证 券 研 究 报 告 公司发布 2025 年一季度报告，25Q1 公司实现营业收入 73.6 亿元，同增 23.8%， 归母净利润 1.8 亿元，同增 16.9%，扣非归母净利润 1.7 亿元，同减 6.2%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 28,601 | 31,885 | 34,730 | 37,530 | | 同比增速(%) | 18.0% | 11.5% | 8.9% | 8.1% | | 归母净利润(百万) | 699 | 803 | 906 | 1,004 | | 同比增速(%) | -5.6% | 14.9% | 12.9% | 10.8% | | 每股盈利(元) | 0.68 | 0.78 | 0.88 | 0.97 | | 市盈率(倍) | 11 | 10 | 9 | 8 | | 市净率(倍) | 1.3 | 1.2 | 1.1 | 1.0 | 资料来源：公司公告，华创证券预测 注：股价为 ...

多个消费品制造细分行业利润端有所改善 [Table_ReportType] ——轻工制造行业快评报告[Table_ReportDate] 轻工业绩预告表现平淡，预盈率为 53% 1-9 月消费品制造业保持良好增长，家具行 业利润同比涨幅扩大 1-7 月消费品制造业利润保持良好增长 [Table_Authors] 分析师: 李滢 电话： 15521202580 投资要点： ⚫ 3 月规模以上工业企业利润有所改善。从利润端来看，2025 年 1-3 月 份，全国规模以上工业企业实现利润总额 15,093.6 亿元，同比+0.8%， 相比 1-2 月提升 1.1 个 pct，工业企业利润延续恢复态势。其中，3 月 份规模以上工业企业利润同比+2.6%，较 1-2 月提升 2.9 个 pct，企业 当月利润有所改善。从收入端来看，2025 年 1-3 月份，全国规模以上 工业企业实现营业收入 321,395.9 亿元，同比+3.4%，较 1-2 月提升 0.6 个 pct。其中，3 月份规模以上工业企业营收同比+4.2%，较 1-2 月提升 1.4 个 pct。 ⚫ 多个消费品制造细分行业利润跌幅收窄。从消费品制造业 ...

Core Viewpoint - Hisense Home Appliances reported strong Q1 2025 results, achieving revenue of 24.838 billion yuan, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 1.127 billion yuan, up 14.89% year-on-year, marking the best performance for the same period since Q1 2002 [2] Financial Performance - Revenue for Q1 2025 reached 24.838 billion yuan, with a net profit of 1.127 billion yuan and a non-recurring net profit of 1.008 billion yuan, reflecting year-on-year growth of 14.89% and 20.27% respectively [2] - The company's return on equity (ROE) for 2024 was reported at 23.27%, outperforming competitors such as Haier Smart Home (17.70%), Midea Group (21.29%), and Gree Electric (25.42%) [5] Market Position and Product Performance - Hisense's multi-split air conditioning systems captured over 20% market share, while the company maintained the top position in the fresh air air conditioning category with a sales share of 42.8% [3] - The refrigerator segment saw an increase in market share by 2.6 percentage points, with the Rongsheng brand also experiencing a 2.3 percentage point increase [3] - The washing machine business improved user experience, resulting in a 0.7 percentage point increase in offline market share [3] Growth Drivers - The growth in Q1 performance is attributed to several factors: recovery in central air conditioning sales, strong growth in home air conditioning, high single-digit growth in refrigeration and washing machine segments, and significant orders in the HVAC sector for new energy vehicles [4] - Domestic and international sales trends indicate a positive outlook, with exports expected to grow over 20% year-on-year [4] Financial Stability - The company reported a total debt of 52 billion yuan, with non-interest-bearing liabilities accounting for 92% of total debt, indicating strong bargaining power within the appliance supply chain [6] - The liquidity surplus after settling all payables and interest-bearing debts is 21.8 billion yuan, showcasing financial stability [5]

