Macroeconomic Group - In the first four months of 2025, national general public fiscal revenue decreased by 0.4% year-on-year, with a recovery of 0.7 percentage points compared to the first quarter. Central revenue improved by 1.9 percentage points to -3.8%, while local revenue remained flat at 2.2% [3] - General public fiscal expenditure increased by 4.6% year-on-year, with a 0.4 percentage point recovery from the first quarter. Central expenditure rose by 0.1 percentage points to 9.0%, while local expenditure decreased by 0.3 percentage points to 3.9% [3] - Government fund revenue in the first four months fell by 6.7% year-on-year, but showed a recovery of 4.3 percentage points compared to the first quarter. The revenue from local state-owned land use rights decreased by 11.4% year-on-year, with a recovery of 4.5 percentage points [3] Strategy and Advanced Manufacturing Group - Wolfspeed, a semiconductor manufacturer, reported plans to file for bankruptcy, leading to a 50% drop in its stock price. The global silicon carbide (SiC) substrate market saw a 9% year-on-year decline in 2024, with revenues falling to $1.04 billion [6] - Wolfspeed's revenue for the nine months ending March 2025 was $560 million, a year-on-year decrease of approximately 8%, with a net loss of $940 million, which has increased by about 50% since 2022. In contrast, Chinese manufacturer Tianyue Advanced reported 2024 revenues of approximately $240 million, a 41% year-on-year increase, achieving a net profit of 179 million RMB [6] - The domestic SiC industry is gaining a competitive edge in cost and technology, with 8-inch production already online and 12-inch technology reaching usability. If Wolfspeed goes bankrupt, it could free up about 34% of the market share, benefiting domestic price competition and market share growth [6] Consumption Group - OnRunning achieved revenues of 730 million Swiss francs in Q1 2025, a year-on-year increase of 43%. Adjusted EBITDA reached 129 million Swiss francs, up 54.8%, while net profit decreased by 38% to 56.7 million Swiss francs [9][10] - Direct sales channel revenue was 280 million Swiss francs, a 45.3% increase, while wholesale channel revenue was 450 million Swiss francs, up 41.5%. The Asia-Pacific region saw a significant revenue increase of 130.1% to 121 million Swiss francs, with notable contributions from China and Japan [10] - The brand plans to expand its store count in China from 24 to over 100 by 2026, indicating a strategic focus on the Chinese market. The footwear category remains the core growth driver, with Q1 revenue of 680 million Swiss francs, a 40.5% increase, accounting for 93.7% of total revenue [10][11]
第一创业晨会纪要-20250521
First Capital Securities·2025-05-21 05:19