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 ...

华夏时报（www.chinatimes.net.cn）记者 卢晓 北京报道 作为家电行业中营收和估值排名前三的企业，美的集团、海尔智家和格力电器这三大白电巨头的成绩单一直是外 界观察家电行业走向的风向标。 4月30日，白电三巨头的股价都以下跌收盘。其中，美的集团跌0.78%至73.62元，总市值5462亿元；海尔智家跌 1%至24.79元，总市值2326亿元；格力电器跌1.53%至45.56元，总市值2552亿元。 业绩大比拼 今年一季度，美的集团1278亿元的收入依然规模最大，是海尔智家同期收入的1.6倍，是格力电器的3倍。 从归母净利润来对比，美的集团也以124亿元排名第一，格力这项指标约为59亿元，比海尔智家高出4亿元左右。 但在盈利能力这个维度，三巨头的座次又有所变化，当期格力电器归母净利润率为14.2%，美的集团接近10%，海 尔智家则近7%。 有业内人士在跟《华夏时报》记者交流时认为，格力电器在毛利率较低的海外市场涉足较少，是它持续高盈利的 原因之一。 据2024年财报，格力电器外销收入去年约有282亿元，同比增长13%左右，约占其当期收入的15%。而另外两家企 业中，海尔智家当期海外市场的收入占 ...

Core Viewpoint - The consumption sector in China has shown significant recovery in Q1 2023, driven by government policies aimed at boosting consumer spending, particularly through the "trade-in" program for old appliances and electronics [1][2][3]. Group 1: Consumption Data - In Q1 2023, the total retail sales of consumer goods reached 12.47 trillion yuan, a year-on-year increase of 4.6%, with March alone seeing a growth of 5.9% [1]. - Per capita consumption expenditure increased by 5.2% year-on-year, contributing 2.8 percentage points to GDP growth [1]. Group 2: Impact of Trade-in Policies - The trade-in policy has led to substantial sales increases, with 12 categories of home appliances seeing 47.47 million units traded in, and digital products like smartphones reaching 3.66 million units [3]. - Over 1.2 billion people have benefited from subsidies, driving sales exceeding 720 billion yuan [3]. Group 3: Company Performance - Major appliance companies like Haier, Midea, and Gree reported double-digit growth in revenue and profit, with Haier achieving 791.2 billion yuan in revenue (up 10%) and Midea reaching 1.284 trillion yuan (up 20.6%) [4][5]. - Smaller companies also showed strong performance, with Beiding's revenue growing by 33.41% to 213 million yuan [4]. Group 4: Emerging Consumption Trends - New consumption trends are emerging, including the popularity of trendy toys, cultural tourism, and the pet economy, driven by younger consumers [5][6]. - Companies in the trendy toy sector, such as Pop Mart, reported a revenue increase of 165% in Q1, with a 95% to 100% growth in the Chinese market [6]. Group 5: Future Outlook - The pet economy is also thriving, with companies like Guibao Pets achieving a revenue of 1.48 billion yuan, up 34.82% [7]. - The overall market for emotional value-driven products is expected to expand, supported by government policies and changing consumer preferences towards quality and experience [7][8].

证券研究报告 索菲亚 (002572 CH) 扣非净利表现具韧性，重视股东回报 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 家居用品 | 索菲亚发布年报，24 年实现营收 104.94 亿元（yoy-10.0%），归母净利 13.71 亿元（yoy+8.7%），超过我们此前预期（12.62 亿元），主要系公司出售参 股公司股权确认 2.6 亿投资收益所致。此外，25Q1 实现营收 20.38 亿元 （yoy-3.5%），归母净利 0.12 亿元（yoy-92.7%），扣非净利 1.51 亿元 （yoy-3.2%），扣非净利表现优于归母，主要系公司持有国联民生股票公允 价值下降带来约 2 亿公允价值变动损失所致。公司坚定"多品牌、全品类、 全渠道"发展战略，伴随地产有望企稳回升&以旧换新政策红利释放，终端 零售表现有望逐步回暖，维持"增持"评级。 索菲亚主品牌收入有所承压，期待 25 年改善，米兰纳/整装延续稳健成长 分品牌看：1）索菲亚品牌营收同减 10.5%至 94.48 亿元，伴随大家居战略 推进，客 ...

证券研究报告 小熊电器 (002959 CH) 25Q1 毛利率明显波动 公司 2025Q1 毛利率为 36.81%，同比-1.7pct。我们预计，并表罗曼智能 （ODM 占比较高，毛利率低于公司品牌业务）对毛利率有所影响。 25Q1 费用率表现分化，政府补贴减少、经营质量提升 2025Q1 公司期间费用率同比-1.66pct。各项费用表现差异较大，销售费用 率同比-2.55pct（收入规模提升、增效优化）；管理费用率同比+0.42pct（或 主要为并表影响）。研发费用率同比+0.68pct（品类拓展，研发投入持续加 码）；财务费用率同比-0.2pct（利息收入增长）。25Q1 公司扣非净利润实现 同比增长，剔除政府补贴扰动后经营质量改善（24Q1 补贴 2000 万，25Q1 仅 100 万）。 继续看好 25 年公司国内业务恢复 25Q1 线上放量，费用率优化 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 4 月 | 30 日│中国内地 | 小家电 | 公司公布 2025Q1 业绩：实现营收 13.2 亿元（同比+10.58%），归母净利 1.3 亿元（同比 ...