制造·掘金 年报一季报总结电话会议 20250504 摘要 • 风电行业一季度景气度回升，收入同比增长 15%，归母净利润同比增长 3%，为近三年首次。零部件环节盈利显著修复，全产业链存货和应收账款 周转加速，看好 2025 年量利齐升与业绩估值双击。 • 光伏主产业链仍处于景气筑底状态，但储能逆变器环节表现亮眼。一季度 硅片、电池片及硅片组件辅材环节毛利率明显修复，电池片环节率先实现 毛利转正。建议关注经营稳健的头部公司及供需关系良好的核心辅材。 • 新能源车受益于以旧换新政策和出海加速，一季度销量稳定增长。锂电板 块自去年二季度进入复苏阶段，今年一季度逐步进入繁荣期，库存周期从 被动去库向主动补库转移。推荐具备低成本路线和强爆款打造能力的车企。 • 锂电产业链中，高压实密度材料的磷酸铁锂和六氟磷酸锂，以及电芯结构 件、辅材、负极铁锂、三元前驱体隔膜等细分赛道值得重点关注。关注固 态电池产业化进度及布局机器人、半导体等第二增长曲线的公司。 • 电网板块稳步增长，2024 年营收增速约 12%-13%，净利润保持稳定增 长。出海和主网设备环节资本开支高速增长，2025 年一季度电力设备出 口同比增长 17%。 ...

Group 1: Economic Activity and Consumer Spending - The "May Day" holiday saw a vibrant national consumption market, with key retail and catering enterprises' sales increasing by 6.3% year-on-year [1] - The total number of cross-regional personnel movements from May 1 to May 5 is expected to reach 1.467 billion, averaging 293 million daily, representing an 8.0% year-on-year increase [1] - Restaurant sales from key monitored enterprises grew by 8.7% year-on-year during the holiday, with local specialty dish orders on Meituan platform increasing by over 105% [1] Group 2: Tourism Trends - Domestic tourism thrived, with several provinces reporting double-digit growth in both visitor numbers and total tourism revenue during the first three days of the holiday [1] - Popular domestic travel destinations included major cities like Beijing, Shanghai, and Guangzhou, while low-tier cities also saw a significant increase in tourism demand due to improved transportation networks [2] - The first "May Day" holiday after the implementation of the 240-hour visa-free transit policy saw inbound tourism orders more than doubling year-on-year, driven by cultural experiences and diverse activities [2] Group 3: Consumer Goods Sales - The "old-for-new" policy positively impacted consumer goods sales, with home appliances, automobiles, and communication equipment sales increasing by 15.5%, 13.7%, and 10.5% year-on-year, respectively [3] - Sales of smart home products on monitored e-commerce platforms grew by over 20% year-on-year during the holiday [3]

证券研究报告 新能源车板块2024&1Q25业绩总结 —— 周期繁荣阶段，业绩同比改善 2025/5/5 国金电新团队 专注产业链深度研究 分析师：姚遥 执业编号： S1130512080001 1 01 整车：市场竞争加剧，优选主机厂低成本路线 2 要点总结 数据来源：交强险，国金证券研究所 3 4 ✓ 25Q1市场呈现高景气。在"以旧换新"政策加持下，Q1国家&地方补贴均实现了全覆盖，刺激市场置换需求持续释 放；叠加24年同期市场低基数，25Q1销量整体维持高景气；其中： ✓ 1）批发：乘联会口径，25Q1市场批售627.6万辆，同比+11.4%，环比-28.3%； 其中3月全国乘用车批发241.2万辆， 同/环比+8.9%/+36.4%； ✓ 2）零售： 25Q1市场零售511.9万辆，同比+5.9%，环比-30.1%； 其中3月乘用车零售194.0万辆，同/环比 +14.4%/+40.2% ； Q1市场处于累库区间，拉高批售增速，但零售角度增速亦超5%，表现仍稳健。 ✓ 3）出口： 25Q1乘用车出口111.8万辆，同比+1.1%，环比-10%； 其中3月乘用车出口（含整车与CKD）39.1万辆， 同 ...

这个五一假期，车展和外滩一样成为了上海的一张新名片。 "今年'五一'我们有了新节目——拖家带口看车展。"假期第一天，来自上海的程先生向第一财经记者表 示。 这个五一假期，车展和外滩一样成为了上海的一张新名片。这场首次延长至五一假期的汽车盛会，累计 吸引了超百万人前来观看。同时叠加假日经济与多元化的促销活动，二季度沪市汽车消费或进一步迎来 热潮。 除了上海外，五一假期期间，第一财经记者亦走访广州、宣城、保定等城市发现，以旧换新政策和各类 新车上市是厂商拉动消费的主要抓手；而降价促销、各类补贴、保险优惠等一系列活动不仅为消费者带 来了实惠，也为汽车消费市场注入了强劲动力。 上海：车展叠加补贴政策，拉动汽车消费回暖 5月2日，上海车展最后一天，第一财经记者发现，场馆内依旧人头攒动，以家庭为单位的观众以及海外 观众触目皆是，热门车型被围得水泄不通，需要排队才能体验。上海车展这个绝佳平台也成为了拉动上 海汽车消费的一大引擎。一位车企内部人士称，即使在车展最后闭幕当天场馆熄灯之后，也有很多消费 者仍在谈价和签单。 为了紧抓这轮假日汽车消费热潮，车企和上海各区都推出了相应的补贴政策。 "这是两年以来最大的优惠。"车展上sm ...

