莱克电气发布半年报，2026年H1实现营收46.57亿元（yoy-2.60%），归母净利2.32亿元（yoy-45.80%），扣非净利498.46万元（yoy-98.80%）。其中Q2实现营收23.43亿元（yoy-2.10%，qoq+1.28%），归母净利2.14亿元（yoy+7.35%，qoq+1135.36%）。公司上半年营收平稳，但归母净利出现较大幅度下滑，主要系：1）汇率波动带来3.89亿元的汇兑损失，并显著拖累主业盈利能力；2）公司通过资产处置实现超2亿元的投资收益，并对当期利润形成重要补充。展望后续，随着境外产能爬坡持续推进，固定费用摊销压力有望从高位回落，毛利率及经营利润率有望逐步修复。维持“买入”评级。
　　核心零部件业务稳健增长，新项目订单支撑后续增量
　　26H1公司实现营收46.57亿元，同比-2.60%。分业务看，家电及园林工具营收25.83亿元，同比-7.09%，核心零部件营收19.71亿元，同比+3.29%。今年上半年公司核心零部件各板块在手订单充裕、新项目持续落地：1）铝合金精密压铸和CNC精密加工业务方面，上半年新项目订单总额近5亿元，其中帕捷泰国基地充分发挥区位优势，新增新项目订单超1亿元；2）电机业务方面，持续加码创新项目研发，布局机器人关节模组、割草机器人等赛道。核心零部件业务有望为后续收入增长提供重要支撑，也有助于提升产能利用率和毛利率水平。
　　毛利率环比企稳，汇兑损失拖累当期利润表现
　　26H1公司毛利率为21.00%，同比-2.20pct。分季度看，公司毛利率环比保持稳定。我们认为，随着境外产能的持续释放，设备折旧等固定费用的摊销压力有望从高位回落，进而推动毛利率的企稳修复。从费用端来看，上半年公司财务费用率为6.95%，较上年同期大幅攀升，主要系汇率波动带来3.89亿元的汇兑损失。据公司测算，若扣除汇兑损失因素（按15%企业所得税税率计算），上半年公司归母净利同比增长约36.20%。此外，公司通过资产处置实现了超2亿元的投资收益，对冲了汇兑损失对利润端的大部分拖累。
　　加快国内产能改造升级，巩固规模领先优势
　　今年8月公司成功发行第一期绿色超短期融资券，发行规模3.5亿元，期限90天，票面利率1.58%，专项用于节能降碳、绿色智能制造及低碳产能升级等绿色产业项目。通过绿色超短融获取的低成本资金，公司能够以更低的财务成本支撑产能扩建和绿色改造，优化债务结构。
　　盈利预测与估值
　　鉴于上半年公司业绩受到汇兑损失的明显拖累，我们调整公司26-28年归母净利润为9.22亿元、10.29亿元和11.24亿元（较前值分别调整-8.75%/-4.74%/-2.45%），对应EPS为1.61/1.79/1.96元。可比公司26年Wind一致预期PE均值为29倍，公司汇兑风险敞口较大，给予26年20倍PE，对应目标价为32.20元（前值32.56元，对应26年18.5倍PE）。
　　风险提示：海外需求下滑的风险；多元业务表现乏力的风险；汇率波动风险。

KingClean released its 1H26 results: 1H26 revenue was RMB4,657mn (down 2.60% YoY), attributable NP was RMB232mn (down 45.80% YoY), and recurring NP was RMB4.98mn (down 98.80% YoY). For 2Q26, revenue was RMB2,343mn (down 2.10% YoY, up 1.28% QoQ); attributable NP was RMB214mn (up 7.35% YoY, up 1,135.36% QoQ). The company's revenue was stable in 1H26, but attributable NP declined significantly, due to: 1) RMB389mn in FX losses arising from exchange rate fluctuations, which notably weighed on core business profitability; and 2) the company recognizing over RMB200mn in investment income from asset disposals, which constituted an important supplement to current-period profits. As KingClean’s overseas capacity ramp-up advances, amortization strain from fixed expenses could ease from current high levels and gross margin and operating margin could recover. Maintain BUY.
