轻工制造行业点评报告：多个消费品制造细分行业利润涨幅扩大

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected increase of over 10% relative to the market index in the next six months [4][7]. Core Insights - The profits of major industrial enterprises in China continued to improve, with a total profit of 211.7 billion yuan from January to April 2025, reflecting a year-on-year increase of 1.4% [1]. - In the consumer goods manufacturing sector, six out of thirteen major categories showed positive profit growth, with agricultural and sideline food processing profits increasing by 45.6% year-on-year [2]. - The report suggests focusing on sectors such as food and beverage, cosmetics, gold and jewelry, and home appliances, which are expected to benefit from policy support and market demand [3]. Summary by Sections Industrial Profit Trends - From January to April 2025, the total profit of large-scale industrial enterprises reached 211.7 billion yuan, with April profits showing a year-on-year increase of 3.0% [1]. - The total operating revenue for the same period was 4,344.2 billion yuan, reflecting a year-on-year increase of 3.2% [1]. Consumer Goods Manufacturing - In the consumer goods manufacturing sector, agricultural and sideline food processing, food manufacturing, beverage, and printing industries saw profit increases, while furniture and paper industries experienced significant declines [2]. - The report highlights that the home appliance sector benefited from the "old for new" policy, with profits in related industries growing by 17.2% to 15.1% [2]. Investment Recommendations - The report recommends focusing on resilient sectors such as food and beverage, cosmetics, gold and jewelry, and home appliances, which are expected to perform well in the near future [3].