丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 6 之 Puma FY2025Q1 经营跟踪： 大中华区持续疲软，维持全年业绩指引 报告要点 %% %% %% %% research.95579.com 1 [Table_Summary] FY2025Q1（2025/1/1-2025/3/31）Puma 实现营收 20.8 亿欧元，基本符合预期（彭博一致预 期 20.4 亿欧元），固定汇率下同比+0.1%。毛利率同比-0.6pct 至 47.0%，主要受 2024 年库存 高估值及汇率波动影响。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 FY2025Q1（2025/1/1-2025/3/31）Puma 实现营收 20.8 亿欧元，基本符合预期（彭博一致预 期 20.4 亿欧元），固定汇率下同比+0.1%。毛利率同比-0.6pct 至 47.0%，主要受 2024 年库 存高估值及汇率波动影响。 事件评论 ⚫ 收入拆 ...

证券研究报告 | 2025年05月19日 家电行业周报（25 年第 20 周） 优于大市 4 月家电内销需求加速增长，受关税影响出口额微降 2% 本周研究跟踪与投资思考：4 月我国家电零售需求迎加速增长，线上线下零 售额同比增长约 20%。618 大促开启，今年活动时间提前，周期拉长。4 月受 美国关税影响，我国家电出口额微降 2%，但空调、洗衣机等增长依然良好。 4 月家电零售需求加速增长，线上线下均表现良好。奥维云网数据显示，4 月我国家电零售需求迎来环比加速增长，线上线下零售额同比分别增长 21.8%/18.6%，1-4 月累计同比增长 9.1%/14.8%。分量价来看，在国补政策 的带动下，量价均有明显的增长，4 月线上线下零售量同比分别增长 6.5%/10.8%，1-4 月累计同比增长 1.2%/4.5%。分品类看，白电增长良好， 空调线上线下均有双位数增幅；大厨电中，油烟机、燃气灶线上线下均有较 快增长；厨房小家电线上线下零售表现有所改善，电饭煲线下增长较快；扫 地机及洗地机延续强劲增长趋势，清洁电器增长靓丽。 4 月家电出口额微降 2%，受美国加征关税影响有限。据海关总署发布的数据， 4 月我国 ...

全球零售巨头沃尔玛近期公布一季度业绩。 财报显示，截至2025年4月30日的一季度，沃尔玛全球一季度实现总营收1656亿美元，同比增长2.5% （剔除汇率波动影响后，总营收为1680亿美元，同比增长4.0%）；一季度调整后营业利润为73亿美 元，同比增长3.0%，综合毛利率提高了12个基点。 其中，沃尔玛中国增长强劲，第一季度实现净销售额67亿美元，同比增长22.5%；可比销售额增长 16.8%，电商业务净销售额增长34%。 针对关税对业务的影响，其高管也在电话会上作出相关回应。 沃尔玛全球总裁及首席执行官董明伦在公司第一季度财报电话会议上表示，所有的关税都给我们带来了 成本压力，但对中国征收的较高关税影响最大。所有受关税影响的市场的成本压力从4月底开始，并在5 月份加速。他表示，尤其是在电子产品和玩具等某些类别中，中国市场占据了很大的份额。 山姆和电商业务亮眼 沃尔玛将其传统业务主要分为：沃尔玛美国、沃尔玛国际、山姆会员商店。 作为公司最重要的市场，沃尔玛美国区表现稳健，销售额达1122亿美元，同比增长3.2%，同店销售额 增长了4.5%，得益于电子商务21%的销售增长。 配送效率持续推动沃尔玛美国电商业务 ...

分析师及联系人 [Table_Author] 丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 5 之 Adidas FY2025Q1 经营跟踪： 关税影响较小，维持全年指引 报告要点 [Table_Summary] FY2025Q1（2025/1/1-2025/3/31）Adidas 实现营收 61.5 亿欧元，业绩略高于预期（彭博一致 预期 61.0 亿欧元），固定汇率下同比+13%，剔除 Yeezy 影响后 Adidas 品牌营收同比+17%。 归母净利润为 4.3 亿欧元，同比+151%。毛利率同比+0.9pct 至 52.1%，主因产品成本和运费 降低以及折扣改善。 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]5 之 Adidas FY2025Q1 经营跟踪： 关税影响较小，维持全年指引 [Table_S ...

