Group 1: Company Analysis - Kunlun Energy, a natural gas terminal business under China National Petroleum Corporation, is expected to achieve net profits of 6.649 billion, 7.124 billion, and 7.598 billion yuan for 2025-2027, with corresponding EPS of 0.77, 0.82, and 0.88 yuan per share, respectively, and is rated "Buy" [2] - Hong Teng Precision reported a revenue of 1.103 billion USD in Q1 2025, a year-on-year increase of 14%, but net profit decreased by 38% to 6.24 million USD due to smartphone ASP decline and exchange rate impacts, leading to a downward revision of net profit forecasts for 2025-2027 [17] - Budweiser APAC's Q1 2025 revenue was 1.461 billion USD, with a year-on-year decline of 7.5% in organic growth and a net profit of 234 million USD, down 18.5% year-on-year, prompting a downward revision of net profit forecasts for 2025-2027 [23] - Beijing Junzheng is expected to see net profits of 508 million, 654 million, and 767 million yuan for 2025-2027, with a current market valuation corresponding to PE ratios of 64, 50, and 43 times, maintaining a "Buy" rating [33] - Semiconductor company SMIC faced production issues in Q1 2025, leading to a downward revision of net profit forecasts for 2025-2027 to 790 million, 990 million, and 1.41 billion USD, while maintaining a "Buy" rating [39] - Q1 2025 results for Qutai Technology showed an increase in net profit forecasts for 2025 and 2026 by 24% and 17% to 602 million and 713 million yuan, respectively, with a new forecast for 2027 at 840 million yuan, maintaining a "Buy" rating [45] Group 2: Industry Insights - In the first four months of 2025, the average transaction price of new homes in 30 core cities increased by 5% year-on-year, while the transaction area rose by 2%, indicating a stabilization in high-energy cities [8] - The "old-for-new" policy has shown improved fiscal multipliers, reaching 2.4 in Q1 2025, up from 2.1 in the previous quarter, with expectations for continued high levels in Q2 due to accelerated applications and additional funding [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to benefit from the replacement cycle and national subsidy policies, leading to steady growth in performance. In 2024, the company achieved a revenue of 6.372 billion yuan, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of 485 million yuan, up 8.39% year-on-year [2][4][10]. Financial Performance Summary - For the full year of 2024, the company reported: - Revenue: 6.372 billion yuan, +2.23% YoY - Net profit attributable to shareholders: 485 million yuan, +8.39% YoY - Net profit excluding non-recurring items: 460 million yuan, +11.66% YoY - In Q4 2024: - Revenue: 1.796 billion yuan, -0.30% YoY - Net profit attributable to shareholders: 81 million yuan, -7.57% YoY - Net profit excluding non-recurring items: 73 million yuan, +9.87% YoY - In Q1 2025: - Revenue: 1.260 billion yuan, -8.80% YoY - Net profit attributable to shareholders: 106 million yuan, -14.33% YoY - Net profit excluding non-recurring items: 104 million yuan, -14.92% YoY [2][4][10]. Product and Market Insights - The company’s revenue growth in 2024 was driven by the kitchen appliance market, particularly benefiting from the old-for-new policy. Specific product revenues included: - Range hoods: 2.735 billion yuan, +6.22% YoY - Cooktops: 1.533 billion yuan, +5.28% YoY - Water heaters: 1.262 billion yuan, +10.40% YoY - The overall retail market for range hoods grew by 14.9% YoY, while the gas stove market saw a 15.7% increase in retail sales [10]. Profitability and Cost Structure - The company’s gross margin for 2024 was 40.71%, a decrease of 0.40 percentage points YoY. The gross margins for specific products were: - Range hoods: +0.35 percentage points - Cooktops: +0.07 percentage points - Water heaters: -0.89 percentage points - The company’s net profit margin for 2024 was 7.61%, an increase of 0.43 percentage points YoY [10]. Future Projections - The company is expected to maintain growth with projected net profits of 517 million yuan, 563 million yuan, and 613 million yuan for 2025, 2026, and 2027 respectively. The corresponding price-to-earnings ratios are projected to be 10.91, 10.01, and 9.19 [10].

