元 IEI 美国4月标普全球制造业PM1初值50.7，预期49.1，3月终值50.2; 服务业PM1初值51.4，预期52.8，3月终值54.4; 综合PMN初值51.2，预期52.2，3月 终值53.5。 财联社4月28日电，美国财政部外国资产控制办公室（OFAC）发表声明，宣布对向也门胡塞武装提供支持的三艘船只及其船主实施制裁。声明表示，胡塞 能 化 武装部署导弹、无人机和水雷袭击红海商业航运。声明称，胡塞武装还通过其控制的潜口运输货物，从中牟取暴利。 财联社4月29日电，自然资源部29日消息，一季度，沿海地方和涉海部门深入贯彻落实党中央、国务院决策部署，坚持稳中求进工作总基调，完整推确全面 贯彻新发展理念，加快构建新发展格局，扎实推动海洋经济高质量发展，海洋资源保供水平持续增强。新质生产力加快形成，海洋对外贸易总体平稳。初步 t 季度海洋生产总值2.5万亿元，同比增长5.7%，高于国内生产总值增速0.3个百分点。 区 地缘政治冲突事件、极端天气、外盘原油剧烈波动 提示 5000 3000 1000 上海集装箱指数 SCFIS与期货价格走势 -EC2510 - EC2512 - EC2602 FC2506 ...

作 者丨费心懿 实习生余名伟 编 辑丨骆一帆 图 源丨摄图网 4月2 9日，海博思创（6 8 8 4 11 .SH）发布2 0 2 4年年度报告。 这是海博思创上市后的首份完整年报。 今年1月2 7日，海博思创成功登陆科创板，成为资本市场上备受瞩目的"储能集成第一股"。 上市3个月有余，海博思创的股价走势跌宕，从发行价1 9 . 3 8元/股，到上市首日以7 3 . 6 0元/股 开盘，最终发行首日市值便翻倍。三个月间，其股价最高之时触及9 2 . 8 4元/股，东吴证券研究 员曾朵红一个月前还在该股的研报中给出了9 4 . 0元/股的目标价。 不过，目前，海博思创股价有所回落，最新市值为1 3 0亿元，但也已较其发行之时的市值翻了 三倍。 毛利率连续承压 财报显示，海博思创2 0 2 4年全年营业收入为8 2 . 7 0亿元，同比增长1 8 . 4 4%；归母净利润为 6 . 4 8亿元，同比增长1 2 . 0 6%；扣非归母净利润为6 . 2 8亿元，同比增长11 . 8 7%。 其中，储能产品总营收8 1 . 9 3亿元，同比增长1 8 . 2 7%。产品结构较为单一，储能产品在总营 收中的占比高达9 ...

奥维云网（AVC）全渠道推总数据显示，2024年中国智能门锁行业需求涨势向好，全渠道零售量规模为 2031万套，同比增长8.6%。从行业整体走向来看，产品价格持续下探，是当前智能门锁领域主要的竞 争趋势，也是行业整体增长背景下部分企业业绩下滑的主要原因。 洛图科技数据显示，在线上市场，智能门锁均价从2021年的1301元降至了2024年的913元。价格的持续 下探降低了购买门槛，吸引了更多价格敏感型消费者；但同时，价格下滑也直接影响了企业的经营利 润。 亚太天能2024年营收1.57亿元，同比下滑25.84%，归母净利润-0.32亿元，同比下滑1101.95%。其在财报 中指出，因国内房地产行业的深度调整，致使国内智能门锁行业的产品平均销售单价大幅下滑，市场内 竞争异常激烈。 南方财经全媒体记者 吴立洋 上海报道 近日，奥维云网发布2025年一季度中国智能门锁市场数据：线上市场零售量规模为179万套，零售额规 模为18亿元，量额规模同比增长均突破20%，延续了2024年的增长趋势。 近年来，受房地产行业波动等多重因素影响，智能门锁市场呈显著出渠道和产品结构转型升级的特征： C端销售比例首次超越B端，成为行业增 ...

