渤海证券研究所晨会纪要（2025.05.06）-20250506

Macro and Strategy Research - In April 2025, the manufacturing PMI dropped to 49.0%, indicating a contraction in manufacturing activity, influenced by high base effects and external environmental changes [2][3] - The production index decreased by 2.8 percentage points to 49.8%, while the new orders index fell by 2.6 percentage points to 49.2%, reflecting a slowdown in both production and demand [3] - The non-manufacturing business activity index also declined by 0.4 percentage points to 50.4%, with the construction sector remaining in expansion territory [4] Company Research: Aorijin (002701) - Aorijin reported a slight revenue decline of 1.23% to 13.673 billion yuan in 2024, but net profit increased by 2.06% to 791 million yuan [6][8] - In Q1 2025, revenue surged by 56.96% to 5.574 billion yuan, and net profit skyrocketed by 137.91% to 665 million yuan [6][8] - The company successfully consolidated its financials with COFCO Packaging, significantly boosting its asset scale by 83.13% [8] Company Research: Oppein Home (603833) - Oppein Home's Q1 2025 revenue decreased by 4.80% to 3.447 billion yuan, while net profit increased by 41.29% to 308 million yuan [11][12] - The company improved its profitability through supply chain reforms and automation upgrades, with gross margin rising by 4.31 percentage points to 34.29% [13] - Contract liabilities grew by 168.51% year-on-year, indicating strong future revenue potential [13] Company Research: Sophia (002572) - Sophia's 2024 revenue fell by 10.04% to 10.494 billion yuan, but net profit rose by 8.69% to 1.371 billion yuan [16][17] - The company experienced a significant decline in Q1 2025 net profit by 92.69% to 12.1 million yuan, primarily due to high base effects and a drop in the fair value of investments [16][17] - The implementation of a whole-house customization strategy has led to a steady increase in average transaction value [17][18]