行 业 及 产 业 家用电器 看好 ——家电行业 2025 年报业绩前瞻 证 券 研 究 报 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 2026 年 02 月 10 日 以旧换新催化延续，海外产能陆续 达产出口链盈利改善 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 本期投资提示： 行 业 研 究 / 行 业 深 度 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 告 相关研究 - ⚫ 25 年 1-12 月白电外销表现分化，地产+以旧换新政策催化 26 年将延续。根据产业在线数据显 示，2025 年 1-12 月空调行业实现累计产量 19537 万台，同比下降 3%；2025 年 1-12 月空调行业 实现销量 19839 万台，同比下降 1%，其中内销量同比增长 1%。冰箱 2025 年 1-12 月内销量同 ...

在此背景下，极米行业显示作为技术支持方，与成都市美术馆达成合作，共同呈现本届艺术盛宴。这不 仅是科技与艺术的一次深度对话，亦是中国创新力量赋能城市文化建设的全新尝试。 资料显示，极米科技是国内唯一具备端到端自主研发与生产能力的、专注智能显示技术的品牌。在从成 都走向全球的路程中，极米科技始终将核心研发与创新力量深深植根于这片土地。极米科技相关负责人 表示，技术不应只是工具，更是艺术表达的延伸与同行者。 据介绍，此次合作是极米行业显示深入文化艺术领域的重要里程碑。未来，极米科技将持续以"重塑数 字光影"为使命，与更多的创作者和机构同行，共同探索与描摹那些未被定义的"未至之境"，让科技的 理性之光，持续照亮人文艺术的感性之美。 本报讯 （记者舒娅疆）2月9日，记者从极米科技股份有限公司（以下简称"极米科技"）获悉，该公司 旗下的极米行业显示在近期与成都市美术馆正式达成合作。双方就科技与艺术深度交融为愿景，探索未 来展览的新形态，共同呈现"烟火指数·成都双年展"。这不仅是科技与艺术的一次深度对话，亦是国货 科技创新力量赋能城市文化建设的生动实践。 成都双年展是由成都市文化广电旅游局指导、成都市美术馆主办的城市级艺术 ...

Core Viewpoint - The company, XGIMI Technology, has shown significant growth in its overseas revenue and product downloads, indicating a strong market presence in the smart projection industry [2][6]. Group 1: Company Performance - As of October 31, 2024, XGIMI's game platform, Xigua Game, has achieved over 11 million downloads globally [2]. - In the 2022 annual report, the company reported overseas revenue of RMB 790 million, a year-on-year increase of 82.04%, with sales primarily in Europe, Japan, and the United States [2]. - For the period from January to September 2025, XGIMI achieved operating revenue of RMB 2.327 billion, a year-on-year growth of 1.99%, and a net profit attributable to shareholders of RMB 79.65 million, a significant increase of 297.49% [6][7]. Group 2: Business Model and Product Offering - XGIMI focuses on the research, production, and sales of smart projection products, offering accessories and internet value-added services related to smart projection [2][6]. - The main revenue sources for the company include projectors and accessories (91.45%), other supplementary products (4.90%), and internet operations (3.66%) [6]. Group 3: Shareholder and Market Information - As of September 30, 2025, the number of shareholders in XGIMI increased by 34.55% to 8,062, while the average circulating shares per person decreased by 25.68% to 8,682 shares [6]. - The company has distributed a total of RMB 400 million in dividends since its A-share listing, with RMB 170 million distributed over the past three years [8].