2025 年 05 月 05 日 业绩验证的关键点 ——申万宏源策略一周回顾展望(25/04/28-25/05/05) 相关研究 证券分析师 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 韦春泽 A0230524060005 weicz@swsresearch.com 联系人 程翔 (8621)23297818× chengxiang@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 - ⚫ 一、2024 年报和 2025 一季报验证收官，我们总结 4 个业绩验证的关键点： ⚫ 1. 全 A 两非盈利相对于正常季节性 24Q4 偏弱，25Q1 偏强。25Q1 全 A 两非盈利额外 恢复程度处于历史高值。全 A 两非归母净利润同比增速，24Q4 为-55%大幅低于预期， 25Q1 为 6.3%高于预期。24Q4 和 25Q1，全 A 两非营收同比与名义 GDP 同比变化 ...

Core Viewpoint - The home appliance industry is a key area for boosting domestic demand, with the "old-for-new" policy driving significant consumer activity in the market [1][2] Group 1: Market Dynamics - The "old-for-new" policy has become a crucial engine for home appliance consumption, especially during the "May Day" holiday, leading to increased consumer purchases [1][2] - As of May 3, 2023, nearly 5.8 million orders have been placed under the "old-for-new" policy in Shanghai, generating sales exceeding 14.87 billion yuan, with mobile and digital products accounting for 32% of the total [1] Group 2: Events and Promotions - The "Shanghai Home Appliance and Home Renewal Carnival" integrates the national "old-for-new" policy with multi-level subsidies to stimulate consumer potential, involving nearly 200 brands and 3,000 participating stores [2] - The event focuses on smart and health-oriented appliances, promoting a dual discount policy from both government and enterprises to enhance green and intelligent home consumption [2] Group 3: Company Initiatives - Various home appliance brands are actively launching attractive products and promotions in response to the "May Day" holiday, with companies like Haier, Gree, and Midea implementing their own subsidy programs [3] - Haier's "New Replacement Journey" and Gree's health-focused initiatives offer significant savings for consumers, while Hisense anticipates a substantial increase in sales during the holiday period due to enhanced subsidy measures [3] Group 4: Retail Channel Activities - Retail channels, such as Suning, are also promoting the "old-for-new" initiative with various marketing activities, reporting over a 61% year-on-year increase in sales on the first day of the holiday [4] - Suning plans to invest over 100 million yuan during the "May 5 Shopping Festival" to provide multiple layers of discounts, enhancing consumer engagement [4] - The Shanghai Electrical Appliances Commercial Association aims to further promote the "old-for-new" initiative by collaborating with major retail platforms to offer community-based services [4]

医学影像设备的价格战，似乎正在迎来升级。 日前，在福建影像设备招标总金额超过4亿元的一次集采中，万东医疗（600055.SH）以43台、1.18亿元 的总额中标。 2024年10月，杭州市余杭区第二医院招标项目中，赛诺威盛中标的1台InsitumCT 568价格仅305万元。 但随着需求趋于饱和以及招采节奏的放缓，2024年CT收入仅为30.48亿元，同比下滑了超四分之一。 雪上加霜的是，行业CT的价格战正愈演愈烈。 年初以来业绩有回暖迹象，2025年一季度收入、归母净利润分别为24.78亿元、3.7亿元，同比增幅分别 为5.42%、1.87%。 价格战的掀起，或许正在给位居国产MR市场头把交椅的联影医疗（688271.SH）带来更多压力。 CT和MR都是联影医疗的重要收入来源，二者2024年合计贡献了超7成收入。 一名接近联影医疗的人士告诉信风，考虑到成本等各方面的因素，其并未参与此次竞标。 受到以旧换新政策落地所带来的招采节奏放缓因素影响，联影医疗上市以来首次出现年收入下滑，2024 年收入、归母净利润分别为103亿元、12.62亿元，分别同比下滑了9.73%、37.21%。 伴随着各地招采活动的恢复，2 ...