中国重汽（000951.SZ）系列点评四 2025Q1 业绩符合预期 有望持续受益政策 2025 年 04 月 30 日 ➢ 事件概述：公司披露 2025 年一季度报告，2025 年一季度营收 129.08 亿 元，同比+12.97%；归母净利润 3.10 亿元，同比+13.26%；扣非归母净利 2.92 亿元，同比+11.01%。 ➢ 2025Q1 业绩符合预期 营收持续增长。1）营收端：2025Q1 营收 129.08 亿元，同比+12.97%，环比+13.80%，符合预期。2025Q1 我国重卡批发销量为 26.50 万辆，同比-2.71%，环比+20.99%；集团实现销量 7.42 万辆，同比-3.17%， 环比+32.34%，公司营收同比增速优于行业。2）利润端：2025Q1 公司实现归 母净利润 3.10 亿元，同比+13.26%，环比-43.13%，环比下滑系季节性影响。 公司 2025Q1 毛利率为 7.05%，同环比分别-0.82pct/-4.49pct，我们认为同环 比均下滑系出口业务占比变化及产品结构变化所致。公司净利率为 3.33%，同环 比分别+0.12/-2.12pct，盈利能力在 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported Q1 2025 revenue of 57.464 billion yuan, a year-on-year increase of 1.92%, and a net profit attributable to shareholders of 2.711 billion yuan, up 4.27% year-on-year, exceeding market expectations [2][4]. - The company is diversifying its business successfully, with a notable increase in revenue from agricultural equipment and overseas subsidiaries [3][4]. - The expansion of the old-for-new policy for heavy trucks is expected to boost domestic demand, particularly for natural gas engines [3]. Summary by Sections Financial Performance - Q1 2025 revenue was 57.464 billion yuan, with a year-on-year growth of 1.92% and a quarter-on-quarter growth of 6.94% [2]. - The net profit attributable to shareholders for Q1 2025 was 2.711 billion yuan, reflecting a year-on-year increase of 4.27% [2]. - The gross margin for Q1 2025 was 22.23%, while the net margin was 4.91% [2]. Business Development - The company is optimizing its product structure, with steady growth in engine, vehicle, smart logistics, and agricultural equipment sectors [3]. - The agricultural equipment business achieved a record revenue of 17.393 billion yuan in 2024, up 18.38% year-on-year [3]. - The overseas subsidiary KION GROUP AG reported a revenue of 11.5 billion euros in 2024, a year-on-year increase of 0.61% [3]. Investment Outlook - The company is expected to achieve revenues of 231.11 billion yuan, 241.61 billion yuan, and 248.86 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 12.749 billion yuan, 14.226 billion yuan, and 15.445 billion yuan [4][5]. - The estimated EPS for 2025, 2026, and 2027 is projected to be 1.46 yuan, 1.63 yuan, and 1.77 yuan respectively [4][5].

日本家电连锁店货架 上的Mini LED电视 Mini LED电视的液晶画面的明暗对比度更高，价格介于液晶电视和OLED电视之间。面向中国的 Mini LED电视需求迅速增加，2024年10月～12月的出货量已占全球总量的65％。中国企业在 Mini LED电视方面也迅速崛起…… 在中国，液晶画面的明暗对比度更高的"Mini LED电视"的需求迅速增加。借助中国的电视以旧换 新政策的东风，从最近的数据来看，面向中国的出货量增加到了2倍以上。伴随中国需求的增 长，如果量产进一步得到推进，全球范围内的价格就会下跌，影响也可能波及日本市场。 Mini LED电视是通过大量安装尺寸比普通发光二极管（LED）更小的LED作为液晶屏的背光灯珠 来提升屏幕明暗对比度的电视。2021年开始正式上市。 截至2024年，Mini LED电视在全球电视市场的份额为3％。普通液晶电视的占比为94％，仍是主 流产品，但Mini LED电视的份额正逐年增长，规模已与OLED电视相当。从截至2024年的数据来 看，55英寸Mini LED电视的全球平均价格为901美元（约合人民币6596元），介于液晶电视 （501美元、约合人民币3668 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 九号公司（689009.SH） 业绩增长强劲，两轮车持续放量 事件：公司发布 2025 年一季度报。公司 2025 年实现营业总收入 51.12 亿元，同比增长 99.52%；实现归母净利润 4.56 亿元，同比 增长 236.22%。 两轮车板块高增。分业务看，公司电动两轮车实现收入 28.62 亿元， 同比+140.5%，销量 100.38 万台，同比+140.8%，均价 2851 元， 以旧换新政策驱动下公司增长强劲；自主滑板车实现收入 3.95 亿 元，同比+30.4%，实现销量 20.67 万台，同比+36.3%，均价 1911 元；全地形车实现收入 2.15 亿元，同比持平，实现销量 4822 台， 同比-12.1%，均价实现 44587 元，同比+13.8%提升强劲；TOB 业 务实现 8.1 亿元，同比+91.9%，配件业务实现 8.3 亿元。 盈利能力持续提升。毛利率：2025Q1 公司毛利率实现 29.67%，同 比-0.81pct。费率端：2025Q1 公司销售/管理/研发/财务费率为 8.18%/5 ...