2025 年 05 月 17 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 联系人 ： 徐鸣爽 S0350124100008 xums@ghzq.com.cn [Table_Title] 以旧换新密集落地，2025 年重卡内需有望景气 回升 ——商用车行业动态研究 最近一年走势 | 行业相对表现 | | | 2025/05/16 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 商用车 | 1.5% | -7.5% | 27.0% | | 沪深 300 | 3.1% | -1.3% | 6.8% | 相关报告 《商用车行业深度研究：重卡景气 2025 年有望拐 点向上，重卡公司或迎戴维斯双击（推荐）*商用 车*戴畅》——2025-01-07 《商用车行业动态研究：2024 年重卡批发同比微 降，2025 年有望向上均值回归（推荐）*商用车* 戴畅》——2025-01-05 事件： 2025 年 4 月我国重卡交强险上险量 6.9 万台，同比增长 6%，1-4 月累计 同比增 ...

欧亚卖场是长春市知名购物广场，这家卖场推出免费抢1万套1200元家电抵用券活动以及家电购物达额送好礼活动，五一 期间，参与政府补贴的销售额达到1440余万元，占家电商场销售总收入76.7%，家电销售的政府补贴合计187万元。 为确保家电以旧换新政策红利精准落地，长春市朝阳区税务局针对欧亚卖场商家普遍关心的发票开具、政府补贴税务处 理等问题，深入商户开展"一对一"上门辅导，详细讲解折扣发票开具规则和折后收入确认标准，帮助企业在让利消费者 的同时防范涉税风险。 长影世纪城五天累计接待游客3.2万人次，入园人数同比增长37%，长春市餐饮堂食线上订单量同比增长超64%；吉林市 神州红旗汽车销售展厅日均接待超30批次，以旧换新订单占比达37.7%…… 增值税发票数据显示：五一假期，吉林省消费市场呈现强劲复苏态势，在"以旧换新"政策持续发力带动下，家用电器和 音像器材销售收入同比增长203.97%，智能手机等消费电子产品纳入购新补贴范围，通讯器材销售收入同比增长 430.66%。旅游游览和娱乐服务销售收入同比增长63.79%，文艺创作与表演服务销售收入同比分别增长57.48%。 政策精准落地家电以旧换新"热力十足" 作为 ...

Core Viewpoint - The report titled "2025-2031 China Instant Electric Water Heater Industry Market Dynamics Analysis and Development Strategy Assessment" provides an in-depth analysis of the future market trends and potential of the instant electric water heater industry in China, highlighting its growth opportunities and strategic directions for businesses [1]. Industry Overview - The instant electric water heater industry is defined as a sector utilizing electronic heating components for rapid water heating, catering to modern consumers' needs for convenience and efficiency [3]. - The report covers various aspects of the industry, including production, demand, import and export statistics, and key enterprises, structured into 12 chapters [1]. Market Dynamics - The retail sales of instant electric water heaters experienced a decline from 2019 to 2022 due to economic downturns and a shrinking real estate market, but began to recover in 2023, with retail sales reaching 1.18 billion yuan, a year-on-year increase of 1.29% [4]. - The industry is expected to benefit from the "dual carbon" goals and the implementation of old-for-new policies, which are anticipated to stimulate market demand [4]. Supply Chain Analysis - The upstream supply chain includes critical components such as electronic heating elements, control chips, and safety devices, which directly affect the efficiency and safety of the water heaters [7]. - The midstream involves manufacturing and assembly, where manufacturers select appropriate components based on market demand [7]. - The downstream encompasses sales channels, including both online and offline platforms, with after-sales services playing a crucial role in customer satisfaction [7]. Competitive Landscape - The market is characterized by intense competition, with comprehensive brands dominating online sales due to their resource advantages, while specialized brands lead in offline markets through technical expertise [10]. - Key players in the industry include Zhejiang Supor Co., Ltd., Four Seasons Muge Technology Group Co., Ltd., Guangdong Vanward New Electric Co., Ltd., Haier Group, and Aoteng Electric (Guangzhou) Co., Ltd. [10]. Future Outlook - The report forecasts the industry's development from 2025 to 2031, focusing on investment opportunities, market trends, and potential growth drivers [32]. - It emphasizes the importance of strategic planning for companies to navigate the evolving market landscape and capitalize on emerging opportunities [32].