Core parts business saw robust growth
In 1H26, KingClean achieved revenue of RMB4,657mn, down 2.60% YoY. By segment, home appliance and garden tool revenue was RMB2,583mn, down 7.09% YoY; core components revenue was RMB1,971mn, up 3.29% YoY. In 1H26, the company's core components segments had ample orders on hand and new projects continued to land. 1) For the aluminum alloy precision die-casting and CNC precision machining business, new project orders totaled nearly RMB500mn in 1H26, of which the Pajet Thailand base leveraged its locational advantages to add over RMB100mn in new project orders. 2) For the motor business, KingClean continued to increase investment in innovative project R&D, positioning in areas such as robot joint modules and robotic lawn mowers. The core components business could underpin subsequent revenue growth and improve capacity utilization and gross margin.
Earnings forecasts and valuation
Given that 1H26 results were notably dragged by FX losses, we adjust our 2026/ 2027/2028 attributable NP forecasts to RMB922/1,029/1,124mn (adjusted by -8.75/ -4.74/-2.45% from our prior estimates), corresponding to EPS of RMB1.61/1.79/ 1.96. Comparable companies' 2026 Wind consensus average PE is 29x. Given the company's relatively high FX risk exposure, we assign a 2026E PE of 20x, aligning with a target price of RMB32.20 (previous: RMB32.56, on 18.5x 2026E PE).
Risks: overseas demand declines, sluggish performance by the company's diverse businesses, and forex rate volatility.

　　业绩主要受汇率波动影响。莱克电气2026H1实现收入46.57亿元，YoY-3%；归母净利润2.32亿元，YoY-46%。公司26Q2单季实现收入23.43亿元，YoY-2%；归母净利润2.14亿元，YoY+7%；扣非归母净利润0.24亿元，YoY-88%。2026H1产生汇兑损失3.89亿元，上年同期为汇兑收益1746.26万元，汇率损失同比影响近4.06亿元，是利润下滑的核心原因。若剔除汇兑因素影响，26H1归母净利润同比增长36.20%，扣非净利润同比下降16.26%，主业实际盈利能力显著优于表观数据。此外，公司出售全资子公司精密机械90%股权产生投资收益约2.1亿元，是非经常性损益的主要来源。公司业绩不及预期，收入基本符合预期。
　　ODM/OEM业务聚焦头部客户，自主品牌同比逆势增长。分业务来看，公司ODM/OEM业务持续优化客户结构与订单结构，积极争取新增品类及新项目、开拓海外新兴市场与优质新客户，有效缓解部分区域市场需求疲软及行业内卷压力。自主品牌方面，公司坚持"高端定位、打造品类品牌"战略，聚焦莱克三合一洗地吸尘器、碧云泉净水机等核心优势品类，上半年自主品牌销售额同比实现小幅增长，莱克品牌价值达107.98亿元再创新高；碧云泉净水机完成海外市场初步布局，连续11年蝉联高端台式净水机全国销量/销售额第一，全国新增"茶咖馆"36家，累计建成78家，通过场景化体验终端强化高端品牌心智。
　　核心零部件业务多点突破，新能源汽车与工业领域成为重要增长极。公司核心零部件业务重点面向新能源、汽车、工业工程控制等领域，报告期内实现稳健增长，成为对冲传统家电业务盈利压力、优化经营结构的重要赛道。电机业务上半年获取9个定点新项目，销售规模与利润同步增长，首款伺服转向电机顺利通过客户验证并于7月底完成首批量产交付，正式切入全球高端工业配套供应链；同时同步布局机器人关节模组、割草机器人、电动舷外机等新兴赛道。铝合金精密压铸和CNC加工业务聚焦新能源汽车轻量化，上半年取得超30个定点新项目，订单总额近5亿元，其中帕捷泰国基地新增订单超1亿元，海外本土化布局取得实质性成效。PCBA电控业务实现纵向延伸，针对核心头部客户导入整机组装业务并完成量产。
　　盈利预测与投资评级。公司制造能力出众持续开拓客户，海外产能爬坡、汇兑损失对利润影响较大，我们下调26-28年盈利预测为7.6/9.4/10.3亿元，（前值为10.8/13.3/14.5亿元），同比分别-4.6%/+22.8%/+9.8%，对应估值为22/18/17倍，选择同为清洁/动力小家电出口代工企业德昌股份、华之杰为可比公司，26年平均PE27倍，有20%以上空间，关税为阶段性波动，公司海外工厂建设完成贡献稳定产能，维持“买入”评级。
　　风险提示：原材料价格波动风险；汇率波动风险。

KingClean released its 1Q26 results, with revenue of RMB2,313mn (-3.10% YoY) and attributable NP of RMB17.36mn (-92.38% YoY). The sharp YoY decline in 1Q26 attributable NP was mainly due to RMB226mn in FX losses caused by RMB appreciation. However, we believe the QoQ stabilization in key financial metrics such as gross margin suggests the company is gradually overcoming the negative impact of US reciprocal tariffs. With orderly progress across its business operations, we expect profitability to normalize once the FX loss pressure abates. Maintain BUY.
