第一创业：晨会纪要-20250213

Group 1: Camera Module Industry - Sunny Optical Technology (2382.HK) reported a 102% month-on-month increase in vehicle lens shipments in January, with a year-on-year growth of 6.5% [3] - Mobile lens shipments reached 106 million units, reflecting a 1.0% month-on-month increase and a 2.6% year-on-year increase [3] - The decline in mobile camera module shipments by 31.1% month-on-month and 40.9% year-on-year indicates a seasonal effect due to the timing of the Chinese New Year, yet the positive year-on-year growth suggests strong market demand [3] - The automotive sector is expected to see significant growth in smart driving features, with cameras being a major beneficiary, indicating a positive outlook for the camera supply chain [3] Group 2: Construction Machinery Industry - In January 2025, major excavator manufacturers sold 12,500 units, marking a year-on-year increase of 1.1%, with domestic sales at 5,405 units (down 0.3%) and exports at 7,107 units (up 2.19%) [3] - Major loader manufacturers sold 7,920 units, with domestic sales at 3,706 units (down 1.01%) and exports at 4,214 units (up 3.84%) [3] - The performance of major construction machinery products during the Chinese New Year period indicates a recovery in demand, contrasting with significant declines in previous years [3] Group 3: Retail Sector - Dashang Co., Ltd. - Dashang Co., Ltd. has shown stable revenue growth, with a turnaround in profit growth in 2023, achieving an 18% increase in net profit attributable to shareholders in the first three quarters of 2024 [6] - The company’s strategic adjustments, including closing underperforming stores, have reduced operational burdens and allowed for a focus on quality business development [6] - The new chairman, with extensive experience in commercial real estate, is expected to bring fresh perspectives and operational capabilities to enhance Dashang's business [6]