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。

　　公司公告：公司发布2025年年报及2026年一季报。2025年，公司实现营业收入98.7亿元，同比1.0%，归母净利润8.0亿元，同比-35.0%。2025Q4，公司实现营收25.5亿元，同比1.4%，归母净利润1.8亿元，同比-49.3%。2025年不分红。2026Q1，公司实现营收23.1亿元，同比-3.1%，归母净利润0.17亿元，同比-92.4%。
　　产能转移应对关税政策，但利润受到影响：面对美国关税政策，公司同客户分摊美国关税成本，其中汽车零部件由公司直接承担出口至美国的进口关税；同时，产能转移过程中生产成本较高，也对利润造成影响。家电ODM出口业务已于2025Q2转移至海外生产，汽车零部件帕捷泰国工厂于2025年底竣工投产。2025H2，清洁健康家电与园艺工具毛利率20.9%，同比下降4.1pct；电机、新能源汽车精密零部件及其他零部件产品毛利率22.8%，同比下降0.7pct。此外，人民币升值导致公司承受汇兑损失，25Q3/25Q4/26Q1财务费用率分别为1.7%/3.6%/8.4%。
　　家电代工开拓新业务，自主品牌稳步发展：1）2025年，公司清洁健康家电与园艺工具实现收入57.5亿元，同比1.4%，25H1/25H2分别同比3.4%/-0.4%。2）家电代工出口获得大客户厨电制冷类的新产品项目，同时在净水机、厨房电器、专业园林工具等产品业务方面开拓新客户。3）自主品牌业务同比下降，但碧云泉净水机稳定增长，碧云泉视频直播业务年销售突破1亿元，实现大幅增长。
　　核心零部件业务稳中有升：1）2025年，公司电机、新能源汽车精密零部件及其他零部件产品实现收入39.5亿元，同比1.9%，25H1/25H2分别同比-2.4%/6.3%。2）电机业务在高端厨电、工程机械类、新能源电动自行车等领域与多个头部客户建立合作关系，获得多个合作项目，其中汽车电机业务获得17个定点新项目、开发7家新客户。3）汽车零部件业务于2025年获得新业务订单约8亿元，其中帕捷泰国工厂获得新项目超3亿元。4）PCBA业务积极开发全球性头部客户，稳步推进市场拓展。
　　投资建议：我们预计公司2026~2028年营业收入分别为103.5/109.1/115.2亿元，分别同比4.9%/5.3%/5.7%，归母净利润7.1/9.5/10.9亿元，分别同比-11.5%/33.8%/15.4%，EPS分别为1.23/1.65/1.90元每股，当前股价对应24.1/18.0/15.6xP/E，维持“推荐”评级。
　　风险提示：美国关税政策风险；需求不及预期的风险；市场竞争加剧的风险；汇率大幅波动的风险。

