Investment Rating - The report assigns an "Outperform" rating to multiple companies within the discretionary consumption sector, indicating a positive outlook for their performance relative to the market [1][3][5]. Core Insights - The pet and U.S. hotel sectors have shown the best performance this week, with valuations in most sectors still below the average of the past five years [1][4][13]. - The report highlights that the average increase for leading companies in the pet sector was 9.1%, driven by favorable trade negotiations and the commencement of the 618 pre-sale [4][15][17]. - Valuation analysis indicates that most sub-sectors are trading below their historical averages, suggesting potential investment opportunities [5][9][19]. Sector Performance Review - Weekly performance rankings: Pet > U.S. Hotel > Credit Card > Cosmetics > Gambling > Sportswear > Luxury Goods > Snacks [7][14]. - Monthly performance rankings: Pet > U.S. Hotel > Gambling > Cosmetics > Sportswear > Credit Card > Luxury Goods > Snacks [14]. - Year-to-date (YTD) performance rankings: Pet > Luxury Goods > Cosmetics > Snacks > Credit Card > U.S. Hotel > Sportswear > Gambling [14]. Valuation Analysis - As of May 16, 2025, the expected P/E ratios for various sectors are as follows: - Sportswear: 15.6x (77% of 5-year average) - Luxury Goods: 18.4x (52% of 5-year average) - Gambling: 14.2x (23% of 5-year average) - Cosmetics: 36.8x (91% of 5-year average) - Pet: 50x (51% of 5-year average) - Snacks: 24.3x (37% of 5-year average) - U.S. Hotel: 29.4x (18% of 5-year average) - Credit Card: 32x (61% of 5-year average) [5][9][18][19].

Core Viewpoint - The black home appliance industry in A-shares has shown significant performance divergence in 2024, with leading companies achieving stable growth through technological innovation and global expansion, while smaller firms struggle under cost pressures and market contraction [1][3]. Revenue and Profit Performance - The black home appliance industry achieved a total revenue of 202.938 billion yuan and a net profit attributable to shareholders of 4.961 billion yuan in 2024 [1][2]. - Major companies like Sichuan Changhong and Hisense Vision reported revenue and net profit growth, but their net profit growth lagged behind revenue growth, indicating room for improvement in profitability [3]. - Companies such as Skyworth Digital and XGIMI experienced declines in both revenue and net profit, with Skyworth's revenue down 18.20% and net profit down 58.34% [2][3]. Profitability Analysis - There is a significant disparity in profitability among companies in the black home appliance sector, with Sichuan Changhong's gross margin at only 10.02%, indicating low profitability despite high revenue [4][6]. - Companies like *ST Tongzhou and XGIMI have higher gross margins above 20%, but their net profit margins are low, suggesting reliance on non-core income to inflate profits [6][9]. Research and Development Expenditure - Over half of the companies in the black home appliance sector have reduced R&D spending, with XGIMI and Sichuan Changhong leading in sales expense ratios and absolute sales expenses [7][9]. - The R&D expense ratio for most companies is below 10%, reflecting a trend towards cost-cutting in favor of short-term profitability [9]. Operational Efficiency and Liquidity - Many companies face liquidity challenges, with over half having accounts receivable turnover days exceeding 100 days, indicating poor sales collection capabilities [10][11]. - Companies like Sichuan Jiuzhou and *ST Gaosi have extremely high accounts receivable turnover days of 226.27 and 387.60, respectively, highlighting severe cash flow issues [11][12].

