Financial Data and Key Metrics Changes - InMode generated total revenue of $77.9 million in Q1 2025, a decrease of 3% compared to Q1 2024 [8] - GAAP gross margin was 78% in Q1 2025, down from 80% in Q1 2024 [8] - Non-GAAP diluted earnings per share were $0.31, compared to $0.32 in Q1 2024 [12] - The company ended the quarter with cash and cash equivalents of $512.9 million [12] Business Line Data and Key Metrics Changes - Minimally invasive platforms accounted for 87% of total revenues in Q1 2025 [9] - Sales and marketing expenses decreased slightly to $39.7 million in Q1 2025 from $39.8 million in Q1 2024 [11] Market Data and Key Metrics Changes - International sales accounted for $38 million or 49% of total sales, a 1% increase compared to Q1 2024 [9] - Europe was the largest revenue contributor outside the U.S., achieving record sales [10] Company Strategy and Development Direction - The company plans to unveil a new platform for the wellness market later this year, reflecting its strategy to diversify offerings [6] - InMode has committed to not reducing its workforce and aims to lead the industry during the market rebound [6] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing macroeconomic uncertainty and soft consumer demand affecting the medical aesthetic market [4] - The company remains optimistic about a recovery in consumer interest in minimally invasive procedures as macro conditions stabilize [5] - Management expects operating margins to decrease by 4% to 5% due to market pressures and U.S. tariffs [13] Other Important Information - InMode returned over $412 million to shareholders through share repurchases over the past twelve months, representing approximately 27% of total capital [7] - The company anticipates a potential impact of 2% to 3% on gross margins due to U.S. tariffs [14] Q&A Session Summary Question: Follow-up on product mix dynamics - Management indicated that the slowdown began in mid-2023 due to rising interest rates and decreased consumer confidence, impacting capital equipment purchases [20][21] Question: Guidance for Q2 and market trends - Management is optimistic about Q2 but will adjust guidance if results do not improve significantly compared to Q1 [30][31] Question: Impact of the macroeconomic environment on guidance - Management reiterated that guidance remains unchanged for now, pending Q2 results [39] Question: Updates on U.S. management structure - The company has not yet hired a new President for the U.S. and management is actively involved in operations [66] Question: Tariff impact and pricing strategy - Management decided not to raise prices due to market conditions, despite tariff impacts [70][71] Question: Performance in Europe - Europe performed better than the U.S. in Q1, attributed to management changes and pricing strategies [84]

Core Viewpoint - Citigroup has adjusted earnings expectations and target prices for most companies in the North American internet sector due to anticipated tariff impacts and a weakening macro environment [1] Online Advertising - Citigroup has lowered online advertising revenue forecasts due to macroeconomic uncertainties and expected spending cuts by advertisers, particularly in the second half of the year [2] - The Trade Desk is expected to be most directly affected by tariffs, with revenue projections for FY2025 reduced from $2.879 billion to $2.755 billion and target price cut from $70 to $63 [2] - Criteo's revenue forecast for FY2025 has been adjusted from $1.168 billion to $1.147 billion, with target price decreased from $60 to $47 [2] - IAC's target price has been lowered from $47.55 to $45, ZiffDavis from $52 to $35, and Outbrain from $5.9 to $4 [3] E-commerce - Consumer confidence is near historical lows, prompting a reduction in forecasts for discretionary e-commerce companies due to potential tariff impacts [4] - eBay is considered to have the strongest defense against tariffs, with FY2025 GMV expectations adjusted from $75.923 billion to $75.436 billion and target price from $80 to $79 [4] - Etsy's FY2025 GMS forecast has been lowered from $12.115 billion to $11.749 billion, with target price cut from $53 to $48 [4] - Wayfair's FY2025 revenue expectation has been reduced from $11.830 billion to $11.464 billion, with target price slightly increased from $28 to $30 [4] Website Builders - Website builders like GoDaddy and Wix.com are seen as having strong fundamentals despite potential pressures on small businesses from tariffs and economic slowdown [5] - GoDaddy's FY2025 revenue forecast has been adjusted from $4.934 billion to $4.888 billion, with target price cut from $260 to $234 [6] - Wix.com's FY2025 revenue expectation has been lowered from $1.989 billion to $1.963 billion, with target price reduced from $280 to $238 [6]