21世纪经济报道记者费心懿 实习生余名伟 上海报道 4月29日，海博思创（688411.SH）发布2024年年度报告。 这是海博思创上市后的首份完整年报。 毛利率连续承压 财报显示，海博思创2024年全年营业收入为82.70亿元，同比增长18.44%；归母净利润为6.48亿元，同 比增长12.06%；扣非归母净利润为6.28亿元，同比增长11.87%。 今年1月27日，海博思创成功登陆科创板，成为资本市场上备受瞩目的"储能集成第一股"。 上市3个月有余，海博思创的股价走势跌宕，从发行价19.38元/股，到上市首日以73.60元/股开盘，最终 发行首日市值便翻倍。三个月间，其股价最高之时触及92.84元/股，东吴证券研究员曾朵红一个月前还 在该股的研报中给出了94.0元/股的目标价。 不过，目前，海博思创股价有所回落，最新市值为130亿元，但也已较其发行之时的市值翻了三倍。 其中，储能产品总营收81.93亿元，同比增长18.27%。产品结构较为单一，储能产品在总营收中的占比 高达99%。 不可否认的是，储能产品近年来需求旺盛，海博思创是国内大型储能电站集成商中的佼佼者。2024年， 该公司储能出货量达11.81 ...

期货热点追踪 马棕油期价连续三日走低，印尼突然下调出口税，棕榈油"价格战"开打，马棕油价格会否跌破这一支 撑？ 相关链接 ...

Industry Overview - The photovoltaic industry is gradually stabilizing through policy guidance, technological iteration, and capacity elimination, with many institutions indicating that a bottoming signal has been released [1] - Various securities firms predict that 2025 will mark the bottom of the photovoltaic cycle, with a recovery phase expected in the first half of 2025 due to demand recovery and supply-side optimization [1][2] - The overall improvement in the industry's fundamentals suggests that companies with comparative advantages in various segments will exhibit greater growth elasticity [1] Company Focus: Junda Co., Ltd. - Junda Co., Ltd. is a leading manufacturer of photovoltaic cells, gaining attention due to its global layout and technological barriers that provide core drivers for valuation recovery [1][4] - The company's overseas market revenue share increased from 4.69% in 2023 to 23.85% in 2024, and is expected to reach 58% in the first quarter of 2025, demonstrating strong growth [5] - Despite facing overall industry profit compression, Junda Co., Ltd. achieved a quarter-on-quarter increase in net profit attributable to shareholders of 39.23% and 43.25% for non-recurring net profit in Q1 2025 [5] Technological Advancements - Junda Co., Ltd. is the largest manufacturer of N-type TOPCon cells globally, with its self-developed "MoNo2" series achieving a conversion efficiency of 26.5% and a bifacial rate of 90% [6] - The company has a research and development team of 827 people, accounting for 26.1% of its total workforce, and has established an innovative system that includes pre-research, testing, and mass production [6] - Junda Co., Ltd. is also collaborating on the development of perovskite tandem cells, with laboratory efficiencies reaching 31%, positioning itself advantageously in the next generation of battery technology [6] Capital Strategy - The company plans to raise approximately HKD 15.54 billion through its Hong Kong listing, with 75% allocated to the construction of a 5GW high-efficiency battery project in Oman [7] - This project is strategically located to benefit from a 10% tariff advantage for exports to the U.S., with estimated profitability exceeding 7 cents per watt [7] - The dual listing enhances Junda Co., Ltd.'s international brand recognition and financing flexibility, while the liquidity advantage of the Hong Kong market supports future R&D and mergers [8] Conclusion - Junda Co., Ltd.'s strategy reflects a shift in the photovoltaic industry from "scale expansion" to "fine-tuning," emphasizing the importance of technological advantages and global capacity layout [9] - The combination of technological leadership and global execution capabilities is expected to allow Junda Co., Ltd. to stand out during the industry's recovery phase, leading to a potential "Davis double play" in performance and valuation [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved an annual revenue of 6.5 billion yuan, a year-on-year decrease of 17%, and a net profit attributable to shareholders of 330 million yuan, down 54% year-on-year [2][4]. - In the first quarter, the company reported a revenue of 1 billion yuan, a decline of 2% year-on-year, with a net profit of -30 million yuan, a decrease of 164% year-on-year [2][4]. - The ongoing price war in the industry is expected to continue, with a significant impact on profitability and revenue [11]. Summary by Sections Financial Performance - The company's revenue for 2024 is projected to decline by 17%, with tile revenue down 18% due to weak terminal demand and a 9% decrease in tile sales volume [11]. - The average price of tiles fell by approximately 10%, while production costs decreased by 7%, leading to a decline in gross margin from 33.5% in 2023 to 31.0% in 2024 [11]. - The net profit margin for 2024 is estimated to be around 5.1%, down 4.2 percentage points year-on-year [11]. Market Conditions - The first quarter showed a slight recovery in revenue decline, but profitability remains under pressure due to the ongoing price war [11]. - The construction area is expected to decline by about 28% in 2024, impacting overall demand in the industry [11]. Future Projections - The company is expected to achieve net profits of approximately 340 million yuan and 480 million yuan in 2025 and 2026, respectively, corresponding to valuation multiples of 21 and 15 times [6]. - The cash flow performance is strong, with a net cash flow from operating activities of 860 million yuan in 2024 [11]. Industry Dynamics - The supply side of the tile industry is experiencing significant exits, with production expected to decrease by 12% in 2024 compared to previous years [11]. - Environmental policies are pushing the industry towards green production and smart manufacturing, which may further influence supply dynamics [11].