二、担保进展情况 近日，公司作为保证人与中国建设银行股份有限公司南昌铁路支行（以下简称 "建设银行"）签署了《本金最高额保证合同》，公司为下属子公司江西兆驰晶显 有限公司（以下简称"兆驰晶显"）向银行申请综合授信额度提供连带责任保证担 保。现将保证合同的主要内容公告如下。 证券代码：002429 证券简称：兆驰股份 公告编号：2025-022 深圳市兆驰股份有限公司 关于为下属子公司申请综合授信提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、 担保情况概述 深圳市兆驰股份有限公司（以下简称"公司"）分别于 2025 年 4 月 15 日、2025 年 5 月 7 日召开第六届董事会第十八次会议、2024 年年度股东大会，审议通过了 《关于为下属子公司申请综合授信提供担保的议案》，同意公司及合并报表范围内 的子公司为下属子公司向银行/金融机构等申请综合授信提供担保，2025 年度预计 提供不超过人民币 772,000 万元、美元 1,000 万元的担保，具体担保金额、方式、范 围、期限等以相关合同约定为准，担保额度可在子公司之间按照实际情 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's revenue and net profit growth in 2024 are primarily driven by the synergistic development in the television and LED industries, alongside advancements in optical communication and video network sectors [2][9] - The company has successfully expanded its television business, achieving a revenue of 14.996 billion yuan in 2024, a year-on-year increase of 18.43%, with a shipment volume of 12.5 million units, up 14% year-on-year [3] - The report highlights the company's focus on cost control and enhancing product value, contributing to its profitability despite a slight decline in gross and net profit margins [2][9] Financial Summary - For 2024, the company achieved a revenue of 20.326 billion yuan, a year-on-year growth of 18.4%, and a net profit of 1.602 billion yuan, a year-on-year increase of 0.89% [1] - The projected revenues for 2025 to 2027 are 21.465 billion yuan, 24.083 billion yuan, and 27.527 billion yuan, respectively, with corresponding net profits of 1.732 billion yuan, 2.029 billion yuan, and 2.493 billion yuan [1][9] - The company's gross margin for 2024 was 17.17%, a decrease of 1.66 percentage points year-on-year, while the net margin was 8.52%, down 1.09 percentage points year-on-year [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's revenue and net profit growth in 2024 are primarily driven by the synergistic development in the television, LED full industry chain, and optical communication sectors [2][9] - The company has successfully expanded its television business by deepening its overseas market presence and diversifying its product offerings, resulting in a revenue increase of 18.43% year-on-year [3] - The optical communication and video network sectors are emerging as new growth points, with strategic investments in semiconductor laser chips and high-speed optical communication devices [8][9] Financial Summary - For 2024, the company achieved a revenue of 203.26 billion yuan, a year-on-year increase of 18.40%, and a net profit of 16.02 billion yuan, a year-on-year increase of 0.89% [1][2] - The company's gross margin for 2024 was 17.17%, a decrease of 1.66 percentage points year-on-year, while the net margin was 8.52%, down 1.09 percentage points year-on-year [2] - The projected net profits for 2025, 2026, and 2027 are 17.32 billion yuan, 20.29 billion yuan, and 24.93 billion yuan, respectively, with corresponding EPS of 0.38 yuan, 0.45 yuan, and 0.55 yuan [9]

Group 1 - The establishment of Zhaochi Zhixian (Jiangxi) Technology Co., Ltd. has been reported, with a registered capital of 300 million RMB [1] - The legal representative of the new company is Ge Wei, and it is fully owned by Shenzhen Zhaochi Jingxian Technology Co., Ltd., a subsidiary of Zhaochi Co., Ltd. (002429) [1] - The business scope of the new company includes the development of artificial intelligence theory and algorithm software, basic resources and technology platforms for AI, application software development for AI, research and development of intelligent robots, sales of intelligent robots, and manufacturing of electronic special equipment [1]

证券代码：002429 证券简称：兆驰股份 公告编号：2025-021 深圳市兆驰股份有限公司 3、债务人：江西省兆驰光电有限公司 4、保证最高本金余额：人民币28,326.00万元 关于为下属子公司申请综合授信提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、 担保情况概述 深圳市兆驰股份有限公司（以下简称"公司"）分别于 2025 年 4 月 15 日、2025 年 5 月 7 日召开第六届董事会第十八次会议、2024 年年度股东大会，审议通过了 《关于为下属子公司申请综合授信提供担保的议案》，同意公司及合并报表范围内 的子公司为下属子公司向银行/金融机构等申请综合授信提供担保，2025 年度预计 提供不超过人民币 772,000 万元、美元 1,000 万元的担保，具体担保金额、方式、范 围、期限等以相关合同约定为准，担保额度可在子公司之间按照实际情况调剂使用。 担保额度有效期限自公司 2024 年年度股东大会审议通过之日起至 2025 年年度股东 大会召开之日止。具体内容详见公司于 2025 年 4 月 17 日、2025 年 5 ...

