中信建投：国内家电制造能力外溢开辟海外成长新曲线

智通财经02-25

智通财经APP获悉，中信建投发布研报称，家电零部件企业向汽车与机器人等赛道跨界拓展，系具有高确定性的成长主线。转型成功核心依托三大底层逻辑：一是热管理、电机等底层技术可跨场景复用;二是长期的精密制造与规模化交付能力直接适配新兴领域的量产需求;三是客户资源重叠加速了新供应链的导入。随着高毛利新兴业务收入占比持续提升，相关企业正向科技硬件供应商转变，有望实质性带动整体盈利水平与估值中枢的上修。中信建投...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2614377354?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-25 09:58","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2614377354","market":"hk","top_or_hot":-1,"title":"中信建投：国内家电制造能力外溢 开辟海外成长新曲线","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中信建投发布研报称，家电零部件企业向汽车与机器人等赛道跨界拓展，系具有高确定性的成长主线。转型成功核心依托三大底层逻辑：一是热管理、电机等底层技术可跨场景复用;二是长期的精密制造与规模化交付能力直接适配新兴领域的量产需求;三是客户资源重叠加速了新供应链的导入。随着高毛利新兴业务收入占比持续提升，相关企业正向科技硬件供应商转变，有望实质性带动整体盈利水平与估值中枢的上修。中信建投...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260225101108a4c51f1d&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中信建投：国内家电制造能力外溢 开辟海外成长新曲线</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中信建投：国内家电制造能力外溢 开辟海外成长新曲线\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-25 09:58 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260225101108a4c51f1d&s=b><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中信建投发布研报称，家电零部件企业向汽车与机器人等赛道跨界拓展，系具有高确定性的成长主线。转型成功核心依托三大底层逻辑：一是热管理、电机等底层技术可跨场景复用;二是长期的精密制造与规模化交付能力直接适配新兴领域的量产需求;三是客户资源重叠加速了新供应链的导入。随着高毛利新兴业务收入占比持续提升，相关企业正向科技硬件供应商转变，有望实质性带动整体盈利水平与估值中枢的上修。中信建投...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260225101108a4c51f1d&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999011746.SGD","symbol_name":"PINEBRIDGE INTERNATIONAL FUNDS - ACORNS OF ASIA BA (SGD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260225101108a4c51f1d&s=b","article_id":"2614377354","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260225101108a4c51f1d&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2614377354","pubTimestamp":1771984695,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"智通财经APP获悉，中信建投发布研报称，家电零部件企业向汽车与机器人等赛道跨界拓展，系具有高确定性的成长主线。其他代表性家电零部件企业同样通过能力复用确立了跨界竞争优势，并提振盈利预期德昌股份、华之杰与莱克电气逐步依靠制造优势，将电机与智能控制等核心技术向外延伸。建议关注三花智控、莱克电气、德昌股份。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"SG9999011746.SGD":"PINEBRIDGE INTERNATIONAL FUNDS - ACORNS OF ASIA BA (SGD) ACC","02050":"三花智控","BK1183":"工业机械"},"translate_title":"CITIC Construction Investment: Domestic home appliance manufacturing capacity spillover opens up a new overseas growth curve","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02050":0.9},"content_text":"智通财经APP获悉，中信建投发布研报称，家电零部件企业向汽车与机器人等赛道跨界拓展，系具有高确定性的成长主线。转型成功核心依托三大底层逻辑：一是热管理、电机等底层技术可跨场景复用;二是长期的精密制造与规模化交付能力直接适配新兴领域的量产需求;三是客户资源重叠加速了新供应链的导入。随着高毛利新兴业务收入占比持续提升，相关企业正向科技硬件供应商转变，有望实质性带动整体盈利水平与估值中枢的上修。中信建投主要观点如下：家电制造能力外溢的底层逻辑在于技术、制造与客户资源的协同整合家电零部件的热管理、电机与智能控制等底层技术与汽车、机器人赛道相通。企业长期积累的精密制造能力、规模化交付体系及全球头部客户资源可直接迁移至新兴领域，从而大幅降低研发成本与跨界门槛。三花智控的跨界转型验证了新兴业务拓展对估值体系的显著提升作用公司依托家电温控技术，向汽车热管理、AI液冷及人形机器人执行器领域拓展。目前其汽车热管理业务已锁定大额订单，机电执行器也已设立事业部推进研发。新兴赛道的高景气度与高毛利特征促使其业务属性向科技硬件供应商转变，进而获得显著高于传统零部件公司的估值。其他代表性家电零部件企业同样通过能力复用确立了跨界竞争优势，并提振盈利预期德昌股份、华之杰与莱克电气逐步依靠制造优势，将电机与智能控制等核心技术向外延伸。上述企业已在汽车EPS电机、线控制动电机及液冷精密结构件等环节实现规模化交付，并同步布局机器人部件。此外，海外产能的布局有效规避了关税风险并巩固了家电基本盘。高价值业务占比的提升，实质性增强了相关企业的整体盈利水平与抗风险能力。投资建议新兴业务收入占比的提升将重塑家电零部件企业的估值体系。汽车与机器人等新兴业务的利润增速高于传统家电业务。相关企业的核心业务属性正从传统制造向科技硬件供应转变，这将系统性带动业绩与整体估值的提升。建议关注三花智控、莱克电气、德昌股份。风险提示：下游行业景气度波动、客户拓展不及预期、原材料价格上涨、汇率波动风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614377354","isCrawlerRequest":true}

中信建投：国内家电制造能力外溢 开辟海外成长新曲线

精彩评论

中信建投：国内家电制造能力外溢开辟海外成长新曲线