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第一创业晨会纪要-20250808
First Capital Securities·2025-08-08 02:44

Macro Economic Group - In July, China's exports in USD terms increased by 7.2% year-on-year, exceeding the Wind forecast of 5.9% and the previous month's growth of 5.8% [5] - Imports grew by 4.1%, significantly higher than the Wind forecast of 0.3% and the previous month's growth of 1.1% [5] - The trade surplus for July was $98.2 billion, lower than the expected $101.5 billion and the previous month's $114.8 billion [5] - Cumulatively, from January to July, China's total trade volume in USD terms grew by 2.4%, a 0.6 percentage point increase from the first half of the year [5] - Exports to ASEAN, the largest trading partner, grew by 13.5%, while exports to the US decreased by 12.6% [6] Industry Comprehensive Group - SMIC reported Q2 sales of $2.209 billion, a 1.7% decrease quarter-on-quarter but a 15.8% increase year-on-year, with a gross margin of 20.4% [9] - Hua Hong Semiconductor's Q2 revenue was $566 million, exceeding the guidance midpoint, with a year-on-year growth of 18.3% and a gross margin of 10.9% [9] - Both companies exceeded performance expectations, indicating a positive outlook for the semiconductor industry's continued growth [9] Advanced Manufacturing Group - XPeng's new P7 model pre-sold over 10,000 units in just 6 minutes and 37 seconds, showcasing strong market demand [12] - The P7 features advanced technology such as an 800V architecture and 5C battery, reflecting the maturity of China's EV supply chain [12] - The strong consumer interest in the P7 indicates significant market potential for disruptive products in the mainstream price range of 200,000 to 300,000 RMB [12] Consumer Group - Unified Central Control reported a revenue of 17.087 billion RMB for H1 2025, a 10.6% increase from 15.449 billion RMB in H1 2024 [16] - The net profit attributable to equity holders rose by 33.2% to 1.287 billion RMB, driven by increased sales and improved gross margin [16] - The gross margin increased to 34.3%, benefiting from enhanced production capacity and a decline in raw material prices [16]