Strategy Research - The macroeconomic landscape shows a divergence in performance, with strong demand for technology hardware driven by AI infrastructure investment, while chemical prices remain robust due to supply constraints [2][3] - High-end liquor prices are stabilizing, indicating some recovery in consumer spending, although the sustainability of this trend remains uncertain [3][4] Food and Beverage Research - The company Sobo Protein is expected to maintain rapid profit growth in Q4 2025, with projected net profit for 2025 ranging from 178 to 191 million yuan, reflecting a year-on-year increase of 46.89% to 57.62% [8][36] - The company is focusing on high-end manufacturing and energy optimization, which is expected to enhance profitability [37] Automotive Research - The Robotaxi market in China is projected to reach a value of 50 billion yuan, with hardware cost reductions and software iterations driving demand [11][29] - The commercial viability of Robotaxi is approaching a critical point, with both L2 and L4 participants accelerating market penetration [11][29] Consumer Sector - The price of high-end liquor, such as Moutai, has increased by 3.9% for original and 3.0% for bulk, likely due to pre-holiday gifting demand [4][16] - The real estate market remains weak, with significant declines in transaction volumes across major cities, although policies to stabilize the market are being implemented [4][16] Technology and Manufacturing - The price of DRAM storage has shown signs of stabilization, with a slight decrease in DDR4 prices and a slight increase in DDR5 prices, while overall prices remain high [5][17] - Chemical prices continue to be strong, with PX prices increasing by 5.2% [5][17] Logistics and Transportation - Passenger transport demand remains stable ahead of the holiday season, with a slight increase in logistics demand reflected in highway and rail freight volumes [18] - Shipping rates have shown mixed trends, with domestic port throughput increasing, indicating a potential recovery in export activity [18] Industry Tracking: Machinery - The company Hangzhou Steam Turbine has signed its first commercial contract for a self-developed gas turbine, marking a significant step towards industrial application [19][20] - The company is also advancing its "B to A" strategy to enhance financing channels for high-investment R&D projects [21] Industry Research: Pharmaceuticals - The total market value of publicly held pharmaceutical stocks decreased from 397.7 billion to 316.1 billion yuan, indicating a decline in investor confidence [23][24] - The chemical preparation sector remains the largest segment within pharmaceutical holdings, accounting for 37.5% of total holdings [23] Industry Research: Information Technology - The median profit growth for computer companies is significantly higher than revenue growth, indicating a trend of improving profitability despite stagnant sales [25][26] - A notable number of companies are experiencing significant profit declines, highlighting a polarized performance within the sector [26][28]

证券代码：688696 证券简称：极米科技 公告编号：2026-006 极米科技股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持股情况的公告 一、公司前十名股东持股情况 ■ 注：公司股份全部为无限售条件流通股，因此公司的前十名股东持股情况和前十名无限售条件股东持股 情况一致。 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、准确性和完整性依法承担法律责任。 极米科技股份有限公司（以下简称"公司"）于2026年2月2日召开了第三届董事会第七次会议，审议通过 了《关于以集中竞价交易方式回购公司股份方案的议案》，具体内容详见公司于2026年2月3日刊登于上 海证券交易所网站（http://www.sse.com.cn）的《关于以集中竞价交易方式回购股份的预案暨回购报告 书》（公告编号：2026-003）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，现将公司第三届董事会第七次会议决议公告的前一个交易日（即2026年2月2日）登记在册的前十 名股东和前十名无限售条件股东的名称、持股数量和比例情况 ...

证券之星消息，2月4日黑色家电板块较上一交易日上涨0.12%，海信视像领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。黑色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600060 | 海信视像 | 24.10 | 2.42% | 13.29万 | 3.15 Z | | 688696 | 极米科技 | 92.75 | 1.55% | 1.29万 | 1.19亿 | | 000801 | 四川九洲 | 15.84 | 0.44% | 13.35万 | 2.10亿 | | 000810 | 创维数字 | 11.69 | 0.09% | . 11.16万 | 1.29亿 | | 301578 | 辰奕智能 | 36.09 | 0.00% | 8457.6 | 3053.69万 | | 002429 | 兆驰股份 | 9.64 | -0.62% | 95.11万 | 9.04亿 | | 688609 | 九联科技 | 8 ...

证券代码：688696 证券简称：极米科技 公告编号：2026-006 极米科技股份有限公司 注：公司股份全部为无限售条件流通股，因此公司的前十名股东持股情况和前十名无限售条 件股东持股情况一致。 特此公告。 极米科技股份有限公司董事会 2026 年 2 月 5 日 关于回购股份事项前十名股东和前十名无限售条件股 东持股情况的公告 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、准确性和完整性依法承担法律责任。 极米科技股份有限公司（以下简称"公司"）于 2026 年 2 月 2 日召开了第 三届董事会第七次会议，审议通过了《关于以集中竞价交易方式回购公司股份方 案的议案》，具体内容详见公司于 2026 年 2 月 3 日刊登于上海证券交易所网站 （http://www.sse.com.cn）的《关于以集中竞价交易方式回购股份的预案暨回购 报告书》（公告编号：2026-003）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司第三届董事会第七次会议决议公告的 前一个交易日（即 2026 年 2 ...