出品｜搜狐财经 作者｜柴鑫洋 编辑｜李文贤 4月28日晚， 良品铺子发布的2024年年报及2025年一季报。 去年年报显示，公司2024年营业收入为71.59亿元，同比下降11.02%；净亏损4610.45万元，同比下降 125.57%；扣非净亏损7476.14万元，同比下降214.77%。 4月28日晚， 良品铺子发布的2024年年报显示，公司2024年营业收入为71.59亿元，同比下降11.02%； 净亏损4610.45万元，同比下降125.57%；扣非净亏损7476.14万元，同比下降214.77%。 其中2024年第四季度，公司收入16.79亿元，净亏损6549.48万元，扣非后净亏损7161.55万元。 年报显示，2024年末良品铺子门店数为2704家，报告期内共闭店794家。 2025年一季度，公司实现营收17.32 亿元，同比下降29.34%；净亏损3614.86万元，同比下降157.85%； 扣非后净亏损为4018.22万元，同比下降173.21%。 对于良品铺子当前存在的问题，大消费行业分析师杨怀玉认为："良品铺子当前亟需跳出"价格战内 卷"，构建以品牌力为核心的质量竞争壁垒。此前降价策略初 ...

Core Viewpoint - The company, Canadian Solar, reported a decline in revenue and profit for 2024 amid a challenging photovoltaic market, although it managed to remain profitable compared to peers who faced losses [3][4]. Financial Performance - In 2024, Canadian Solar recorded revenue of 46.165 billion yuan, a year-on-year decrease of 10.03%, and a net profit attributable to shareholders of 2.247 billion yuan, down 22.6% [3]. - For Q1 2025, revenue was 8.586 billion yuan, a decline of 10.54% year-on-year, with net profit dropping significantly by 91.83% to 47.258 million yuan [5]. Business Segments - The company's main business segments are photovoltaic and energy storage, with 31.1 GW of photovoltaic products and 6.5 GWh of energy storage products sold globally last year [5]. - The photovoltaic segment saw revenue of 31.483 billion yuan, down 25.62%, while the energy storage segment experienced a significant increase in revenue to 9.738 billion yuan, up 420.76% [7][9]. Price and Market Dynamics - The decline in revenue was primarily attributed to falling sales prices of photovoltaic components, with a price drop of approximately 30% in the first half of the year [8][9]. - The company faced challenges from increased competition and price wars in the photovoltaic industry, which affected overall performance [5][9]. Management Compensation - In response to the declining performance, the compensation for executives and key technical personnel was collectively reduced in 2024, with the CEO's pay decreasing by 3.57 million yuan [6]. International Operations - International revenue accounted for 77.6% of total revenue, with overseas income slightly increasing by 1.54% to 35.81 billion yuan, while domestic revenue fell by 36.6% to 9.603 billion yuan [11]. - The company has significant exposure to international markets, particularly in North America and Europe, and is facing risks related to trade policies and tariffs [11][12]. Strategic Measures - In light of tariff challenges, the company has proposed five strategic measures to mitigate impacts, including optimizing existing supply chains and negotiating cost-sharing with clients and suppliers [12].

丨证券研究报告丨 公司研究丨点评报告丨蒙娜丽莎（002918.SZ） [Table_Title] 龙头经营承压，意味着价格战已至底部 报告要点 [Table_Summary] 蒙娜丽莎全年实现营业收入 46 亿元，同比下降 22%；归属净利润 1.2 亿元，同比下降 53%， 扣非净利润约 1.0 亿元，同比下降 58%。1 季度实现营业收入 7 亿元，同比下降 16%；归属净 利润-0.6 亿元，同比下降 715%，扣非净利润约-0.7 亿元，同比下降 870%。 分析师及联系人 [Table_Author] 范超 张佩 SAC：S0490513080001 SAC：S0490518080002 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summary2] 事件描述 公司全年实现营业收入 46 亿元，同比下降 22%；归属净利润 1.2 亿元，同比下降 53%，扣非 净利润约 1.0 亿元，同比下降 58%。1 季度实现营业收入 7 亿元，同比下降 16%；归属净利润 -0.6 亿元，同比下降 715%，扣非净利润约-0. ...