公司披露一季报。2025Q1 收入实现同比增长7.6%，归母净利润同比增长+5.8%，扣非归母净利润同比 增长+5%，表现符合市场预期。一季度公司经营活动现金流净额5.8 亿元，超出业绩绝对值。 维持强烈推荐投资评级。我们预计苏泊尔2025-2027 年业绩分别为24.3/26.3/27.5 亿元，同比分别增长 8%、8%及5%，对应PE 分别为19 倍、18 倍及17 倍，维持"强烈推荐"投资评级。 国补助力内需改善。我们预计苏泊尔25Q1 国内恢复增长3.5%，相较24H2下滑2.7%，环比改善明显，主 要跟国补提振市场终端需求有关，公司合同负债同比大幅增长44%，预示经销商打款积极性高；根据奥 维云网，厨小电2025Q1 零售额同比增长2.5%。苏泊尔今年AWE 期间发布多款电饭煲、破壁机、空气 炸锅等小厨电新品，同时迭代多款饮水机、熨烫机、吹风筒、母婴系列等产品，预期有望凭借出色产品 力充分受益国补。 风险提示：行业需求不振、以旧换新国家补贴效果不及预期；海外需求景气度不及预期；原材料价格大 幅上涨。 SEB 订单稳增无惧关税冲击。公司25Q1 外销收入预计同比增长18%，主要跟SEB 持续订单转移助 ...

Core Insights - The company reported a revenue of 16.54 billion yuan for 2024, representing a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 0.81 billion yuan, up 31.7% year-on-year [1] - In Q4 2024, the company achieved a revenue of 6.32 billion yuan, a year-on-year increase of 27.1%, and a net profit of 0.19 billion yuan, which is a significant increase of 2178.0% year-on-year [1] - For Q1 2025, the company reported a revenue of 3.86 billion yuan, up 11.1% year-on-year, and a net profit of 0.47 billion yuan, an increase of 59.4% year-on-year [1] Revenue Breakdown - In 2024, the revenue from the Ecovacs brand service robots, the Tineco brand smart home appliances, OEM/ODM cleaning appliances, and other businesses were 8.08 billion yuan, 8.06 billion yuan, 0.26 billion yuan, and 0.14 billion yuan, with year-on-year changes of +5.2%, +10.9%, -34.0%, and +43.4% respectively [1] - The domestic and international revenue for 2024 were 9.43 billion yuan and 7.11 billion yuan, reflecting year-on-year increases of 5.0% and 9.1% respectively [1] - Online and offline revenue for 2024 were 11.1 billion yuan and 5.44 billion yuan, with year-on-year changes of +14.7% and -6.6% respectively [1] Profitability Analysis - The gross margin for 2024 increased by 1.94 percentage points to 46.5%, with service robots, smart home appliances, and other products having gross margins of 45.0%, 48.6%, and 13.4% respectively [2] - The net profit margin for 2024 increased by 0.9 percentage points to 4.9% [2] - For Q1 2025, the gross margin rose by 2.5 percentage points to 49.7%, and the net profit margin increased by 3.7 percentage points to 12.3% [3] Future Projections - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.386 billion yuan, 1.630 billion yuan, and 1.900 billion yuan respectively, with year-on-year growth rates of 71.9%, 17.6%, and 16.6% [3]

Summary of Delmar's Conference Call Company Overview - **Company**: Delmar - **Industry**: Home Appliances, Water Health, Personal Care Key Points and Arguments Financial Performance - In 2024, Delmar benefited from national subsidy policies, achieving nearly 30% revenue growth and doubling net profit, setting a new quarterly record [2][3] - Revenue for 2024 surpassed 3.5 billion yuan, with a net profit increase exceeding 30% [3] - The first quarter of 2025 continued the growth trend, driven by strategic market insights and effective execution [3] Business Segments - **Water Health**: - Achieved double-digit growth in 2024 and Q1 2025, with flagship countertop water purifiers solidifying market leadership [2][7] - The new product "New Ice Fun" added ice-making features, enhancing its appeal [2][7] - **Personal Care**: - Experienced mid-to-high-speed growth in 2024, but faced a decline in Q1 2025 due to adjustments in e-commerce channels [2][8] - OEM business saw double-digit growth in 2024 and rapid growth in Q1 2025, benefiting from brand popularity and deepened partnerships [2][9] Regional Performance - Domestic business grew approximately 10% in 2024, with the cleaning segment under pressure but other segments showing growth [4] - International business accounted for nearly 20% of revenue in 2024, with a 20% year-on-year increase [5] - Q1 2025 saw a slight decline in international business, but water health and massage products continued to grow [5] Product Strategy and Market Position - The cleaning business faced challenges, prompting a strategic review and new product planning for 2025, focusing on enhancing product value and consumer trust [6][23] - Delmar maintains a leading market share despite competition, driven by continuous product iteration and effective channel promotion [14] - The company plans to enhance its product line in the under-sink category, which has significant market potential [15] Market Trends and Challenges - The small appliance industry is seeing improved competition, but cost reductions are not solely due to this; they are also linked to product strength and effective marketing [12] - The water purification industry is attracting many brands, necessitating strong product capabilities to maintain market position [22] Future Outlook - Domestic market demand for cleaning appliances and water health products is expected to grow due to national subsidy policies [19] - The company is cautious about the impact of U.S. tariffs on its North American market strategy, focusing instead on strengthening its presence in Europe and Southeast Asia [20][21] - Delmar aims to optimize its overseas channel structure while enhancing resource allocation for better market penetration [21] Innovation and Technology - Delmar emphasizes user insights and experience in product development, aiming for a competitive edge through innovation [13] - The company plans to transition the production of its flagship product "New Ice Fun" to an in-house supply chain in the future [18] Conclusion - Delmar's strategic focus on innovation, market expansion, and effective resource allocation positions it well for continued growth in the competitive home appliance market [27]

