申万宏源证券晨会报告-20250526

Group 1: Market Overview - The Shanghai Composite Index closed at 3348 points, down 0.94% for the day and down 0.57% over the month [1] - The Shenzhen Composite Index closed at 1973 points, down 0.89% for the day and down 0.67% over the month [1] - Large-cap indices showed a decline of 0.77% yesterday but a gain of 2.81% over the past month [1] Group 2: Industry Performance - The passenger car sector saw a daily increase of 2.18% and a monthly increase of 7.73% [1] - Precious metals increased by 1.5% yesterday but decreased by 0.81% over the past month [1] - The rubber industry rose by 1.26% yesterday and increased by 8.6% over the past month [1] Group 3: Company Insights - MINISO - MINISO reported Q1 2025 revenue of 4.43 billion yuan, an 18.9% year-on-year increase, with a gross margin of 44.2% [25] - The company’s same-store sales improved significantly, contributing to accelerated revenue growth [25] - Overseas store expansion continues to drive revenue, with overseas stores reaching 3,213, contributing 36% of total revenue [25] Group 4: Company Insights - JEPTEK - JEPTEK reported a 37% year-on-year increase in net profit for Q1 2025, with new orders up 89% [30] - The growth is attributed to increasing demand for laser products across various industries [30] - The company’s diversified business layout supports rapid revenue and profit growth [30] Group 5: Industry Insights - Cosmetics and Aesthetics - The cosmetics and aesthetics sector experienced a pullback after previous gains, with the beauty care index down 1.5% [28] - The beauty care sector has seen a year-to-date increase of 11.7%, indicating strong performance despite recent adjustments [28] - Companies like Up Beauty and Proya are highlighted for their robust growth potential due to effective brand strategies [28]