东海证券晨会纪要-20250515

Group 1: U.S. Inflation Analysis - The U.S. April CPI data showed a year-on-year increase of 2.3%, below the expected 2.4%, and a month-on-month increase of 0.2%, also below the expected 0.3% [5][6] - Three reasons are identified for the lower-than-expected inflation: the time lag in tariff transmission to prices, absorption of tariff impacts by U.S. importers and foreign exporters, and declining energy prices offsetting tariff-induced price increases [6][10][12] - Energy prices continued to decline, with energy commodities down 11.5% year-on-year, while energy services remained strong, with gas prices increasing 15.7% year-on-year [7][8] Group 2: Yifeng Pharmacy (603939) - Yifeng Pharmacy achieved a revenue of 24.06 billion yuan in 2024, a year-on-year increase of 6.53%, and a net profit of 1.529 billion yuan, up 8.26% [16][17] - The company reported a strong performance in its franchise and distribution business, with a revenue increase of 11.34% [17] - The company is focusing on expanding its O2O business, which generated 2.127 billion yuan in revenue, with a 23.02% year-on-year growth [17][19] Group 3: Zhichun Technology (603690) - Zhichun Technology reported a revenue of 3.605 billion yuan in 2024, a year-on-year increase of 14.40%, but a net profit decline of 93.75% [21][22] - The company is transitioning to a domestic supply chain, with system integration business revenue growing by 22.07% [22][23] - New orders increased by 17.88% in 2024, with a focus on equipment and electronic materials business segments [24][25]