• 2025 年 2-3 月，国补政策显著修复小家电行业，多数品类恢复增长。电 饭煲、电磁炉等年初至今增速达 12%，电蒸锅 19%，养生壶高达 37%， 豆浆机、榨汁机等长尾品类亦有 17-18%的增长，整体呈现可观增长态势。 • 刚需品类中，电饭煲、电压力锅、微波炉受益于 2025 年 Q1 纳入国补范 围，增长主要依赖价格拉动；养生壶、榨汁机、豆浆机等动力型小家电量 价齐升，市场表现尤为突出。 • 2025 年 Q1，苏泊尔收入从 2024 年 Q4 的下滑恢复至正增长，增幅约 4- 5%。摩飞、九阳、小熊等公司也显现修复迹象，内销预期普遍高于去年 Q4，国补政策带动行业整体趋势向上。 • 偏刚需品类占比高且顺应消费升级的企业受益最明显，尤其享受京东自营 平台最高 20%补贴力度的企业。中高端价格带企业亦受益于国 VI 标准下 刚需品类价格升级趋势。 • 美的和苏泊尔在饭煲、电压力锅及微波炉领域市占率领先，一季度合计达 51%。美的、苏泊尔小家电线上销售中相关产品占比分别达到 25%和 30%，凭借市场领导地位和较高定价策略优势显著。 Q&A 天猫和淘宝在补贴政策方面有何变化？ 天猫和淘宝的补贴政策与去 ...

证券代码：300616 证券简称：尚品宅配 广州尚品宅配家居股份有限公司 投资者关系活动记录表 编号：2025003 投资者关系活动 类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （ ） 参与单位 长江证券、国华兴益、泰康资管、同泰基金、中金资管、长盛基金、 上汽颀臻(上海)资产管理、玄卜投资、青骊资产、上海砥俊投资、明 河投资、混沌投资、东方财富、方正证券、光大证券、国海证券、国 金证券、国信证券、华安证券、信达证券、银河证券、招商证券、浙 商证券、中泰证券、中信证券 时间 2025 年 4 月 28 日 地点 长江证券电话会议 上市公司接待人 员姓名 董事会秘书何裕炳 投资者关系活动 主要内容介绍 一、主要问题及回答: 问：2024 年和 2025Q1 的简单回顾。 答：在国内外经济不确定因素增多、国内房地产承压、消费不及预期、 市场竞争加剧的背景下，公司秉持长远发展的战略眼光，坚定不移地 聚焦主营业务，稳健有序地推进各项战略规划与业务布局，来应对短 期外部环境对公司经营带来的压力和挑战。2024 年公司实现营业收入 37.89 亿元，经营活动 ...

美国总统特朗普表示，美国不能再补贴加拿大。(智通财经) ...

你购买过"国补"产品吗？15%~20%的优惠，看上去的确很诱人。 南大戏文专业的原石同学最近发现电脑剪辑视频越来越卡顿，她觉得有必要换一台新的。因为家人去年年底换过一部新手机，享受了国补优 惠。所以她去一家提供国补优惠的门店买了新电脑，比原价便宜了两千元左右。 "唯一遗憾的是没买到喜欢的颜色"，在国补政策的加持下，线下店生意火爆。 线下店生意火爆（俞汶希 摄） 政策落地：国补激发市场活力 "国补"是国家为鼓励特定产业发展、促进民生消费而推出的财政补贴措施。最早可追溯到2009年，最初主要补贴领域是新能源汽车，消费者购 买符合条件的产品时，可享受价格减免，或通过申报获得资金返还。当时政策的主要目的是推动节能减排和新能源产业发展。 到2024年，政策范围扩大到了家电领域，涵盖冰箱、洗衣机、空调等8类家电产品，推动了家电行业的绿色转型和消费升级。2024年3月13日， 国务院印发《推动大规模设备更新和消费品以旧换新行动方案》，针对推动大规模家电设备更新换代和消费品以旧换新，提出重点实施设备更 新、消费品以旧换新、回收循环利用、标准提升"四大行动"。 2024年消费品以旧换新政策取得了良好成效。据国家发展改革委数据， ...

