光大证券研究·2025-05-14 13:54Macro Insights - US inflation continues to decline, with April CPI data showing a drop below expectations, indicating a weakening inflation risk due to tariff adjustments [3] - The reduction in tariffs suggests a decrease in recession risks for the US, allowing the Federal Reserve to adopt a more patient approach in observing economic changes [3] Industry Insights - MXD6, a high-performance engineering plastic, is experiencing high demand for lightweight and barrier packaging materials, indicating a broad market potential [4] - The company has been a leader in ion exchange and adsorption resin for nearly 30 years, focusing on R&D, production, and sales [5] - The company has achieved the top market share in the ADAS integrated machine market in 2024, with expectations for hardware shipments to exceed ten million units in 2025 [8] Company Performance - JD Group reported a 1Q2025 revenue of 301.08 billion yuan, a year-on-year increase of 15.8%, and a GAAP net profit of 10.89 billion yuan, up 52.7% year-on-year [9] - The company also reported a Non-GAAP net profit of 12.76 billion yuan, reflecting a 43.4% year-on-year growth [9]