第一创业晨会纪要-20250515

Macroeconomic Group - In April, M2 growth was 8% year-on-year, exceeding the expected 7.5% and the previous month's 7% [2] - The total social financing (TSF) year-on-year growth was 8.7%, slightly below the expected 8.8% and previous month's 8.4% [2] - The incremental TSF in April was 1.16 trillion yuan, lower than the expected 1.26 trillion yuan and significantly down from 5.89 trillion yuan in the previous month [2] Strategy and Advanced Manufacturing Group - Jilin Chemical Fiber announced a price increase of 10,000 yuan per ton for its wet-process carbon fiber products due to rising demand from low-altitude economy and drones [5] - The current market price for carbon fiber is around 200-220 yuan per kilogram, reflecting a 5% increase, the largest since previous price adjustments [5] - The carbon fiber industry is expected to improve as wind power installations grow and military orders resume, indicating a recovery from the worst phase [5] Consumer Group - Marubi Bio achieved a revenue of 2.97 billion yuan in 2024, a year-on-year increase of 33.4%, with a net profit of 330 million yuan, up 73.9% [8] - In Q1 2025, the company reported revenue of 850 million yuan, a 28% increase year-on-year, and a net profit of 130 million yuan, up 28.57% [8] - The eye care product segment saw a revenue of 690 million yuan in 2024, growing 60.8% year-on-year, with Q1 2025 showing an impressive 89.1% growth [9]