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].

| 证券代码：300911 | 证券简称：亿田智能 | 公告编号：2026-011 | | --- | --- | --- | | 债券代码：123235 | 债券简称：亿田转债 | | 浙江亿田智能厨电股份有限公司 关于"亿田转债"可能满足赎回条件的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、自 2026 年 1 月 28 日至 2026 年 2 月 10 日，浙江亿田智能厨电股份有限 公司（以下简称"公司"）股票已有十个交易日的收盘价不低于"亿田转债"当 期转股价格 21.31 元/股的 130%（含 130%，即 27.71 元/股）； 2、若在未来触发"亿田转债"的有条件赎回条款（即"在转股期内，如果 公司股票在任何连续三十个交易日中至少十五个交易日的收盘价格不低于当期 转股价格的 130%（含 130%）"），届时根据《浙江亿田智能厨电股份有限公司 向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 中有条件赎回条款的相关规定，公司有权决定按照债券面值加当期应计利息的价 格赎回全部或部分未转股的可 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 此外，短剧游戏、影视院线板块上演涨停潮，光线传媒20cm涨停，华策影视、幸福蓝海涨超10%，中国 电影、上海电影、博纳影业等10余股涨停。文化传媒相关ETF大爆发，两只影视ETF触及涨停，创历史新 高。 市场为何反应如此剧烈？分析人士认为，还是与最近人工智能爆款不断涌现有关。有券商指出，当下， IDC方向肯定受益。举例来看，字节单日50万亿tokens消耗里面，豆包6.5万亿，抖音13万亿—14万亿， 即梦4.5万亿，API7.5万亿，多模态占比提升远大于文本，消耗算力得速度也是文本的十倍以上。 消息面上，日前，字节跳动旗下AI视频生成模型Seedance2.0在小范围内测阶段便席卷海内外互联网，凭 借"文本/图片生成电影级视频"的突破性能力成为行业内外焦点。 IDC再度大火 IDC作为11年前最牛的赛道再度被点燃！ 2月10日早盘，A股算力概念股盘初上扬，大位科技2连板，特发信息涨停，亚康股份、江苏有线、光环新 网、城地香江、亿田智能跟涨。 而美利云更是在一分钟内，直线拉升并封死涨停板，人民网也是直线封 板。 11年 ...

每日经济新闻 每经AI快讯，2月10日，算力租赁板块盘初上扬，大位科技2连板，特发信息、人民网涨停，亚康股 份、江苏有线、光环新网、城地香江、亿田智能跟涨。 ...

Core Viewpoint - The integrated stove industry is facing significant demand pressure and intense competition, leading to a downward adjustment in profit forecasts for the company [2]. Group 1: Industry Demand and Competition - The integrated stove industry is experiencing a decline in demand, primarily due to a downturn in the real estate sector and high product prices, which are less appealing in a context of consumer downgrade [2]. - The competitive landscape in the integrated stove industry is fragmented, with minimal differentiation among products, resulting in increased competition and pressure on profit margins [2]. - Sales expenses are high due to the competitive environment, further impacting profitability [2]. Group 2: Financial Forecasts - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to -0.92, 0.23, and 0.55 yuan, reflecting year-on-year changes of -735.5%, +125.2%, and +138.9% respectively [2]. - The company anticipates a net profit attributable to shareholders for 2025 to be between -186 million and 152 million yuan, compared to a profit of 27 million yuan in the same period last year [2]. - The fourth quarter of 2025 is expected to yield a net profit of -75 million to 41 million yuan, down from a profit of 38 million yuan in the previous year [2]. Group 3: New Business Development - The company is in the initial investment phase of its computing power business, which is intended to serve as a second growth curve alongside its main integrated stove operations [3]. - The company has established subsidiaries like Gansu Yisuan and partnered with Suiruan Technology to focus on the domestic computing power sector [3]. - Currently, the computing power business has not yet achieved economies of scale, resulting in pressure on profitability [3].

