策 略 研 究 ——申万宏源关键假设表调整与交流精粹（2025 年 5 月） 相关研究 - 证券分析师 联系人 王雪蓉 (8621)23297818× wangxr@swsresearch.com 2025 年 05 月 08 日 应对关税挑战，激活内需增长 王胜 A0230511060001 wangsheng@swsresearch.com 金倩婧 A0230513070004 jinqj@swsresearch.com 林丽梅 A0230513090001 linlm@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 研究支持 王雪蓉 A0230523070003 wangxr@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 目录 行 业 比 较 | 1. 总量领域观点汇总 | 4 | | | --- | --- | --- | | 1.1 | 宏观：制造业 PMI 有较大回落，非制 ...

明意湖集团董事长 李洪梅：每年生产销售六亿片，不起眼的一个手机膜也是个大产业。 高清、磨砂、防窥、镜面、3D裸眼……广州小店里的手机膜涵盖了数百种型号，设在湖南的生产线还在根据市场动态随时出新。李洪梅当初选择这个赛道 时自己也没有想到，一头扎进去20年，如今，她带领的团队已经成长为国家专精特新小巨人，还为华为、小米、OPPO、VIVO等国产手机生产配套产品。 李洪梅告诉记者，一张手机膜至少21道工序，21道工序就意味着产业链至少涉及21个行业，从无到有、从有到精，全产业链各环节齐头并进，才托举起自己 的产品，如今畅销欧美、东南亚和非洲等，目前，她的手机钢化膜产品已经占据了全球市场30%的份额。 5月5日，第137届广交会落下帷幕。在美国关税扰乱全球贸易规则的背景下，这届广交会现场意向出口成交254.4亿美元，不仅让世界看到了中国经济的活力 与韧性，也再次坚定了中国企业自己的信心。从生产车间到贸易港口，看面对关税挑战的中国外贸人底气从何而来？ 年产6亿片 手机膜背后有大市场 在广州荔湾区西堤二马路上一间不起眼的店面里，来自世界各地的客商络绎不绝，英语、阿拉伯语无缝切换的李洪梅，正在通过一张手机膜与世界链接。 李 ...

央视网消息：5月5日，第137届广交会落下帷幕。在美国关税扰乱全球贸易规则的背景下，这届广交会现场意向出口成交254.4亿美元，不仅让 世界看到了中国经济的活力与韧性，也再次坚定了中国企业自己的信心。从生产车间到贸易港口，看面对关税挑战的中国外贸人底气从何而 来。 在广州荔湾区西堤二马路上这间不起眼的店面里，来自世界各地的客商络绎不绝。英语、阿拉伯语无缝切换的李洪梅，正在通过一张手机膜与 世界链接。 高清、磨砂、防窥、镜面、3D裸眼……广州小店里的手机膜涵盖了数百种型号。而设在湖南的生产线还在根据市场动态随时出新。 李洪梅当初选择这个"赛道"时自己也没有想到，一头扎进去20年。如今，她带领的团队已经成长为国家专精特新"小巨人"，还为华为、小米、 OPPO、VIVO等国产手机生产配套产品。 企业负责人李洪梅介绍，一张手机膜至少21道工序，21道工序就意味着产业链至少涉及21个行业。从无到有、从有到精，全产业链各环节齐头 并进，才托举起自己的产品。如今，畅销欧美、东南亚和非洲等，目前，她的手机钢化膜产品已经占据了全球市场30%的份额。 李洪梅表示，不存在受制于人，因为他们有话语权。比如这个玻璃，他们说要0.4毫米 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 16.47 [7] Core Views - The company reported a revenue of RMB 16.82 billion for 2024, representing a year-on-year increase of 14.84%, and a net profit attributable to shareholders of RMB 1.05 billion, up 7.75% year-on-year. For Q1 2025, total revenue grew by 10.36% year-on-year, while net profit surged by 43.02% year-on-year [1][2] - The company is a leader in small appliance exports, benefiting from strong demand in Q1 2025, although it may face challenges in Q2 due to increased tariffs from the US [1][3] - The company has initiated a share buyback and declared a dividend of RMB 0.45 per share, enhancing shareholder returns [1] Summary by Sections Domestic Sales - The company's domestic sales faced significant pressure in 2024, with a revenue decline of 4.5% year-on-year, and continued to decline by 4.9% year-on-year in Q1 2025. The main brands, Mofei and Dongling, are less sensitive to the new subsidy policies, leading to a slower recovery compared to the industry [2] Export Business - The export revenue growth for the company was strong in 2024 and Q1 2025, with year-on-year increases of 29.7%, 25.1%, 20.3%, and 14.1% for each quarter of 2024. However, the growth rate is expected to be pressured in Q2 2025 due to rising tariffs imposed by the US [3][5] Profitability and Costs - The company's gross margin for 2024 was 20.91%, a decrease of 1.82 percentage points year-on-year, primarily due to the higher proportion of low-margin exports. In Q1 2025, the gross margin improved to 22.42%, an increase of 0.5 percentage points year-on-year. The company also optimized its expense ratios, with a decrease in the period expense ratio by 1.08 percentage points in 2024 [4] Earnings Forecast - The earnings per share (EPS) forecast for 2025-2027 is adjusted to RMB 1.43, 1.57, and 1.75, reflecting a downward revision of 5% and 7% for 2025 and 2026, respectively. The target price is adjusted to RMB 16.47, corresponding to a 2025 price-to-earnings (PE) ratio of 11.5x [5][10]