Investment Rating - The investment rating for the company is "Buy-A" with a target price of 17.10 CNY for the next six months [4][6]. Core Views - The company has shown strong growth in overseas sales, with a year-on-year increase of 15.8% in Q1, driven by robust demand for small household appliances and increased inventory needs due to uncertainties in U.S. tariff policies [2]. - Domestic sales have shown marginal improvement, with a year-on-year decline of 4.9% in Q1, compared to a decline of 11.2% in Q4 2024, supported by government subsidies for replacing old appliances [2]. - The company's profitability has improved, with a net profit margin of 6.4% in Q1, up by 1.5 percentage points year-on-year, attributed to better investment returns and a favorable exchange rate [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 16.82 billion CNY, a year-on-year increase of 14.8%, and a net profit of 1.05 billion CNY, up by 7.7% [1]. - For Q1 2025, the company reported a revenue of 3.83 billion CNY, a year-on-year increase of 10.4%, and a net profit of 0.25 billion CNY, up by 43.0% [1][3]. - The company's gross profit margin improved by 0.5 percentage points year-on-year, indicating better cost management and product mix [3]. Future Outlook - The company is expected to benefit from ongoing government subsidies for small household appliances, which will likely enhance domestic sales [4]. - The establishment of a manufacturing base in Indonesia is anticipated to mitigate trade policy risks and support stable growth in overseas sales [2]. - The projected earnings per share (EPS) for 2025 to 2027 are estimated to be 1.43 CNY, 1.62 CNY, and 1.88 CNY respectively, indicating a positive growth trajectory [7].

风险提示：1.三代制冷剂政策变化；2.下游空调、汽车产量不及预期；3.原材料价格波动；4.新项目进展 不及预期等。 制冷剂景气向上趋势不改，2025 年价格延续增长趋势。配额制背景下，制冷剂供给受限，行业生态、 竞争秩序得到明显改善。同时，国家"家电以旧换新"政策驱动国内需求增长、全球南方国家城镇化和消 费升级步伐加快驱动国际市场需求持续增长，制冷剂供需状况持续改善，景气向上趋势不改，2025 年 制冷剂延续涨价趋势。据百川盈孚数据，截至2025 年4 月28 日，公司主营制冷剂产品 R22/R32/R125/R134a 国内市场均价较2025 年1 月2日分别提升9.1%/12.8%/7.1%/10.6%至 3.60/4.85/4.50/4.70 万元/吨，价差较2025 年1 月2 日分别提升9.0%/21.9%/7.2%/7.1%至2.62/3.53/2.70/3.02 万元/吨，主流制冷剂盈利能力大幅提升。同时据海关总署数据，1/2/3月份制冷剂R32 出口均价分别为 3.87/3.99/3.97 万元/吨，内外贸价格逐步同频，公司业绩释放确定性增强。 投资建议：供给强约束叠加行业格局集中背景下，二、 ...

刘海涛的老家在胶东农村，商家承诺送货上门并负责回收旧电视，不过他查看发现，不论品牌、新旧、 大小和型号，平台给出的旧电视的回收价格仅有35元。老母亲认为价格太低，他便让父亲给当地走街串 巷收废品的打电话。不过，打过三四个电话后，老母亲更不干了：报价从10—40元，还有同村人告诉老 人，价格可以谈，高的可以卖到60元。 今年，以旧换新补贴的家电产品由8类增加到12类。在此背景下，山东线上线下家电市场持续升温。然 而，随着换新步伐的加快，山东农村地区出现了两种不同的声音：一边是消费者抱怨废旧家电回收价格 低、渠道少，一边是拆解回收企业反映"吃不饱"。废旧家电到底"归宿"何处？如何完善回收利用系统？ 记者对此进行了走访。 废旧家电： 留着没用 卖又价低 一台旧电视能值多少钱？可能是35元，也可能是10元！ 不久前，在外工作的刘海涛想给老家的父母换台电视。"55英寸的彩电，享受国家补贴后打八折，直降 320元，到手价只有1279元，非常划算！"但让他没想到的是，事情最后卡在了回收环节上。 山东中绿是中国再生资源集团的全资子公司。图为企业从各地回收来的废旧电子产品。 "旧的处理不掉，老人就不同意买新的。"刘海涛说，卖给 ...