　　业绩主要受汇率波动影响。莱克电气2026年Q1单季度实现营收23.13亿元，同比减少3%；实现归母净利润0.17亿元，同比减少92%；实现扣非归母净利润-0.19亿元，同比减少109%。公司收入业绩不及预期，我们认为主要原因系汇兑因素影响。2026Q1人民币兑美元升值幅度较大，公司，公司产生了共计2.26亿元汇兑损失，而去年同期是0.1亿元汇兑收益，从而导致财务费用今年同比增加2.26亿元，对利润总额及净利润产生较大影响。若还原汇兑因素，公司实际经营净利润预计在2.43亿元左右（去年同期归母净利润为2.28亿元，扣除0.1亿元汇兑收益为2.18亿元），预计同比增长11%，经营净利率已超过去年同期无关税影响季度净利率，汇兑为阶段性影响，公司盈利能力持续稳健向好。
　　主业稳健增长，电机多领域拓展。分业务来看，2025年公司清洁及园林家电业务实现收入57.5亿元，同比+1.44%，电机、汽车零部件及其他零部件业务合计实现收入39.5亿元，同比+1.93%。家电出口主要受益于大客户冰沙机等新订单带来的贡献，零部件业务中，铝合金压铸、PCBA业务预计有一定增长贡献，家电电机或有一定拖累。分内外销来看，2025年公司外销业务预计实现收入67.7亿元，同比-1.0%，内销业务预计实现收入29.3亿元，同比+8.3%，主要系PCBA等业务贡献。此外，公司多元化发展电机业务，其中工程机械及工业电机向电梯门、高空作业平台、叉车、游艇、电动自行车、协作机器人等多领域进行拓展。
　　费用控制良好，海外产能布局完善抵御贸易摩擦。关税方面，公司汽零业务直接承担出口至美国的进口关税，对利润产生阶段性影响，但帕捷泰国工厂已于2025年年底投产，此后关税也将显著下降。ODM代工业务，2025Q2已完成出口美国产品转移至海外生产，关税影响基本消除。费用方面，公司销售费用率/管理费用率/研发费用率分别同比下降0.09/0.93/0.54pcts，体现公司较好的费用控制能力。
　　盈利预测与投资评级。公司制造能力出众持续开拓客户，关税及海外产能爬坡有一定阶段性影响，我们维持26-28年盈利预测为10.8/13.3/14.5亿元，同比分别+35.5%/+23.3%/+8.4%，对应估值为16/13/12倍，公司新业务开拓顺利，25Q2-3关税为阶段性波动，海外工厂建设完成有望贡献稳定产能，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。

For 2025, KingClean Electric's (KingClean) revenue was RMB9,867mn (+1.05% YoY), attributable net profit (NP) was RMB799mn (-35.04% YoY), and recurring NP was RMB728mn (-37.24% YoY). For 4Q25, revenue was RMB2,554mn (+1.42% YoY), and attributable NP was RMB178mn (-49.32% YoY). The company's 2025 attributable NP missed our estimate of RMB1,084mn, mainly as under China-US tariffs, customers required the company to share part or all of the tariffs, which heighted cost pressure. Moreover, to cope with rising tariff costs, it actively shifted production to overseas factories. Amid capacity ramp-ups, transportation, packaging, and personnel expenses increased. This, combined with YoY higher exchange losses, made its 2025 earnings fall short of our estimates. Looking ahead, KingClean has fully relocated the production of US-bound home appliances (under the ODM model) to its Vietnam factory, which could in our view partially mitigate the impacts from China-US tariffs and overseas capacity ramp-ups. For auto parts and motor segments, we expect newly-acquired customers and orders could support revenue growth going forward. Maintain BUY.
Home appliance revenue grew robustly
In 2025, cleaning/healthy home appliances & gardening tools generated a revenue of RMB5,751mn (+1.4% YoY), showing sound growth. 1) OEM segment: KingClean secured new product projects for kitchen appliances and refrigeration from key accounts in 2025, and acquired new customers for products such as water purifiers and professional gardening tools. 2) Proprietary brands: Bewinch has ranked first nationwide in terms of sales volume/value of high-end desktop water purifiers for 10 consecutive years (according to S&P Consulting). In 2025, Bewinch's live-streaming sales rose notably YoY to over RMB100mn. In 2025, the GPM of clean and /healthy home appliances & gardening tools fell by 2.91pp YoY to 22.14% (mainly dragged down by the OEM segment), as the company temporarily shared part of the tariff costs of US ODM customers. However, it has relocated the production of US-bound home appliances (under the ODM model), which we expect to largely eliminate the impact of China-US tariffs on this segment.
Earnings forecasts and valuation
Considering the impacts from rising raw material prices and downstream order schedules, we slightly lower our GPM estimates, raise sales/R&D expense ratio estimates, and add our 2028 earnings forecasts. We now project 2026/2027/2028 attributable NP at RMB1,010/1,080/1,153mn (-19.5/-24.2% vs previous 2026/2027 forecasts), 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 25x on Wind consensus to price in the company's higher ToB exposure and tepid home appliance export orders. Our target price is RMB32.56 (previous: RMB32.85, based on 15x 2026E PE). Maintain BUY.
Risks: overseas demand declines; unfavorable forex rates; sluggish performance of the company's diverse businesses.