招财日报2025.2.7 美国经济/百胜中国、Thermo Fisher 公司4Q24业绩点评

Macroeconomic Insights - The US services PMI showed a moderate decline but remains in expansion, indicating economic resilience despite slowing demand and easing inflation[1] - Manufacturing PMI returned above the threshold for the first time in 10 months, with significant rebounds in demand, production, and employment, potentially due to real estate recovery and supply chain improvements[1] - Market concerns about inflation have eased slightly, supported by the US Treasury Secretary's commitment to controlling inflation and non-intervention in the Federal Reserve's policies[1] Company Analysis - Yum China - For Q4 FY24, Yum China's sales and net profit grew by 4% and 10% respectively, aligning with market expectations, driven primarily by a 14% increase in delivery sales[2] - Same-store sales declined by 1% in Q4, an improvement from a 3% drop in Q3, with customer traffic growth for KFC and Pizza Hut contributing positively[2] - Management projects system sales growth in FY25 to be in the mid-single digits, with a slight decline in raw material prices and a modest increase in labor costs[4] Company Analysis - Thermo Fisher - Thermo Fisher reported a 4.7% increase in revenue and a 7.6% rise in adjusted EPS for Q4 FY24, exceeding consensus estimates[7] - The company anticipates revenue growth of 1.4-2.6% and adjusted EPS growth of 5.7-7.5% for FY25, supported by strong demand in the pharmaceutical sector[7] - Capital expenditures are expected to rise to $1.4-1.7 billion in FY25, marking an 11% increase, indicating confidence in future growth[8] Strategic Market Insights - The Chinese market for Thermo Fisher showed low single-digit growth in FY24, with a positive trend observed throughout the year, indicating stabilization[9] - Management highlighted that China's equipment upgrade stimulus policies have begun to yield revenue, suggesting a potential recovery in this strategic market[9]