Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expectation that the stock will outperform the market index by 5%-15% over the next six months [7]. Core Views - The company achieved total revenue of 128.43 billion yuan in Q1 2025, representing a year-on-year growth of 20.61%. The net profit attributable to shareholders was 12.42 billion yuan, up 38.02% year-on-year, and the net profit after deducting non-recurring gains and losses was 12.75 billion yuan, also up 38.03% year-on-year, aligning with expectations [1]. - The company is actively expanding its global production capacity and investing in its own brand development to mitigate trade risks. It operates in over 200 countries, with a low revenue share from the U.S. It has 22 R&D centers and 23 major manufacturing bases across multiple continents [5][6]. - The company is advancing its digital intelligence strategy, focusing on the application of large models and Agent technology. It has developed a language model for the home appliance sector, enhancing user interaction and control across various smart products [5]. Summary by Sections Financial Performance - In Q1 2025, the company's gross margin decreased by 1.87 percentage points to 25.45%, while the net profit margin increased by 1.45 percentage points to 9.97%, primarily due to a reduction in expense ratios [5]. - The company forecasts revenue for 2025 to be 443.97 billion yuan, with net profit expected to reach 43.02 billion yuan, translating to an earnings per share (EPS) of 5.61 yuan, corresponding to a price-to-earnings (PE) ratio of 13 times [6]. Strategic Initiatives - The company is committed to its four strategic pillars: technological leadership, direct user engagement, digital intelligence, and global expansion. It aims to enhance its R&D capabilities and maintain a leading position in the industry [5].

导读： ACCSI作为汇聚行业前沿、技术展示与交流合作的高级别产业峰会，特别推出"科研同行计划"，免费升级VIP权益等购票优惠，为科研人员提供更多的支持 和资源，促进产学研深度融合【4月30日活动截止】 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近年来，我国高度重视科学仪器行业的高质量发展，通过一系列政策与计划实现我国科学仪器的整体技术水平提升。在科研项目方面，国家重 大科研仪器研制项目持续发力，以科学目标为导向，重点支持原创性科研仪器的研制，推动高端仪器技术突破。同时，"重大科学仪器设备研 发"重点专项也不断推进，针对多个关键领域开展专项研发，促进产学研深度融合，加速科研成果向现实生产力转化。 上海市科学技术委员会于2 0 2 4年1 2月印发了《上海市促进科学仪器和科研试剂创新发展行动方案（2 0 2 5 - 2 0 2 7年）》，明确了未来三年的发展 目标和重点任务。当中特别提到，争取中国科学仪器年会等业内认可度高的国际国内活动在沪举办。而 松江区作为上海高端制造业主阵地和科 创中心重要承载区，长三角G6 0科创走廊国家战略的策 ...