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 173 / USD 44, reflecting a potential upside of 22% from the current price of HKD 141.6 / USD 35.73 [3][5][25]. Core Insights - The company's revenue for Q1 2025 reached RMB 301.1 billion, representing a year-on-year growth of 15.8%, which is better than market expectations, with further acceleration in growth anticipated for Q2 [1]. - The strong growth in revenue is driven by the government's subsidy policies, particularly benefiting the electronics category, which saw a 17.1% year-on-year increase [1]. - The food delivery business is undergoing dynamic adjustments, introducing uncertainty to profit margins, with a gross margin of 15.9% in Q1, up 0.6 percentage points year-on-year [2]. - Adjusted net profit for Q1 increased by 43% to RMB 12.8 billion, exceeding market expectations, with an adjusted net profit margin of 4.2% [2]. Summary by Sections Revenue and Growth - Q1 2025 revenue was RMB 301.1 billion, up 15.8% year-on-year, with product revenue growing 16.2% and service revenue increasing by 14% [1]. - The core categories, particularly electronics, benefited from the government's trade-in policies, leading to a robust growth outlook for Q2 [1]. Profitability - The company reported a gross margin of 15.9% in Q1, an improvement of 0.6 percentage points year-on-year, with adjusted net profit rising to RMB 12.8 billion [2]. - The adjusted net profit margin improved to 4.2%, primarily due to enhanced retail operating profit margins [2]. Business Strategy - The food delivery segment is expanding rapidly, with over one million merchants and nearly 20 million daily orders, although the impact on overall revenue remains limited [2]. - The company is increasing investments in the food delivery sector to enhance user engagement and purchase frequency, but this may introduce uncertainties regarding profit margin improvements [2]. Financial Projections - The report forecasts revenue growth for FY25E at RMB 1,279.2 billion, with adjusted net profit expected to reach RMB 48.4 billion [4]. - The adjusted net profit growth rate is projected to be 5.3% lower than previously estimated due to the anticipated impact of food delivery investments on profitability [3].

5月家电行业呈现内需回暖与出口波动并行的趋势。国内空调市场受益于夏季旺季及以旧换新政策，厂 商对5-7月排产预期乐观；外销端受中美关税政策调整影响，企业加快全球化布局对冲风险。与此同 时，原材料成本低位及海运价格回落进一步释放盈利空间，龙头企业通过技术升级与并购整合巩固竞争 优势。 以旧换新政策持续释放红利 国家以旧换新政策范围扩大至微波炉、净水器等小家电，进一步刺激消费需求。一季度全国家电零售额 同比增长19.3%，小熊电器等企业营收实现两位数增长。政策托底叠加消费升级，家电企业通过产品创 新和产能优化抢占市场份额。 头部企业加速技术迭代与产能布局 根据行业报告，家用空调5-7月排产计划显著增长，厂商对夏季销售旺季信心充足。以佛山家电企业为 例，一季度8家A股上市家电企业营业总收入同比大增17.67%，其中美的集团单季营收达1284.28亿元， 创历史新高。空调作为核心品类，在高温天气和政策带动下成为增长主力。 龙头企业如美的集团通过收购整合提升技术壁垒。5月，美的完成对喜德瑞中国业务的收购，强化暖通 领域竞争力；此前还完成对欧洲品牌Teka的整合，扩大海外生产基地至23个。技术升级与全球化产能布 局成为内 ...

