Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][25] Core Views - The company achieved revenue growth of 7.2% to 16.83 billion and net profit growth of 10.4% to 4.27 billion in 2024, with a steady performance continuing into Q1 2025 [1][4] - The core business of electrical connections showed stable growth, while the smart electrical lighting segment outperformed the industry despite market pressures [2][3] - The new energy business experienced significant growth, with revenue increasing by 104.8% to 780 million and sales volume up by 119.3% [2] - The company effectively controlled expenses, resulting in a gross margin of 43.2% and a net margin of 25.4% for 2024 [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 16.83 billion (+7.2%) and a net profit of 4.27 billion (+10.4%), with Q1 2025 showing a revenue of 3.92 billion (+3.1%) and a net profit of 970 million (+4.9%) [1][5] - The gross margin for 2024 was 43.2%, with a net margin of 25.4% [3][5] Business Segments - The electrical connection business generated 7.68 billion in revenue (+4.0%), while the smart electrical lighting segment brought in 8.33 billion (+5.4%) [2] - The new energy segment's revenue reached 780 million (+104.8%), indicating a strong market position and growth potential [2] Profitability and Cost Control - The company maintained a gross margin of 43.2% and a net margin of 25.4% in 2024, with effective cost management across various expense categories [3][5] - The company has implemented an incentive plan to boost growth confidence, with stock grants aimed at achieving revenue and profit targets [3] Future Projections - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 4.57 billion, 4.95 billion, and 5.50 billion respectively, reflecting growth rates of 6.9%, 8.4%, and 11.1% [4][5]

转自：新华财经 新华财经北京4月24日电（崔凯）特朗普政府的关税政策，致使美国遭遇经济史上最为严峻的贸易不确定性。美 联储最新褐皮书报告表明，"围绕国际贸易政策的不确定性广泛存在"，虽然当下经济仍在"稳步扩张"，然而这种 不确定性"或将在未来数月内抑制增长势头"。 褐皮书显示，自2025年2月底起，美国经济活动近乎零变化，仅有五个地区报告稍有增长，三个地区维持原状， 其余四个地区的经济活动则呈下降态势。制造业尤为疲弱，三分之二的地区表示制造业活动无明显变化或有所下 滑。 报告中"不确定性"一词出现达80次，与关税相关的表述高达107处，远超以往水平，这表明企业因政策不明晰而 普遍暂停或放缓投资、招聘等经济活动。 近期，美联储多位官员对特朗普政府关税政策可能产生的经济影响表示担忧。 克利夫兰联储主席哈马克称，当前条件仍支持继续缩减资产负债表，但在高度不确定的环境下，并非改变货币政 策的时机。她强调，需保持耐心，在采取利率行动前需观察更多数据变化。 美联储理事阿德里安娜·库格勒指出，关税可能给物价带来上行压力，并产生比预期更大的经济影响。库格勒认 为，经济面临高度不确定性，通胀有上行风险，就业则有下行风险。 里士 ...

Core Viewpoint - The successful IPO of Mixue Ice City has broken the trend of first-day stock price declines for tea beverage companies in Hong Kong, with a significant opening increase of 29.38% and a closing price rise of over 43.2% on March 3, 2023, leading to a market capitalization exceeding 1,093 billion HKD [1][2]. Group 1: Market Performance and Comparisons - Mixue Ice City achieved an oversubscription rate of 5,266 times prior to its IPO, setting a record for Hong Kong IPOs with a frozen capital scale of 1.82 trillion HKD [1]. - Despite the enthusiasm surrounding Mixue Ice City's listing, other tea beverage companies like Nayuki, Cha Bai Dao, and Gu Ming experienced declines in their stock prices on the same day, indicating a lack of positive impact from Mixue's performance [2][9]. - The market is observing whether Mixue Ice City can maintain its market capitalization above 1 trillion HKD in the coming years, similar to the trajectory of Pop Mart, which saw significant fluctuations in its market value post-IPO [2][7]. Group 2: Business Model and Operational Insights - Mixue Ice City's business model is fundamentally different from other tea brands, relying on a first-party supply chain with 100% self-produced core ingredients and a self-sufficient rate exceeding 97%, which allows for better profit margins [4][5]. - The company operates over 45,000 stores, leveraging its production capabilities to maintain profitability even in a competitive pricing environment, unlike many competitors who rely on cooperative models [5][6]. - The net profit margins for Mixue Ice City have been stable, with figures of 14.7% in 2022, 15.8% in 2023, and 18.7% in the first three quarters of 2024, indicating a consistent but not explosive growth trajectory [6]. Group 3: Future Challenges and Market Dynamics - Moving forward, Mixue Ice City faces challenges in expanding its store presence in lower-tier cities and overseas markets, as well as competing in new business areas like coffee [6][7]. - The overall tea beverage market is experiencing intense competition characterized by homogenization, with brands struggling to differentiate themselves and maintain consumer interest [9][10]. - The current market dynamics suggest that many tea brands are caught in a cycle of following trends and marketing gimmicks, which may undermine their long-term viability and consumer loyalty [10].

先给昨晚的关注点做一个更新，今天央行进行了1820亿的1年期MLF操作，中标利率为2.5%，与之前持平，没有出现期盼的降息。 所以今天银地保的表现都不好，地产尤甚，跌了将近2%。说实话我也对降息蛮期待的，因为最新的经济数据显示确实有进一步刺激的必要。比如今天公 布的5月份全国大中城市房价，我把表格转发过来给你们看。 | | 城市 | 环比 | 同比 | 1-5月平均 | | | 环比 | 同比 | 1-5月平均 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 上年同月 | 上年同期 | | 城市 | | 上年同月 | 上年同期 | | | | 上月=100 | | | | | 上月=100 | | | | | | | =100 | =100 | | | | =100 | =100 | | 北 | 京 | 98.8 | 91.4 | 93.6 | 居 | = | 98.4 | 91.2 | 93.0 | | 天 | 津 | 98.9 | 93.8 | 96.0 | | 奏皇岛 | 99.1 | 92.3 | 93.9 ...