小家电行业专题报告：走出低谷，拥抱内需 20250427 摘要 • 2024 年第四季度国补政策推动厨小电行业销售额同比增长 5.8%，但全年 全渠道销售额同比下滑 0.8%。2025 年第一季度线上销售额同比增长 23.4%，市场明显好转，受益于低基数效应，预计第二、三季度收入将逐 级改善。 • 受出口链关税风险及市场情绪影响，投资者对内销标的重视度提升，小家 电板块受关注。推荐基本面稳健的苏泊尔，以及有望迎来反转的小熊电器、 飞科电器和北鼎股份。 • 厨小电市场预计迎来换新周期，叠加今年国补政策对储销小店的拉动作用， 刚需品类如电饭煲、空气炸锅等增速回升，新品类如健康自制产品、西式 消费场景产品及清洁类产品增长较快。 • 个护小家电市场竞争格局趋缓，飞科电器市占率维持稳定，竞争对手份额 下降，飞科有望迎来红利性机会。细分升级方向如差异化消费场景、新消 费群体等将推动行业均价修复。 • 小家电竞争环境有所改善，平台推出机制优化措施，如抖音退货推广费用 退还政策，有助于降低商家经营成本，提高利润空间，缓解品牌方压力并 优化渠道布局。 Q&A 当前小家电行业的基本面和资金层面有哪些改善？ 小家电行业在基本面和资 ...

Core Viewpoint - Gree Electric's stock has seen an increase of over 4% since April 8, 2023, attributed to the impact of tariffs and strong domestic demand [1] Financial Performance - In Q1 2024, Gree Electric reported a revenue of 416.39 billion yuan, a year-on-year increase of 13.78%, and a net profit of 59.04 billion yuan, up 26.29% [4] - For the full year 2023, Gree Electric's revenue was 1900.38 billion yuan, a decrease of 7.31%, while the net profit was 321.85 billion yuan, an increase of 10.91% [4] - The revenue for Q4 2023 was 426.22 billion yuan, down 13.38% year-on-year, with a net profit of 102.24 billion yuan, up 14.55% [4] Business Segments - The consumer electronics segment is projected to generate 1485.6 billion yuan in revenue for 2024, a decline of 4.29% [5] - The industrial products and green energy segment is expected to see a slight increase in revenue to 172.46 billion yuan, up 0.8% [5] - The smart equipment segment is forecasted to decline significantly, with revenue of 4.24 billion yuan, down 36.68% [5] - Domestic revenue from main business operations fell by 5.45%, while overseas revenue grew by 13.25% [6] Dividend Policy - Gree Electric plans to distribute a cash dividend of 20 yuan per 10 shares, totaling 111.7 billion yuan, which represents 52.06% of the net profit attributable to shareholders [10] - The total cash dividend for 2024 is projected to be 167.55 billion yuan, reflecting a significant increase from previous years [11] Market Outlook - The "old-for-new" policy is expected to drive growth in home appliance sales, with sales exceeding 720 billion yuan this year [12] - Analysts have raised profit expectations for 2025-2026, anticipating net profits of 339 billion yuan and 366 billion yuan, respectively, reflecting growth rates of 10% and 8% [12] - Gree Electric is viewed as a strong defensive stock, with ongoing operational changes expected to enhance performance [12]

Core Insights - The implementation of the "mobile national subsidy" policy on January 20 significantly impacted the smartphone market, with a reported doubling of foot traffic in stores on the first day of the subsidy [1][3] - OnePlus's Ace 5 Pro emerged as a standout model, with a price drop of 400 yuan, making it the lowest-priced Snapdragon 8 Gen 2 model in the market, leading to immediate stock shortages [3][4] - The national subsidy is seen as a catalyst for consumers to opt for higher-performance products within their budget, benefiting mid-range models like the OnePlus Ace 5 series [4][5] Industry Impact - The national subsidy policy, which offers a 15% rebate on smartphones priced under 6000 yuan, has led to a 5% year-on-year increase in smartphone shipments in Q1 2025, totaling 70.9 million units [4] - Industry experts note that while the subsidy has stimulated initial demand, its marginal benefits may diminish over time, raising questions about the sustainability of growth in subsequent quarters [4][5] - OnePlus is strategically targeting the small-screen smartphone market, which has a significant demand gap, with the upcoming OnePlus 13T positioned to meet this need [5]