Group 1 - Several small and medium-sized banks have lowered their deposit rates, with some rates falling below those of larger banks for the same term [1] - In 2024, only 6 out of 38 listed securities firms reported positive growth in their investment banking business, with the highest increase at 91%, while 32 firms experienced an average decline of 27%, with the largest drop at 84% [1] - TrendForce indicates that the price decline of panel driver ICs is expected to slow down in the first half of 2025, with a potential stabilization in the second half [1] Group 2 - The gold market in Shenzhen is experiencing high trading activity, with domestic spot gold prices at 778.65 yuan per gram, and consumers are eager to purchase as prices drop below 800 yuan [2] - Guotai Junan Asset Management appointed a new chairman, and the integration of asset management subsidiaries from Guotai Junan and Haitong Securities is underway [2] - Major Chinese tech companies, including Tencent and Alibaba, are aggressively purchasing GPU resources, with Tencent reportedly buying around 2 billion yuan worth of GPUs from ByteDance [2] Group 3 - JD.com has plans to test its food delivery service, initially intended for cities like Zhengzhou, but the project was postponed due to business readiness issues [3][4] - Several major US tech companies, including Meta, Microsoft, Amazon, and Apple, are set to release their earnings reports, with a focus on potential tariff impacts on their supply chains [4] - Seres has submitted an application for an IPO in Hong Kong, focusing on the research, manufacturing, and sales of new energy vehicles [4] Group 4 - Three squirrels have submitted an application for an H-share listing on the Hong Kong Stock Exchange [5] - Sunac China has had its court hearing for a winding-up petition postponed to August 25, 2025 [6] - Renfu Pharmaceutical reported a 37.7% decline in net profit for 2024, with a proposed cash dividend of 3.20 yuan per 10 shares [6] Group 5 - Samsung Medical's subsidiary won a 313 million yuan procurement project for new energy equipment [7] - Huadong Heavy Machinery reported a 64.64% increase in net profit for Q1 2025, with revenue growth of 41.12% [8] - Kailong Co. reported a 34.39% increase in net profit for Q1 2025, with revenue growth of 13.16% [9] - Shengyi Electronics reported a significant 656.87% increase in net profit for Q1 2025, with revenue growth of 78.55% [10] Group 6 - The Shanghai Composite Index experienced a slight decline of 0.2%, with over 4,100 stocks falling in value [11] - The banking sector remains strong, with major banks like ICBC and CCB reaching historical highs [11] - Real estate stocks faced significant declines, with many stocks hitting the daily limit down [11]

智通财经4月28日电，耐科装备董事长黄明玖在今日举行的业绩会上表示，美国加征关税会增加其客户 在中国采购装备的成本，对该公司在美产品销售有一定影响。据介绍，耐科装备销往美国客户的产品主 要是挤出成型装备细分产品中的成型模具，是塑料挤出成型生产线最关键的单元，但在整条生产线中投 入占比只有十分之一不到，根据调查，采购成本提高部分客户短期内勉强还可以接受，但如果长期高关 税，产品性价比优势会明显减弱，可能部分客户会丢失，且新客户开发难度加大。（记者 郭辉） 耐科装备：长期高关税或致部分客户丢失 减弱产品性价比优势 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [9]. Core Views - The report highlights a positive outlook for copper and aluminum prices due to improving downstream demand and inventory depletion [5][7]. - Gold prices are expected to maintain an upward trend supported by the ongoing interest rate cut cycle by the Federal Reserve [9]. - The tin market is anticipated to experience weak price movements due to a lack of short-term catalysts [9]. - Antimony prices are expected to remain weak in the short term, but long-term supply-demand dynamics may support prices [9]. Summary by Sections Market Performance - The non-ferrous metals sector showed a weekly increase of 2.04%, outperforming other sectors [19]. - The top-performing sub-sectors included tungsten (+4.50%), nickel (+3.79%), and aluminum (+3.78%) [19]. Copper Market - LME copper closed at $9,415 per ton, up $283 per ton (3.10%) from April 17 [5]. - SHFE copper closed at ¥77,650 per ton, up ¥1,780 per ton (2.34%) from April 17 [5]. - Domestic copper social inventory decreased significantly, indicating strong demand [6]. Aluminum Market - Domestic electrolytic aluminum prices reached ¥20,100 per ton, an increase of ¥210 per ton (1.06%) [7]. - LME aluminum inventory decreased by 12,575 tons, while domestic SHFE inventory also saw a decline [7]. - The operating rate for leading aluminum profile enterprises increased to 59.5% [8]. Tin Market - Domestic refined tin prices rose to ¥263,180 per ton, up ¥6,800 per ton (2.65%) [9]. - The market is expected to remain weak due to insufficient demand catalysts [9]. Antimony Market - Domestic antimony ingot prices fell to ¥235,500 per ton, down ¥8,000 per ton [9]. - The market activity is low, with cautious purchasing behavior from downstream buyers [9]. Recommended Stocks - The report recommends specific stocks in the gold, copper, aluminum, tin, and antimony sectors, including Zhongjin Gold, Zijin Mining, and Huaxi Youshi [10][12][13].