来源：新浪证券-红岸工作室 2月4日，极米科技涨1.55%，成交额1.19亿元，换手率1.85%，总市值64.94亿元。 异动分析 手机游戏+跨境电商+智能家居+百度概念+消费电子概念 主力没有控盘，筹码分布非常分散，主力成交额4243.72万，占总成交额的7.48%。 2、2022年报：报告期内，公司实现境外收入人民币7.90亿元 1，同比增长82.04%。报告期内公司产品 主要在欧洲、日本、美国等区域市场销售，同时公司已着手拓展澳大利亚、韩国等新兴市场。除亚马 逊、日本乐天等主流线上渠道外，目前公司产品已经进入包括 Mediamarkt、Saturn、BicCamera、茑屋 家电、友都八喜等在内的海外零售渠道。 3、公司的主营业务是智能投影产品的研发、生产及销售，同时向消费者提供围绕智能投影的配件产品 及互联网增值服务。公司主要产品和服务包括智能微投系列、激光电视系列、创新产品系列。 4、北京百度网讯科技有限公司持有公司9.88%股权。 5、公司主营业务是智能投影产品的研发、生产及销售，同时向消费者提供围绕智能投影的配件产品及 互联网增值服务。 公司专注于智能投影领域， 构建了以整机、 算法及软件系统为 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 153.19 yuan [4][10]. Core Insights - The domestic sales landscape is improving, and there is rapid growth in overseas markets and new business segments [2][10]. - The company reported a revenue of 2.327 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.99%, and a net profit attributable to the parent company of 80 million yuan, indicating a turnaround from losses [10]. - In Q3 2025, the company achieved a revenue of 700 million yuan, a 2.9% increase year-on-year, and a reduced net loss of 9 million yuan compared to the previous year [10]. Financial Summary - Total revenue for 2023 is projected at 3.557 billion yuan, with a decline of 15.8% year-on-year, followed by a slight recovery in 2025 with an expected revenue of 3.644 billion yuan, representing a growth of 7.0% [10][11]. - The net profit attributable to the parent company is expected to decrease to 116 million yuan in 2025, but is projected to rebound significantly to 501 million yuan by 2027, reflecting a growth rate of 40.1% [10][11]. - The company’s earnings per share (EPS) are forecasted to be 1.66 yuan in 2025, increasing to 7.16 yuan by 2027 [10][11]. - The company is expected to maintain a net asset return rate (ROE) of 3.9% in 2025, improving to 13.4% by 2027 [10][11]. Business Developments - The company has launched several new products, including the portable projector Play6 and the flagship home projector RS20 series, enhancing its product matrix in both entry-level and high-end segments [10]. - The company is expanding its international presence, with products entering major offline channels in Europe, North America, Japan, and Australia [10]. - New business initiatives include the development of in-car projection technology, with multiple contracts secured in the smart cockpit and intelligent lighting sectors [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 153.19 CNY, reflecting a premium valuation due to the high growth potential of new business segments [4][10]. Core Insights - The company's domestic sales landscape is improving, and there is rapid growth in overseas markets and new business ventures. The company reported a revenue of 2.327 billion CNY for the first three quarters of 2025, marking a year-on-year increase of 1.99%, and a net profit of 80 million CNY, indicating a turnaround from losses [2][10]. - The company has launched several innovative products, including the portable projector Play6 and the flagship home projector RS20 series, enhancing its market share in entry-level DLP projectors while also expanding its high-end laser projector offerings [10]. - The overseas market strategy is robust, with products entering major retail channels in Europe, North America, Japan, and Australia. Additionally, the company is venturing into the automotive projection business, securing contracts for smart cockpit and intelligent lighting applications [10]. Financial Summary - For the fiscal year 2023, total revenue is projected at 3.557 billion CNY, with a net profit of 121 million CNY. The earnings per share (EPS) for 2025 is estimated at 1.66 CNY, with a growth rate of -3.1% [10][11]. - The company expects significant profit recovery in the coming years, with net profits projected to reach 501 million CNY by 2027, reflecting a growth rate of 40.1% [10][11]. - The financial metrics indicate a net asset return (ROE) of 3.9% for 2023, expected to rise to 13.4% by 2027, showcasing improving profitability [11].