Financial Data and Key Metrics Changes - The company reported record high adjusted earnings per share, increasing by 11.9% from $1.09 to $1.22 [11][17] - Organic sales growth was 1.6%, with acquisitions contributing 10.5% to sales growth, resulting in total sales growth of 11.4% [12][18] - Adjusted operating income in the Americas and Asia region grew by 20.2% [5][26] Business Line Data and Key Metrics Changes - The Americas region achieved organic sales growth of 5.4%, while Europe and Australia experienced a decline of 5.4% in organic sales [5][11] - Adjusted operating income in Europe increased by 3.8% despite the sales decline, attributed to restructuring actions [6][29] - Research and development (R&D) investment increased by over 8% this quarter, totaling $19.2 million [6][15] Market Data and Key Metrics Changes - Revenue by geography showed 52% from the US, 30% from Europe, 8% from Asia, and 10% from Australia and the rest of the Americas [10] - The Asia business reported organic sales growth of nearly 23%, with a return to growth in China [26][52] Company Strategy and Development Direction - The company is focused on integrating R&D functions and building new product roadmaps, including direct part marking technologies [6][25] - The acquisition of Funai's microfluidic solution business is expected to enhance the company's capabilities in custom part marking [7][40] - The company aims to mitigate tariff impacts through strategic sourcing and price adjustments while maintaining a focus on operational efficiency [21][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the global tariff environment but expressed confidence in the company's ability to mitigate impacts through geographic diversification [10][60] - The company tightened its adjusted diluted EPS guidance range for the fourth quarter due to anticipated tariff expenses and economic uncertainties [21][22] Other Important Information - The company returned $44.5 million to shareholders through dividends and share buybacks during the quarter [19][20] - Incremental tariff expenses were approximately $3 million in the third quarter, impacting diluted earnings per share by about $0.05 [20][21] Q&A Session Summary Question: Impact of tariffs on top line - Management indicated no significant demand destruction from tariffs yet, as inventory levels have buffered the immediate effects [33][34] Question: Sustainability of SG&A actions - Management noted ongoing efforts to drive down SG&A costs, with expectations for continued operational efficiency [36][37] Question: Details on the Funai acquisition - The acquisition is expected to enhance the company's product offerings in industrial inkjet solutions, with a purchase price of $11.6 million and estimated first-year sales of $15 to $20 million [38][54] Question: Fourth quarter guidance discrepancies - Management explained anticipated headwinds in the Americas due to tariffs, while expecting a flat performance in Europe [44][46] Question: Current situation in China - The company has reduced its footprint in China, focusing on multinational customers while maintaining a small presence [51][52]

STERIS (STE) Q4 2025 Earnings Call May 15, 2025 09:00 AM ET Company Participants Julie Winter - Vice President of Investor Relations & Corporate CommunicationsMichael Tokich - Senior VP & CFODaniel Carestio - President, CEO & DirectorPatrick Wood - Managing DirectorMac Etoch - Senior Research Associate Conference Call Participants David Turkaly - Research AnalystMike Matson - Senior Equity Research AnalystMichael Polark - Senior Equity Research AnalystJason Bednar - Senior Research AnalystBrett Fishbin - Vi ...