2025 年 04 月 28 日 下游开工向好以及库存去化，铜铝价格维持较强 走势 推荐(维持) 投资要点 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师：杜飞 S1050523070001 dufei2@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 有色金属(申万) | -4.8 | 2.9 | -1.6 | | 沪深 300 | -3.3 | -0.8 | 5.7 | 市场表现 -30 -20 -10 0 10 20 (%) 有色金属 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《有色金属行业周报：关税影响 美国经济滞涨风险增大，金价支撑 仍然强劲》2025-04-21 2、《有色金属行业周报：美国通胀 持续走弱，降息预期提升支撑金 价》2025-04-14 3、《有色金属行业周报：电解铝库 存去化叠加下游需求向好，铝价偏 强看待》2025-03-31 美联储票委古尔斯比本周发言对美国经济和未来利率水平做 了点评。古尔斯比表示，短期通胀预期上升，但长期预期未 ...

高盛顶级策略师多米尼克·威尔逊（Dominic Wilson）在上周的报告中提出：要促使美联储降息，需要劳动力市场急剧恶 化，即"失业率任何显著上升的压力都将促使美联储果断采取行动"。 以下摘录自威尔逊的报告《刀锋边缘》（Along the Knife Edge）： 4月9日对等关税的暂停缓解了金融环境的急剧紧缩，将美国经济从衰退悬崖边缘拉回……但由于政策不确定性仍高企、企 业和消费者信心低迷、实际收入增长可能收缩，经济仍可能陷入衰退。我们认为全面衰退将导致标普500指数跌至4600点， 高收益债利差突破600基点，短期收益率低于3%。 不止高盛，美联储副主席沃勒上周也证实，尽管7月前难以评估关税影响（需等到2025年下半年），但届时可能为时已晚。 他认为关税只会产生一次性价格效应，并称"需要勇气将关税引发的涨价视为暂时现象"。 近期动荡暴露的金融脆弱性（包括美国国债市场）也可能随时再现。已实施关税对通胀的影响及劳动力市场雇佣行为的变 化需要时间显现，因此未来至少两三个月我们仍将处于"衰退观察期"。 贸易和财政政策路径的不确定性也阻碍美联储果断行动。包括鲍威尔在内的美联储官员近期均强调这些矛盾，指出稳定通 胀 ...

Core Viewpoint - Safran Group reported a strong performance in Q1 2025 with a 16.7% increase in adjusted revenue, reaching €7.257 billion, driven by growth in the civil aviation aftermarket [2][3] Group Performance - The consolidated revenue for Q1 2025 was €7.38 billion, reflecting a 16.7% increase compared to Q1 2024, with organic growth at 13.9% [2][3] - Positive impacts from business scope changes contributed €32 million, while currency fluctuations added €142 million, with an average EUR/USD exchange rate of 1.05 for Q1 2025 [3] Business Segment Performance - The propulsion segment saw a 16.4% organic revenue growth, primarily driven by a 25.1% increase in civil engine spare parts revenue [4] - Civil engine services revenue grew by 17.6%, supported by RPFH contracts for LEAP engines, with 319 LEAP engines delivered in Q1 2025 compared to 367 in Q1 2024 [4] - The equipment and defense segment experienced a 10.8% revenue increase, particularly in nacelles, landing gear systems, and avionics [4] Aircraft Interiors - The aircraft interiors segment achieved a robust 13.8% growth, surpassing Q1 2019 levels by 8%, with aftermarket services growing by 17.4% [5] - Original equipment sales increased by 11.5%, driven by a significant rise in business class seat deliveries [5] Full-Year Outlook - Safran Group maintains its full-year outlook for 2025, expecting approximately 10% revenue growth and recurring operating profit between €4.8 billion and €4.9 billion [6] - Free cash flow is projected to be between €3 billion and €3.2 billion, accounting for an estimated negative impact of €380 million to €400 million from the French large enterprise tax [6] Assumptions and Risks - The outlook is based on assumptions including a 15% to 20% increase in LEAP engine deliveries compared to 2024 [7] - Spare parts revenue is expected to grow in the low double digits, while service revenue is anticipated to grow in the mid double digits [8]

