The company's innovation center manager has been appointed as a co-leader of the system architecture group within the alliance, indicating its rising influence in global AR technology decision-making [3] Group 6: Future Outlook - The global AR industry is at a critical turning point from technological exploration to large-scale application, and Guangfeng Technology is well-positioned to seize opportunities with its advanced technology and product matrix [4] - The company has also made breakthroughs in visible light underwater laser radar, entering a collaborative development phase with leading robotic laser radar solution providers, which may open new growth avenues [4]

Core Viewpoint - Guangfeng Technology Co., Ltd. anticipates a revenue of approximately 1.709 billion yuan for the year 2025, driven by the recovery of the cinema industry and the growth of its AR light machine business [1][2] Group 1: Financial Performance - The company projects a revenue of around 1.709 billion yuan for 2025, indicating a positive outlook for its financial performance [1] - The cinema business is expected to contribute stable cash flow, supporting the company's strategic transformation and innovation [1] Group 2: Technological Advancements - Guangfeng Technology has made significant breakthroughs in upstream core components, establishing a comprehensive industrial chain layout from underlying technology to core components and terminal applications [1] - The company has successfully upgraded its AR light machine from the Dragonfly G1 to the Dragonfly C1 within four months, marking a period of technological explosion [1] Group 3: Market Expansion - The company is actively expanding its domestic and international customer base, aiming to scale up the AR light machine business [2] - With the gradual release of mass production capabilities, Guangfeng Technology is poised to drive the AI glasses industry into a new phase of mass production [2] Group 4: Industry Positioning - Guangfeng Technology has joined the global AR industry's "innovation engine," ARAlliance, becoming a core member of the Laser Display for AR (LDAR) subcommittee [2] - The company is positioned to lead core work in the alliance alongside representatives from major tech firms like Meta, enhancing its influence in the AR sector [2] - As the global AR industry transitions from technological exploration to large-scale application, Guangfeng Technology is well-positioned to seize industry development opportunities [2]

智通财经APP讯，1月30日，半导体激光光源领先企业光峰科技(688007.SH)发布2025年度业绩预告表示，预计 2025年度实现营收为17.09亿元左右。 2025年，现象级大片上映，影院行业热度持续回暖。光峰科技凭借在半导体激光技术领域的深厚积淀，影院业 务保持稳健发展态势，为公司贡献稳定现金流，成为战略转型与创新业务研发的坚实后盾。与此同时，公司创 新业务尤其是AR光机业务实现跨越式突破，成为驱动公司长期发展的核心引擎。 依托在半导体化合物材料体系、光学技术领域多年的技术积累与应用探索，光峰科技实现上游核心器件的关键 性突破，成功搭建起"底层技术-核心器件-终端应用"的全产业链布局，为AR光机等创新业务的快速落地奠定了 坚实基础。 迈入技术爆发期，蜻蜓C1领跑赛道 当前，AI眼镜市场加速分化，基于单绿显示的AI眼镜进入差异化天花板，面对AI眼镜行业从单色显示向全彩显 示升级的关键趋势，光峰科技精准把握技术风口，在AR光机领域展现出强劲的研发实力与产品迭代速度。 2025年9月至2026年1月的短短四个月内，公司完成了从蜻蜓G1到蜻蜓C1的跨越式升级，正式迈入技术爆发 期。这种跨越式进步，离不开企业多 ...

深圳光峰科技股份有限公司 2025 年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 证券代码：688007 证券简称：光峰科技 公告编号：2026-001 当前，公司经营正处于战略调整期，C 端、车载等细分领域竞争激烈，毛 利率在短期内有所下降，对净利润造成一定影响。同时，报告期内美国仲裁案 件裁决确认营业外支出以及参股公司股权价值变动等非经常性事项，对公司 1 （二）业绩预告情况 1、经财务部门初步测算，深圳光峰科技股份有限公司（以下简称"公 司"）预计 2025 年度实现营业收入为 17.09 亿元左右。 2、公司预计 2025 年度实现归属于母公司所有者的净利润为-2.63 亿元左 右，与上年同期相比将减少 2.91 亿元左右。 3、公司预计 2025 年度实现归属于母公司所有者的扣除非经常性损益的净 利润为-1.29 亿元左右，与上年同期相比将减少 1.61 亿元左右。 （三）本期业绩预告未经注 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月30日，半导体激光光源领先企业光峰科技（688007.SH）发布2025年度业绩预告表示，预计2025年 度实现营收为17.09亿元左右。 2025年，现象级大片上映，影院行业热度持续回暖。光峰科技凭借在半导体激光技术领域的深厚积淀， 影院业务保持稳健发展态势，为公司贡献稳定现金流，成为战略转型与创新业务研发的坚实后盾。与此 同时，公司创新业务尤其是AR光机业务实现跨越式突破，成为驱动公司长期发展的核心引擎。 在市场拓展方面，目前，公司努力拓展国内外主流生态及垂直类大客户，全力推进AR光机业务的规模 化落地。随着量产能力的逐步释放，公司有望推动整个AI眼镜行业进入千万级量产新阶段。 行业影响攀新高，携手全球巨头定义技术标准 技术领跑的同时，光峰科技的行业影响力持续攀升。公司正式加入全球AR产业"创新引擎"——AR Alliance，成为Laser Display for AR（LDAR）分会核心成员。更具里程碑意义的是，光峰科技创新中心 总经理陈孟浩与科技巨头Meta委派代表共同出任联盟System architecture（系统架 ...

格隆汇1月30日｜今日，光峰科技（688007.SH）披露2025年度业绩预告，预计全年营收约17.09亿元。 具体业务层面，2025年影院市场回暖，公司影院业务稳健运营，为战略转型与创新研发提供稳定现金 流。 公司AR光机业务加速突破，研发与产品迭代能力突出。2025年9月至2026年1月，光峰科技完成从蜻蜓 G1至蜻蜓C1的产品升级，成功迈入技术爆发期。蜻蜓C1作为业内首款 "一拖二" 架构全彩AR光机，奠 定了公司在该领域的技术领先地位。 ...