M/LT order growth potential ample
In 1Q26, KingClean's revenue fell 3.10% YoY, mainly due to uneven quarterly order allocation from key overseas customers. In 2025, the company completed the overseas relocation of production for US-bound home appliances (under the ODM model), and we expect the impact of China-US tariffs on this segment to largely recede this year. Supported by overseas production capacity, the company has secured new product projects for kitchen appliances and refrigeration from key accounts, and expanded its customer base for products such as water purifiers and professional gardening tools.
Enhanced FX loss dents profit performance
In 1Q26, KingClean's GPM was 21.16%, down 2.25pp YoY but relatively stable QoQ. We believe that as overseas capacity ramps up, tariff costs and the amortization pressure from fixed expenses such as equipment depreciation are likely to ease from high levels, which could help stabilize GPM. On the expense front, the company continued to streamline its organizational structure, with the administrative & R&D expense ratio at 7.18% in 1Q26, down 1.47pp YoY. However, the financial expense ratio rose 9.71pp YoY to 8.37%, mainly due to RMB226mn in FX losses caused by RMB appreciation (vs. RMB10mn in FX gains in 1Q25).
Completes sale of equity in subsidiary to recognize gains
According to the announcement on 21 April, the company completed the transfer of a 90% stake in its subsidiary Suzhou KingClean Precision Machinery (hereinafter referred to as Precision Machinery). After the transaction, Precision Machinery will no longer be consolidated into the company's financial statements. The book value of Precision Machinery was RMB4.0027mn, while the total consideration for this equity transfer was RMB212mn. Based on relevant accounting standards, we estimate this equity sale could generate over RMB200mn in investment income for the company.
Earnings forecasts and valuation
Although the company recorded RMB226mn in forex losses in 1Q26, we maintain our earnings forecasts as it completed the sale of its subsidiary stake at end-April, which we expect will likely generate over RMB200mn in investment income. We project 2026/2027/2028 attributable NP of RMB1,010/1,080/1,153mn, implying EPS of RMB1.76/1.88/2.01. We value the stock at 18.5x 2026E PE, a discount to its peers' average of 26x on Wind consensus to price in the company's higher ToB exposure and tepid home appliance export orders. Our target price remains RMB32.56. Maintain BUY.