Core Viewpoint - Supor (002032.SZ) reported mixed results in its Q1 earnings, with revenue and net profit growth but a significant decline in operating cash flow by 44%, raising concerns among investors [1][2]. Financial Performance - In Q1 2025, Supor achieved total revenue of 5.79 billion yuan, a year-on-year increase of 7.59%. The net profit attributable to shareholders was 496.85 million yuan, up 5.82%, while the net profit excluding non-recurring items was 484.66 million yuan, growing by 4.98% [2][4]. - The net cash flow from operating activities was 583.80 million yuan, a decrease of 44.03% compared to the previous year, attributed to a reduction in cash received from sales of goods and services [2][4]. - The cash received from sales in Q1 was 4.89 billion yuan, down approximately 7% from 5.26 billion yuan in Q1 2024 [2]. Management Actions - Three key executives, including the CFO and board secretary, plan to continue reducing their holdings in the company, which has raised investor concerns due to their history of significant sell-offs, particularly at high stock price points [1][5]. - In 2024, these executives also engaged in substantial stock sales, with specific figures indicating a pattern of ongoing divestment [5]. Industry Outlook - The domestic kitchenware and small appliance industry faces both challenges and opportunities in 2025, transitioning from a pure growth phase to one where both growth and market saturation coexist [3]. - Supor aims to upgrade its product structure and explore new categories and scenarios for growth, supported by government policies promoting appliance upgrades [3]. - The company is expected to maintain steady growth in its export business, collaborating with foreign trade clients to enhance product development and competitiveness [3]. Production and Supply Chain - Supor operates seven manufacturing bases in China and Vietnam, focusing on cost reduction through automation and supply chain optimization [7]. - Future growth in the export business will depend on the organic growth of key foreign clients, with the company leveraging its manufacturing scale and responsiveness to provide competitively priced products [7].

五矿期货早报 | 有色金属 铜 有色金属小组 有色金属日报 2025-4-21 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 上周铜价震荡略升，伦铜周涨 0.76%至 9254 美元/吨，沪铜主力合约收至 75900 元/吨。产业层面， 上周三大交易所库存环比减少 0.1 万吨，其中上期所库存减少 1.1 至 17.2 万吨，LME 库存增加 0.5 至 21.3 万吨，COMEX 库存增加 0.5 至 11.2 万吨。上海保税区库存 ...

★ 宏观动态 ★ 商务部：2025全国家电消费季启动 3月22日，2025全国家电消费季启动仪式在上海举行。商务部副部长盛秋平，上海市委常委、副市长华源出席 活动。盛秋平表示，开展家电以旧换新工作，既利当前、又利长远，既稳增长、又促转型，既惠民生、又利产 业。商务部将以2025全国家电消费季启动仪式为契机，进一步统筹线上线下渠道，组织开展系列活动，优 化"政策+活动"驱动机制，鼓励厂商出新、平台让利、企业优惠，放大家电以旧换新政策效应，释放家电更新 消费潜力，为更好满足人民美好生活需要，助力经济高质量发展作出积极贡献。 中瑙签署互免持特定类别护照人员签证协定 3月22日，中国驻瑙鲁大使吕进与瑙鲁外交兼司法部长安格明在瑙鲁亚伦分别代表两国政府签署了《中华人民 共和国政府和瑙鲁共和国政府关于互免持特定类别护照人员签证的协定》。该协定将在两国履行各自国内法律 程序后正式生效。 北京将整治"幽灵"外卖、电商"霸王条款"等九大消费问题 据央视新闻报道，近日，北京市2025"守护消费"铁拳行动正式启动，北京将聚焦"幽灵"外卖、电商"霸王条 款"等消费者关心的热点问题，针对九大重点领域开展专项整治，打击侵害消费者权益的违法 ...