Financial Data and Key Metrics Changes - Net sales for the quarter were $166 million, a decrease of $104 million or 39% compared to the prior year period, driven by a deliberate reduction of inventory and lower store count [17][18] - Gross profit for the quarter was $44 million, an increase of $6 million compared to the prior year period [18] - SG&A expenses improved to $39 million for the quarter compared to $49 million in the prior year period, primarily due to reduced overhead personnel and marketing expenses [18][19] - The company achieved a gross margin of 24% excluding LIFO adjustments, representing a 10% increase compared to the prior year [18] - Adjusted EBITDA loss was $4 million, an improvement compared to the loss of $18 million in the prior year period [19] Business Line Data and Key Metrics Changes - New unit sales were down 36% or 912 units in the quarter, while average selling price for new units was 15% better for the quarter [16] - Pre-owned retail unit sales were down 48% or 655 units during the quarter, reflective of divestitures [16] - Gross margins for new vehicles were 11% for the quarter, a 7% increase compared to the prior year period, while used vehicle gross margins were 21%, a 10% increase [17] Market Data and Key Metrics Changes - New inventory comprised of 82% model year 2025 and 2026 units, up significantly from last quarter [13] - The company noted a shift towards single axle towables and first-time buyers, with motorized inventory sales improving 11% in the first quarter versus the fourth quarter [13] Company Strategy and Development Direction - The company outlined a two-part strategy focused on optimizing dealership footprint and maximizing operational performance [5] - The sale of five dealerships to Camping World allowed the company to significantly deleverage its balance sheet by repaying approximately $145 million in debt [6] - The company entered into a letter of intent to divest three additional stores, aiming to refine its footprint and reinforce its financial position [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the RV lifestyle's affordability and consumer attraction despite potential tariff impacts [9] - The company is closely monitoring customer demand and macroeconomic trends, including tariffs and supply chain shortages [13] - Management remains committed to strengthening the balance sheet to support long-term growth and stability [20] Other Important Information - The company reported a loss from operations of $2.3 million for the quarter, which included non-cash impairment charges of $2.9 million [19] - The company reduced debt by $145 million during the quarter, contributing to meaningful deleveraging [19] Q&A Session Summary - No questions were fielded following the conclusion of prepared remarks, and the call concluded without a Q&A session [4]

尽管有关税，但对一些产品保持价格不变。 供应商因关税而转移（到其他地方）采购材料。 沃尔玛ceo：哥斯达黎加、秘鲁、哥伦比亚的关税影响食品。 ...

浙江自然发布2024A&2025Q1 财报，2024 年实现营收10.0 亿元，同比+21.7%，归母净利润1.9 亿元，同 比+41.7%，扣非归母净利润1.7 亿元，同比+25.0%。其中Q4 实现营收2.1 亿元，同比+39.4%，归母净利 润0.2 亿元，同比扭亏0.3 亿元，扣非归母净利润0.2 亿元，同比+420%。2025Q1 实现营收3.6 亿元，同 比+30.4%，归母净利润1.0 亿元，同比+148.3%，扣非归母净利润0.9 亿元，同比+53.8%，业绩表现超预 期。 事件评论 Q1 收入符合预期，业绩表现超预期。2025Q1 实现营收3.6 亿元，同比+30.4%，收入预计主因床垫、保 温箱及水上用品各业务订单表现较优拉动，净利润显著表现较优主因收入高增下费用率显著优化所致， 投资收益及其他收益波动主因理财产品收益变化所致。 新业务稳健增长，关税短期压制床垫订单。当前东南亚水上用品及保温箱业务生产交货仍正常，预计国 内床垫发货至美国业务暂时停发，部分越南床垫产能替代生产，后续东南亚工厂有望加大床垫产能以应 对美国关税影响。 事件描述 展望未来，短期国内床垫订单预计仍将承压，但后续伴随关 ...

Teleflex (TFX) 2025 Conference May 14, 2025 04:40 PM ET Speaker0 My name is Craig Bijou, one of the med tech analysts here at BofA. And it's a pleasure to have Teleflex here from the company, Liam Kelly, CEO and Larry Koosh, vice president investor relations and strategy development. Thank you guys for coming. Speaker1 Thanks for having us. Maybe Speaker0 just want to start with, let's start with Q1 results. You're a couple of weeks removed from that. Just talk about, I guess, some of the, I I guess, how Q1 ...