上海市锦天城(深圳)律师事务所 关于 深圳市兆驰股份有限公司 之 2024 年年度股东大会的 法律意见书 二〇二五年五月 上海市锦天城(深圳)律师事务所 关于深圳市兆驰股份有限公司 之 2024 年年度股东大会的法律意见书 致：深圳市兆驰股份有限公司 上海市锦天城(深圳)律师事务所(以下简称"本所")接受深圳市兆驰股份有限 公司(以下简称"公司"或"兆驰股份")委托，就公司召开 2024 年年度股东大会(以 下简称"本次股东大会")的有关事宜，根据《中华人民共和国公司法》(以下简称 "《公司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、中国证券 监督管理委员会《上市公司股东会规则》(以下简称"《股东会规则》")等法律、 法规、规章和其他规范性文件以及《深圳市兆驰股份有限公司章程》(以下简称 "《公司章程》")的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法(2023)》和《律师事务所证券法律业务执业规则(试行)》等规定，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相 关事项进行了必要的核查和验证，核查了本 ...

证券代码：002429 证券简称：兆驰股份 公告编号：2025-020 深圳市兆驰股份有限公司 2024年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 1、会议召集人：公司董事会。 2、会议方式：本次股东大会采用现场投票及网络投票相结合的方式。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议。 3、本次股东大会采用现场投票及网络投票相结合的方式召开。 4、对于涉及中小股东利益的重大事项，公司对中小股东表决采取单独计票。 一、会议召开情况 3、会议召开时间： （1）现场会议时间：2025 年 5 月 7 日（星期三）15:00 （2）网络投票时间：2025 年 5 月 7 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 7 日 9:15-9:25，9:30--11:30 和 13:00--15:00；通过深圳证券交易所互联网投票系统进行 网络投票的具体时间为 2025 年 5 月 7 日 9:15--15:00 的任意时间。 4、现场会议召开地点：深圳市龙 ...

Core Viewpoint - The company has a solid foundation in its TV ODM business, significant advantages in the LED industry chain, and is actively expanding into the optical communication sector, which is expected to open up long-term growth opportunities [1][2]. Financial Performance - In 2024, the company achieved revenue of 20.33 billion, a year-on-year increase of 18.4%, and a net profit attributable to shareholders of 1.6 billion, a year-on-year increase of 0.9% [3]. - For Q4 2024, the company reported revenue of 4.16 billion, a year-on-year decrease of 7.1%, and a net profit of 230 million, a year-on-year decrease of 27.4% [3]. - In Q1 2025, the company generated revenue of 3.72 billion, a year-on-year decrease of 9.33%, with a net profit of 330 million, a year-on-year decrease of 19.30% [3]. - The company plans to distribute a cash dividend of 1.07 per 10 shares, totaling 484 million, with a dividend payout ratio of 30.23% [3]. Revenue Breakdown - In 2024, the smart display terminal business generated revenue of 15.0 billion, a year-on-year increase of 18.4%, with a gross margin of 13.1%, down 3.2 percentage points [3]. - The LED series business generated revenue of 5.33 billion, a year-on-year increase of 18.3%, with a gross margin of 28.6%, up 2.8 percentage points [3]. Profitability and Expense Ratios - In 2024, the overall gross margin decreased by 1.66 percentage points to 17.17%, with net profit margin down by 1.39 percentage points to 7.87% [4]. - For Q4 2024, the gross margin was 20.48%, with a net profit margin of 5.52%, down 1.55 percentage points year-on-year [4]. - In Q1 2025, the gross margin increased by 0.56 percentage points to 18.34%, while the net profit margin decreased by 1.11 percentage points to 8.99% [4].