Summary of Conference Call on Acetic Acid, Propionic Acid, and Butyric Acid Cellulose Price Outlook Industry Overview - The conference call discusses the acetic acid, propionic acid, and butyric acid cellulose market, particularly focusing on the rapid growth of the Chinese cosmetics market, which benefits from the expansion of 3D Chemical's production capacity and accelerated domestic substitution [1][3][8]. Key Points and Arguments - **Market Growth**: The global cellulose market is approximately $640 million, with China's demand for mid-to-low-end products around 26,000 tons. The domestic substitution rate is expected to reach 30%-40% this year [1][8]. - **Impact of Tariffs**: The U.S. tariffs have significantly affected cellulose product prices and raw material costs. High-end cellulose still relies on imports, particularly from Northern Europe and Brazil, which account for about 40% of total costs [1][3][4]. - **Price Trends**: The price of imported cellulose from Eastman has risen to 213,000 yuan per ton, while domestic companies like 3D Chemical and Beihua offer prices between 110,000 to 130,000 yuan per ton, indicating a shift towards domestic alternatives [1][3][4]. - **Pricing Strategy**: Eastman has adjusted its pricing strategy to a market fluctuation formula, which benefits the company but impacts mid-to-high-end downstream enterprises, especially in sectors like photovoltaic films and automotive coatings [1][4]. - **Domestic Substitution**: Domestic alternatives are primarily focused on mid-to-low-end markets, such as packaging materials and leather brighteners, while high-end markets still require validation [1][5][8]. - **Future Price Expectations**: Prices are expected to rise in a tiered manner, potentially reaching 300,000 yuan per ton, with an average price around 220,000 yuan for the year [2][24][25]. Additional Important Insights - **Production Capacity**: 3D Chemical's production capacity is projected to reach 15,000 tons after upgrades, with an operational rate of 86%-88% [13][22]. - **Market Share**: The U.S. market for butyric acid cellulose is dominated by Eastman and Celanese, which together hold 73% of the global market share [18]. - **Certification Importance**: High-end clients require certification, while mid-to-low-end clients are less concerned, which may accelerate domestic substitution in price-sensitive markets [6][8]. - **Challenges for Domestic Producers**: Domestic companies face challenges in high-end applications due to reliance on imported raw materials, which have seen price increases of over 20% [9][10]. This summary encapsulates the key insights from the conference call, highlighting the dynamics of the cellulose market, the impact of tariffs, pricing strategies, and the competitive landscape in both domestic and international contexts.

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [11] Core Insights - The report highlights concerns regarding limited coal demand during the peak season due to negative growth in electricity generation and recent tariff disruptions, suggesting that the impact of tariffs may not reverse the stabilization of coal prices during the peak season [2][7] - Despite the seasonal demand typically increasing in the second and third quarters, the report indicates that the actual demand may be limited, and the market remains cautious due to macroeconomic uncertainties [6][7] - The report suggests that the coal price stabilization trend is likely to continue, supported by steady supply and rising demand for coal, particularly in the context of domestic needs and risk aversion in the market [2][9] Summary by Sections Market Performance - The coal index (Yangtze) decreased by 0.59%, underperforming the CSI 300 index by 0.97 percentage points, ranking 29th out of 32 industries [19] - As of April 25, the market price for Qinhuangdao thermal coal was 655 CNY/ton, down 8 CNY/ton week-on-week [19][47] Demand and Supply Analysis - The report notes that the coal supply in the twenty-five provinces was 5.076 million tons, an increase of 7.7% from the previous week, while the coal consumption was 4.765 million tons, a decrease of 1.3% [40] - The report emphasizes that despite the current low demand season, the upcoming summer peak season is expected to see a seasonal increase in coal demand, although the extent may be limited due to tariff impacts [7][8] Price Outlook - The report anticipates that coal prices may stabilize or even experience a mild rebound due to steady supply and the necessity for coal consumption, despite potential downward pressure from current demand levels [8][9] - The report also discusses the potential impact of tariffs on coal prices, indicating that while there may be some constraining effects, the overall trend towards price stabilization remains intact [8][9] Investment Recommendations - The report recommends focusing on the coal sector for the next 1-2 quarters, particularly highlighting companies such as China Shenhua (A+H), Shaanxi Coal, and Yanzhou Coal Mining [9]