Risks: Overseas demand declines, unfavorable forex rates, sluggish performance by the company's diverse businesses.

　　莱克电气发布一季报，26Q1实现营收23.13亿元（yoy-3.10%），归母净利1735.77万元（yoy-92.38%）。26Q1公司归母净利大幅下滑的主要原因是人民币升值带来2.26亿元汇兑损失。但我们认为，毛利率等关键财务指标的环比企稳，预示着公司正逐步走出美国对等关税的负面影响。公司各项经营业务有序推进，汇兑损失压力集中释放后盈利水平有望回归正轨。维持“买入”评级。
　　海外产能有序释放，中长期订单增长潜力足
　　26Q1公司营收同比-3.10%，主要受海外大客户订单季度间不均衡分配的影响。2025年公司已完成出口至美国的家电ODM产品海外转产，今年美国对中国的关税对这部分业务的影响预计将基本消除。在海外产能的支撑下，公司获得了大客户厨电制冷的新产品项目，并在净水机、专业园林工具等产品拓展了新客户。
　　汇兑损失增加拖累利润端表现
　　26Q1公司毛利率为21.16%，同比-2.25pct，但环比保持相对稳定。我们认为，随着公司境外产能的释放，关税成本压力和设备折旧等固定费用的摊销压力有望从高位回落，进而带来毛利率的企稳修复。费用端，公司持续推进组织架构的精简，26Q1管理研发费用率为7.18%，同比-1.47pct。但是同期财务费用率为8.37%，同比+9.71pct，主要系人民币升值带来2.26亿元汇兑损失，而25Q1是0.1亿元汇兑收益。
　　完成子公司股权的出售，有望确认大额投资收益
　　据4月21日公告，公司完成对子公司苏州金莱克精密机械（以下简称精密机械）90%股权的转让。交易完成后，精密机械不再纳入公司合并报表范围。精密机械的账面成本400.27万元，而本次股权转让价格总额为2.12亿元，根据相关会计准则我们认为此次股权出售有望给公司创造超2亿元的投资收益。
　　盈利预测与估值
　　虽然26Q1公司确认了2.26亿元的汇兑损失，但考虑到4月底公司完成子公司的股权出售，预计确认超2亿元的投资收益，我们维持此前盈利预测，预计26-28年公司归母净利润10.10/10.80/11.53亿元，对应EPS为1.76/1.88/2.01元。可比公司26年Wind一致预期PE均值为26倍，考虑到公司ToB业务占比较高，且家电出口订单需求有待复苏，我们给予公司26年18.5倍PE，维持目标价32.56元，维持“买入”。
　　风险提示：海外需求下滑的风险；多元业务表现乏力的风险；汇率波动风险。

　　事项：
　　公司发布2025年年报，实现营业收入98.67亿元，同比+1.05%；归母净利润7.99亿元，同比-35.04%；扣非归母净利润7.28亿元，同比-37.24%。折算25Q4单季度收入25.54亿元，同比+1.4%；归母净利润1.78亿元，同比-49.3%；扣非归母净利润1.45亿元，同比-50.2%。
　　评论：
　　业务多元发展，2025年收入规模稳健增长。2025年公司营收98.67亿元，分
　　产品拆分来看，清洁健康家电与园艺工具实现营收57.51亿，同比+1.44%，销售量同比-16.47%，单价预计受益于产品结构升级有所提升；电机及新能源汽车零部件产品实现营收39.49亿元，同比+1.93%，国内市场汽车以旧换新政策改善内需，海外市场新能源汽车快速增长带动上游零部件需求增加，同时公司积极拓展零部件新业务，通过海外建厂争取更大市场份额；分业务地区来看，出口实现营收67.7亿元，同比-1.0%，预计需求受对美关税增加短期承压；内销实现营收29.29亿元，同比+8.31%，预计小家电等品类受益于国内消费补贴，市场需求增长。
　　受关税影响毛利率短期承压，积极推进全球化产能布局。公司25年归母净利润7.99亿元，同比-35.04%，主营业务毛利率22.35%、同比-2.23pct。盈利能力短期承压，主要受美国加征关税政策影响；25年公司销售/管理/财务/研发费用率同比+0.28/-0.39/+3.82/+0.01pct，财务费用率大幅增加主要受汇兑损失影响。公司正在积极进行海外生产布局与国内整合，ODM家电出口业务在25Q2已经完成对美出口业务海外产能转移，汽车零部件业务方面，25年年底泰国帕捷工厂竣工投产，预计后续关税影响将显著下降，关税对公司盈利端短期扰动无需过度担忧。
　　产品创新坚持高端定位，智能化全球化抢先布局。公司面对国内市场消费降级，坚持高端品牌定位，打造品牌生态并进行渠道优化，莱克品牌价值突破106亿元，碧云泉高端台式净水机连续10年全国销量/销额第一，天狼星S10Pro吸尘器荣获“年度产品创新成果”奖项；生产方面，公司一方面积极拓展大型厨电制冷项目、汽车零部件与PCBA业务等，保证订单需求，另一方面利用海外四大生产基地优势，贯彻“精益生产十大原则”，建设本地化供应商，为全球化战略奠定基础，截至25年4月，泰国工厂首个万台产品订单顺利出货，越南新工厂全年实现100万台产品下线。
　　投资建议：公司自主品牌稳健发展，汽车零部件业务将有望成为公司第二条增长曲线。关税成本扰动下，我们预计26/27/28年归母净利润为8.0/10.3/11.8亿元，26-28年对应PE为22/17/15倍。参考DCF估值法，我们调整目标价至36元，对应26年25.7倍PE，维持“推荐”评级。
　　风险提示：内销需求不振，原材料价格波动，新业务拓展不及预期。