今天绝对是个好日子，值得敲锣打鼓放鞭炮。 中美历时三天多的关税谈判，终于迎来了重磅"联合声明"。 这个声明的内容完全超出了我的想象，肯定也超出了很多人的想象，因为胜负已分，美国做出了巨大让 步，我们也让特朗普体面地得到了结果。 我们先聊一下声明的内容。 根据2025年5月12日发布的《中美日内瓦经贸会谈联合明》，双方达成的核心内容"关税调整"如下。 第一，美国取消2025年4月8日第14259号行政令、4月9日第14266号行政令中对中国商品加征的累计91% 的关税。 "关税战"是特朗普发起来的，到这一步，美国就像井里的蛤蟆，爬了一米，又退了一米，就是没进没 退。 作为对等，中国也取消了2025年第5号、第6号公告中加征的91%关税。 可以说，双方都决定取消这91%的关税，不是延缓，而是取消。 第二，美国修改2025年4月2日第14257号行政令，暂停对中国商品（含港澳地区）加征的24%"对等关 税"，为期90天。 来而不往非礼也，中国同步修改对美商品加征的关税，暂停24%反制关税90天，保留10%基准关税。 第三，中国暂停或取消自2025年4月2日起针对美国的非关税反制措施。 这个大家可以脑补一下，大概率应 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [5]. Core Insights - The company achieved a total revenue of 24.062 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 1.529 billion yuan, up 8.26% year-on-year. In Q1 2025, the revenue was 6.009 billion yuan, with a growth of 0.64%, and a net profit of 449 million yuan, increasing by 10.51% year-on-year [1][3]. - The company continues to expand its store network with a focus on regional advantages, adding 2,512 stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores. As of the end of Q1 2025, the total number of stores reached 14,694, with a net increase of 10 stores from the end of 2024 [3]. - The company has optimized its supply chain and product cost control, achieving a coverage rate of over 98% for national procurement catalog products by the end of 2024, with more than 2,800 SKUs introduced [3]. - The gross margin for 2024 improved by 1.9 percentage points to 40.12%, while the net margin slightly decreased by 0.1 percentage points to 6.87%. In Q1 2025, the gross margin was 39.64%, and the net margin increased by 0.7 percentage points to 8.21% [3]. Financial Projections - The company is projected to achieve total revenues of 28.248 billion yuan in 2025, 32.573 billion yuan in 2026, and 37.560 billion yuan in 2027. The net profit attributable to shareholders is expected to be 1.825 billion yuan in 2025, 2.143 billion yuan in 2026, and 2.464 billion yuan in 2027 [4]. - The earnings per share (EPS) are forecasted to be 1.51 yuan in 2025 and 1.77 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 18 times and 16 times, respectively [3][4].