Core Insights - The report indicates that rural residents' consumption expenditure is growing faster than that of urban residents, driven by improved logistics and consumption policies [1] Group 1: Overall Consumption Growth - Rural residents' per capita consumption expenditure is projected to reach 19,280 yuan in 2024, with a nominal growth of 6.1% and a real growth of 5.8%, outpacing national averages by 0.8 and 0.7 percentage points respectively [1] - All categories of consumption expenditure are experiencing growth, particularly in transportation, education, culture, and entertainment, with growth rates of 9.0%, 9.9%, and 12.8% respectively [3] Group 2: Improvement in Consumption Structure - The Engel coefficient for rural residents is expected to be 32.3% in 2024, a decrease of 0.1 percentage points from the previous year, indicating an improvement in consumption structure [4] - The share of survival-type consumption (food, clothing, housing) has decreased to 57.0%, down 0.7 percentage points, while the share of development and improvement-type consumption has increased by 0.8 percentage points [4] Group 3: Service Consumption Potential - The per capita service consumption expenditure for rural residents is projected to be 7,767 yuan, an increase of 8.4%, which is 2.3 percentage points higher than the overall growth in living consumption expenditure [5][6] - The share of service consumption in total living expenditure has risen to 40.3%, up 0.9 percentage points from the previous year, with significant growth in food services (14.4%), education and cultural services (10.6%), and transportation services (12.7%) [6] Group 4: Impact of Replacement Policies - The "old for new" policy has effectively stimulated demand for durable goods, with per capita spending on transportation tools increasing by 8.5% and communication tools by 13.0% in 2024 [7] - The number of vehicles per hundred rural households has risen to 41.7, a growth of 4.1%, alongside increases in ownership of other appliances such as water heaters (9.3%) and air conditioners (5.5%) [7]

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 ...

2025 年Q1 公司实现收入16.9 亿元，同比+32.1%，环比+12.9%；实现归母净利润0.8 亿元，同比 +80.5%，环比+41.7%。 2024 年公司国内实现营收25.2 亿元，同比+34.1%。中国客车行业呈现显著复苏态势，受益于国内"以旧 换新"政策、旅游需求释放及海外出口增长等因素影响，行业 6 米以上客车销售 12.6 万辆，同比增长 33.4%，创 2020 年以来新高。 事件：公司布 2024 年年报及 2025 年第一季度报告，公司 2024 年实现营收57.3 亿元，同比+35.1%，实 现归母净利润2.5 亿元，同比+258.1%。 点评： 业绩持续高速增长，期间费用率显著降低。从收入端看，2024 年公司收入57.3 亿元，同比+35.1%； 2025Q1 公司实现收入16.9 亿元，同比+32.1%，环比+12.9%。从盈利能力看，24 年公司毛利率为 18.6%，同比-5.3pct；归母净利率为4.3%，同比+2.7pct；对应归母净利润为2.5亿元，同比+258.1%。 25Q1 的毛利率为15.1%，同比-0.2pct，环比-8.8pct；归母净利率为4.5%，同比 ...

事件概述：公司披露2025 年一季度报告，2025 年一季度营收64.18 亿元，同比-3.00%；归母净利润7.55 亿元，同比+14.91%；扣非归母净利6.42 亿元，同比+12.49%。 2025Q1 业绩符合预期 全年指引乐观。1）营收端：2025Q1 营收64.18 亿元，同比-3.00%，环 比-51.17%。2025Q1 公司累计销售客车9,011 辆，同比+16.56%，环比-42.13%。我们认为公司营收环比 下降系销售结构变化及季节性影响。2）利润端：2025Q1 公司实现归母净利润7.55 亿元，同比 +14.91%，环比-55.18%。公司2025Q1 毛利率为18.89%，同环比分别-5.95pct/-7.01pct，净利率为 12.04%，同环比分别+2.02/-0.86pct。我们认为公司2025Q1 盈利能力环比略有下降系应收回款减值冲回 影响所致。3）费用端：2025Q1 销售/管理/研发/财务费用率分别为3.36%/2.78%/4.57%/0.12%，同比分 别-3.50/-0.04/-0.13/+0.65pct，环比分别-0.10/+1.36/-0.56/+0.76pc ...

