Core Viewpoint - Jian Sheng Group's profitability has improved, with high dividends in the first half of the year, but short-term orders may still be pressured by trade war impacts [1] Group 1: Market Dynamics - In July, a 20% tariff agreement was reached between the US and Vietnam, which may allow the company to capture market share in the long term [1] - The purchasing rhythm of Uniqlo is expected to improve in the second half of the year [1] Group 2: Production and Capacity - The long-term outlook for the company is driven by improved seamless capacity utilization, particularly in Vietnam, where the company has achieved phase profitability [1] - Future growth in cotton socks is anticipated to remain steady, supported by expansions in Haiphong and Quang Tri, as well as the enhancement of dyeing capacity in Nam Dinh [1] Group 3: Investment and Confidence - The company is actively investing in a project in Nam Dinh province to produce 65 million pairs of mid-to-high-end cotton socks, 2,000 tons of spandex elastic yarn, and 18,000 tons of yarn dyeing capacity, which is expected to expand production [1] - The company's share buyback is expected to boost market confidence, maintaining a "buy" rating [1]

Core Viewpoint - Target Corporation plans to terminate its price matching guarantee with Amazon and Walmart starting July 28, 2023, focusing solely on matching prices within its own stores and Target.com [1][2] Group 1: Policy Changes - The new policy allows Target to match prices only when its own prices drop, rather than matching lower prices from Amazon and Walmart [1][2] - This shift reflects a strategic move to maintain profitability amid rising tariff costs, allowing Target more flexibility in pricing strategies [3][4] Group 2: Market Context - Target's previous policy was seen as a defensive measure in a price war, but the new approach narrows the focus to internal pricing [2][3] - Walmart's strategy contrasts with Target's, as it aims to absorb tariff costs to gain market share, while Target is more inclined to pass on costs to consumers [4] Group 3: Stock Market Reaction - Following the announcement, Target's stock rose over 4%, although it has declined more than 20% this year due to tariff pressures [3] - In comparison, Walmart's stock has increased nearly 7% this year, benefiting from strong consumer spending on essentials [3]

| 《八》 国经期货 | | 能源 日报 | | --- | --- | --- | | 操作评级 | | 2025年06月05日 | | 原油 | 女女女 | 高明宇 首席分析师 | | 燃料油 | ★☆☆ | F0302201 Z0012038 | | 低硫燃料油 ☆☆☆ | | 李祖智 中级分析师 | | 沥青 | ☆☆☆ | F3063857 Z0016599 | | 液化石油气 ☆☆☆ | | 王盈敏 中级分析师 | | | | F3066912 Z0016785 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【原油】 隔夜国际油价回落，SC07合约日内跌0.83%。有消息显示沙特希望OPEC+在8月、9月仍以41.1万桶/天的速度增 产,并将7月销往亚洲的轻质原油官价升贴水下调20每分/桶,其抢占市场份额的意图愈发明显。此外,此前加 拿大野火引发的供应中断已在周三部分恢复,上周EIA汽油和精炼油库存均超预期增加暗示需求无法匹配炼厂供 应的增加。此前我们谈到OPEC+抢占市场份额策略下的快速增产行为令源自季节性及地缘犹动的供需 ...

Core Viewpoint - The company reported 1Q25 performance that exceeded revenue expectations but fell short on net profit due to product mix and new product launch timing [1][2]. Revenue Performance - 1Q25 revenue reached 3.428 billion yuan, a year-on-year increase of 86.22%, driven by strong overseas sales [1]. - Domestic sales are estimated to have doubled year-on-year, supported by government subsidies and increased market share [1]. - Online sales of the company's floor and washing machines saw significant growth, with year-on-year increases of 90% and 349% respectively [1]. - In the European market, revenue is estimated to have doubled year-on-year due to channel reforms and refined operations [1]. - The U.S. market saw a year-on-year revenue increase of 50%, while the Asia-Pacific region also experienced a 50% increase [1]. Profitability Analysis - The company's gross margin for 1Q25 was 45.5%, a decrease of 11 percentage points year-on-year, primarily due to pricing strategies and the late launch of new products [2]. - The sales expense ratio increased to 27.8%, reflecting upfront investments in new product launches and the costs associated with nurturing new categories [2]. - The net profit margin was 7.8%, down 13.9 percentage points year-on-year, influenced by reduced other income and investment income [2]. Development Trends - The company is expected to continue gaining market share and stabilize profit margins, with strategies implemented since 3Q24 showing positive results [3]. - Factors such as ongoing government subsidies, expanded price ranges, and market development are anticipated to drive revenue growth in 2025 [3]. - An increase in the proportion of new products and improved marketing and channel management are expected to support profit margin stabilization [3]. Earnings Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down by 13% and 10% to 1.995 billion yuan and 2.468 billion yuan respectively [4]. - The current stock price corresponds to a price-to-earnings ratio of 17.2 times and 13.9 times for 2025 and 2026 [4]. - The target price has been reduced by 21% to 237.62 yuan, reflecting a potential upside of 28% from the current stock price [4].