Financial Performance - In 2024, the company achieved a sales scale exceeding 70 billion CNY, with a revenue of 70.36 billion CNY, a year-on-year increase of 5.20% [3] - The total profit reached 3.81 billion CNY, with a net profit attributable to shareholders of 1.91 billion CNY, and a net profit excluding non-recurring gains of 1.37 billion CNY, up 19.46% year-on-year [3] - In Q1 2025, the company reported a revenue of 21.33 billion CNY, a year-on-year growth of 6.55%, and a net profit of 752.58 million CNY [3] Business Initiatives - The company actively leveraged the "old for new" policy, selling over 100,000 new appliances and generating sales exceeding 400 million CNY, with a year-on-year growth of 121% in home appliance sales [3] - As of 2025, the company utilized 47.946 million CNY in national subsidies, driving sales of 260 million CNY [3] Retail Performance - During the "May Day" holiday, the company achieved total sales of 311 million CNY across its retail outlets, with a customer flow increase of 23.5% year-on-year [3] Store Network and Expansion - The company operates a diverse network including 24 department stores, 26 appliance stores, 202 supermarkets, and over 2,000 fast-moving consumer goods distribution points, covering 14 cities in Anhui and parts of Jiangsu [5] - The company is expanding its logistics capabilities, with the Hefei Logistics Park achieving a transaction volume of 140,500 tons and a transaction value of 2.1 billion CNY in the first four months of 2025, marking increases of 271.61% and 241.74% respectively [6] Dividend Policy - The proposed dividend for 2024 is 1.1 CNY per 10 shares, totaling 85.79 million CNY, which represents 45.02% of the net profit attributable to shareholders [7] Future Growth Strategies - The company aims to enhance profitability through strategies including cost reduction, efficiency improvement, and new business development [8] - Plans include expanding the supply chain and enhancing self-owned brand products, with a 143% increase in sales of self-owned brands in 2024 [11] Supply Chain and Technology - The company is focusing on the development of its supply chain technology, with the Hefei Logistics Park expected to enhance its operational efficiency and market competitiveness [12]

万联证券版权所有发送给杭州同花顺数据开发有限公司 .同花顺.yjbg@myhexin.com p1 证券研究报告|家用电器 强于大市(维持) 2024Q4 及 2025Q1 业绩增速走高 [Table_ReportType] ——家用电器行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 24Q4 在内销政策驱动、外销高景气的双重助推下家电业绩明 显回升，25Q1 在关税战扰动下抢出口效应叠加以旧换新政策 加力实施，推动家电行业业绩进一步走高；展望后市，内销 方面，以旧换新政策延续，产业在线 5-7 月内销排产数据保 持稳健增长，预期 Q2 内销表现或保持稳定增长；外销方 面，近期中美撤销 91%关税并暂停 24%关税，关税对家电外 销的压力得到缓解，同时我国家电外销对美敞口较小，叠加 前期关税战对市场预期影响较充分，预计 Q2 外销增长或将 保持平稳，我们维持行业"强于大市"评级。建议关注受益 于关税战风险缓释的出口链相关标的、经营稳健具有高股息 率的白电龙头标的等。 投资要点： ⚫ 家电 2024 年度业绩增速较上一年回落，较前三季度回升：收入 端，2024 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, driven by the "old-for-new" policy and product optimization, indicating a positive outlook for growth in the electric two-wheeler industry [1][2][4]. Financial Performance - In Q1 2025, the company achieved revenue of 6.232 billion yuan, a year-on-year increase of 25.82%, and a net profit attributable to shareholders of 605 million yuan, up 25.12% [1][2]. - The company's gross profit margin increased by 1.59 percentage points to 19.63%, attributed to consumer preference for higher-priced products due to subsidies [3]. - Operating profit for Q1 2025 was 625 million yuan, reflecting a year-on-year growth of 41.71%, with an operating profit margin of 10.03%, an increase of 1.12 percentage points [3]. Industry Dynamics - The "old-for-new" policy has significantly boosted domestic demand, with 3.341 million electric bicycles sold for replacement from January to April 2025, 2.4 times the total replacement volume from September to December 2024 [2]. - The implementation of the new national standard in 2024 is expected to enhance production qualifications and product consistency, benefiting leading companies in the industry [2][4]. Investment Outlook - The company has established strong brand, channel, and cost advantages over its 20 years in the industry and is now positioned in the high-end market, which is expected to drive profit growth [4]. - Projected net profits for the company from 2025 to 2027 are 2.607 billion, 3.038 billion, and 3.429 billion yuan, with corresponding price-to-earnings ratios of 14.05, 12.06, and 10.69 [4].