第一创业：晨会纪要-20250206

Group 1: MCU Manufacturers - Microchip Technology Co. announced a revenue forecast of approximately 912 million yuan for 2024, representing a year-on-year growth of about 27.80%. The net profit attributable to the parent company is expected to be around 135 million yuan, marking a turnaround from losses [2] - The significant revenue growth is attributed to the recovery in downstream demand, particularly in industrial control and automotive electronics, along with a substantial increase in gross profit margin due to inventory consumption and product updates [2] - The industrial automation orders from major domestic players have shown signs of recovery, indicating an improving demand in the industrial control sector [2] Group 2: Rare Earth Permanent Magnet Manufacturers - Ningbo Yunsheng expects a net profit of 110 million yuan for 2024, a 149% increase from 2023, with a 122% year-on-year growth in Q4. Inlohua anticipates a net profit of 260 million yuan, up 185%, with Q4 net profit soaring by 997% [2] - The growth in these companies is primarily driven by the decline in rare earth raw material prices and increased downstream demand, leading to a significant recovery in gross profit margins [2] - The stability of rare earth prices over the past six months suggests a potential turnaround in the industry if supply indicators are tightened further [2] Group 3: Wanchen Group - Wanchen Group's net profit is expected to be between 240 million to 300 million yuan for 2024, a significant turnaround from a loss of over 80 million yuan in the previous year [5] - The company has nearly doubled its store count since June last year, indicating aggressive expansion in the snack retail sector [5] - The competitive landscape remains open for further growth, despite the market entering a more mature phase [5] Group 4: Miaokelando - Miaokelando forecasts a net profit increase of 29.93 to 69.93 million yuan for 2024, representing a year-on-year growth of 49.84% to 116.43% [7] - The profit surge is attributed to product structure optimization, cost reductions, and effective expense management, particularly due to lower international cheese and raw milk prices [7] - The company has reversed its previous two years of profit decline, presenting a noteworthy investment opportunity [7]