需求下滑竞争加剧，经营持续承压 亿田智能(300911) 亿田智能 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 蔡雯娟(分析师) | 021-38031654 | caiwenjuan@gtht.com | S0880521050002 | | 成浅之(分析师) | 021-23183327 | chengqianzhi@gtht.com | S0880525110002 | 本报告导读： 行业需求、竞争压力较大，公司新业务算力仍处于投入期。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,227 | 703 | 506 | 557 | 613 | | (+/-)% | -3.8% | -42.7% | -27.9% | 10.0% | 10.0% | | 净利润(归母) | 179 | 27 ...

本报告导读： 行业需求、竞争压力较大，公司新业务算力仍处于投入期。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,227 | 703 | 506 | 557 | 613 | | (+/-)% | -3.8% | -42.7% | -27.9% | 10.0% | 10.0% | | 净利润(归母) | 179 | 27 | -169 | 42 | 101 | | (+/-)% | -14.6% | -85.2% | -735.5% | 125.0% | 140.3% | | 每股净收益(元) | 0.98 | 0.14 | -0.92 | 0.23 | 0.55 | | 净资产收益率(%) | 11.7% | 1.9% | -13.9% | 3.6% | 8.7% | | 市盈率(现价&最新股本摊薄) | 38.34 | 258.62 | — | 163.01 | 67.83 | 股票研究 /[Table_ ...

Group 1 - Yitian Intelligent's stock price increased by 5.18% on February 6, reaching 37.78 CNY per share, with a trading volume of 117 million CNY and a turnover rate of 1.86%, resulting in a total market capitalization of 6.926 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 7.13% during this period [1] - Yitian Intelligent, established on September 25, 2003, and listed on December 3, 2020, specializes in the research, production, and sales of integrated stoves and other modern kitchen appliances, with revenue composition of 58.38% from integrated stoves, 33.32% from other products, and 8.30% from computing services [1] Group 2 - Among the top ten circulating shareholders of Yitian Intelligent, one fund from GF Fund, the GF Innovation Upgrade Mixed Fund (002939), entered the top ten in the third quarter, holding 1.349 million shares, accounting for 0.79% of circulating shares [2] - The GF Innovation Upgrade Mixed Fund has generated a floating profit of approximately 2.5091 million CNY today and 3.224 million CNY during the three-day increase [2] - The fund, established on August 24, 2016, has a current scale of 3.921 billion CNY, with a year-to-date return of 7.57% and a one-year return of 47.73% [2]

近日，公司收到控股股东亿田投资出具的《关于终止协议转让部分公司股份的告知函》，获悉亿田投资 与午牛大丰已签署《股份转让协议之终止协议》，经双方友好协商，一致同意终止上述协议转让事项， 此前签署的《股份转让协议》及补充协议不再对双方产生法律约束力，双方均不存在任何违约行为或其 他争议事项。 格隆汇2月5日丨亿田智能(300911.SZ)公布，2025年1月6日，控股股东亿田投资与午牛大丰签署了《浙 江亿田投资管理有限公司与午牛大丰1号私募证券投资基金关于浙江亿田智能厨电股份有限公司之股份 转让协议》（简称"《股份转让协议》"或"原协议"），约定亿田投资通过协议转让的方式将其持有的公 司无限售条件流通股818.88万股转让给午牛大丰，转让股份数量占剔除公司回购专用账户中的股份数量 后总股本（总股本为截至2024年12月31日数据）的5.99%。 ...

Core Viewpoint - Yitian Intelligent announced the termination of the agreement for the transfer of company shares between its controlling shareholder Yitian Investment and the Wuniu Dafeng No. 1 Private Securities Investment Fund [1] Group 1 - The original agreement involved the transfer of 8.1888 million shares, accounting for 5.99% of the total share capital after excluding shares in the company's repurchase special account [1] - The termination of the agreement will not lead to a change in the company's control and will not have a significant impact on the company's governance structure or ongoing operations [1]