Economic Overview - China's economy showed a strong start in the first quarter, with key indicators such as industrial output, service sector growth, retail sales, and fixed asset investment all improving compared to the previous year [1][2] - The resilience and internal stability of the Chinese economy are continuously strengthening despite challenges from the international environment [1] Industrial Performance - In the first quarter, the industrial added value for large-scale enterprises increased by 6.5% year-on-year, contributing 36.3% to macroeconomic growth [2] - Profits for large-scale industrial enterprises returned to positive growth, with a year-on-year increase of 0.8%, and manufacturing profits rose by 7.6% [2] - The equipment manufacturing sector, particularly in railways, shipping, aerospace, and other transport equipment, showed significant revenue and profit growth, highlighting its role as a stabilizing force for the economy [2] Trade and Policy Responses - China's foreign trade demonstrated strong resilience in the first quarter, with import and export volumes reaching historical highs for the same period [3] - The government is actively enhancing open policies and platforms to create a "safety zone" against external shocks [3] - The "old-for-new" policy has positively impacted both subsidized and non-subsidized product consumption, suggesting a need for further promotion of this initiative to boost consumer spending and innovation [3] Employment and Economic Stability - The focus on stabilizing employment remains crucial, with an emphasis on key industries and groups, combining short-term support with long-term optimization [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]

文/《清华金融评论》 周茗一 国务院新闻办公室于2025年4月28日（星期一）上午10时举行新闻发布会，请国 家发展改革委副主任赵辰昕、人力资源社会保障部副部长俞家栋、商务部副部 长盛秋平、中国人民银行副行长邹澜介绍稳就业稳经济推动高质量发展政策措 施有关情况，并答记者问。 国家发展改革委副主任赵辰昕 表示，4月18日召开的国务院常务会议已就稳就业稳经济推动高质量发展的若干举措（下称若干举措），进行了研究。若干 举措与去年9月一揽子增量政策、中央经济工作会议和全国"两会"部署任务形成接续，是应对外部环境变化的重要举措，是落实党中央和国务院决策部署 的具体行动。 具体来看，若干举措具体包括五方面内容。 关于近期美国国债和美元汇率市场出现大幅振荡 中国人民银行副行长邹澜 表示，美国宣布对多个经济体大幅加征关税，严重侵犯各国正当权益，严重损害以规则为基础的多边治理体制，严重冲击全球 经济秩序，破坏全球经济长期稳定增长。同时，也引发了全球金融市场剧烈波动，投资者对美元资产的风险情绪上升，美元指数大幅下行，美债收益率上 升，美国股市波动加剧，全球资产组合在区域间重新配置。 在积极扩大有效投资方面，主要包括完善消费基础设 ...

证券研究报告·公司点评报告·小家电 科沃斯（603486） 2024 年报及 2025 年一季报点评：2025Q1 归 母净利润同比+59%，盈利改善逻辑开始兑现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15,502 | 16,542 | 18,224 | 20,519 | 23,105 | | 同比（%） | 1.16 | 6.71 | 10.17 | 12.59 | 12.60 | | 归母净利润（百万元） | 612.08 | 806.09 | 1,201.98 | 1,483.65 | 1,819.70 | | 同比（%） | (63.96) | 31.70 | 49.11 | 23.43 | 22.65 | | EPS-最新摊薄（元/股） | 1.06 | 1.40 | 2.09 | 2.58 | 3.16 | | P/E（现价&最新摊薄） | 49.98 | 37.95 | 25.45 | 2 ...

国寿安保基金认为，一方面，一季度出口仍然维持韧性，净出口规模再创新高，存在一定的抢出口因 素，给国内经济增长带来了支撑；另一方面，一季度经济的良好开局得益于内需的释放以及一系列前期 政策效果的显现，投资、消费等内需指标均有明显扩张。 2025年4月16日，国家统计局公布了我国一季度经济数据，一季度国内生产总值同比增长5.4%，生产、 消费、投资多项数据超出市场预期。近期美国发动贸易战、关税战，外部形势复杂多变，国寿安保基金 表示，一季度经济的良好开局无疑为后续的稳预期、稳经济工作增强了信心。在贸易冲突不确定性增加 的国际背景下，做好自己的事成为最好的应对手段。 在生产方面，一季度，全国规模以上工业增加值同比增长6.5%，比上年全年加快0.7个百分点，3月份， 规模以上工业增加值同比增长7.7%，比1-2月份加快1.8个百分点。在消费方面，一季度社会消费品零售 总额同比增长4.6%，3月份，社会消费品零售总额同比增长5.9%，比1-2月份加快1.9个百分点。在投资 方面，一季度全国固定资产投资累计同比增长4.2%，比上年全年加快1个百分点，增速比1-2月份加快 0.1个百分点，其中制造业投资增长9.1%、基建投 ...