在特朗普关税浪潮席卷美国零售业之际，亚马逊CEO Andy Jassy表示目前尚未观察到消费者因关税而收紧钱包的迹象。 5月21日，亚马逊CEO Andy Jassy在年度股东大会上表示，公司目前没有看到消费者在特朗普全面征收关税的背景下收紧钱 包的迹象。Jassy在问答环节中表示： 到目前为止，我们还没有看到任何需求减弱的迹象，我们也没看到销售均价出现趋势性上涨走势。 这一表态尤为引人注目，因为亚马逊此前在最近一次财报中曾将"关税和贸易政策"列为可能影响当前季度业绩预测的几个 因素之一。有分析师指出至少在短期内，亚马逊的多元化供应链和规模优势可能帮助其抵御了部分关税压力。截至周三美 股收盘，亚马逊跟随大盘走势走弱，收跌1.35%。 零售巨头应对策略各异 与沃尔玛和塔吉特等竞争对手已开始警告价格上涨形成鲜明对比，亚马逊似乎正在利用其庞大的第三方卖家生态系统和提 前库存策略来缓冲关税冲击。 Jassy透露，亚马逊采取了积极的库存管理策略，公司进行了"一些策略性的提前库存购买"以储备商品，并"极度专注"于为 消费者保持低价。这一点可能解释了为何亚马逊能够暂时避免提价压力，尽管这种优势能持续多久仍存疑问。 华尔街见 ...

Financial Data and Key Metrics Changes - In Q1 2025, net sales were $340 million, a decrease of 9% compared to $374 million in Q1 2024, primarily due to a $40 million benefit from channel inventory build in the previous year that did not repeat [23][25] - Gross profit was $138 million with a gross margin of 40.5%, down from $170 million and 45.4% year-over-year, attributed to railing conversion costs and lower production levels [24][25] - Net income decreased by 32% to $60 million or $0.56 per diluted share, compared to $89 million or $0.82 per diluted share in the prior year [25] Business Line Data and Key Metrics Changes - New products launched in the last 36 months accounted for approximately 22% of trailing twelve-month sales, more than double the level from the previous year [9][18] - The company is seeing strong demand for premium products across all channels, with a notable increase in dealer conversions to the Trex brand [9][20] Market Data and Key Metrics Changes - The repair and remodel market is projected to rebound, with spending expected to increase from a low of $1 per square foot in 2024 back to the long-term average of $1.26 by 2027 [16][17] - The company anticipates outperforming the repair and remodel market in 2025, driven by new product introductions and market share gains [17][26] Company Strategy and Development Direction - The company is focused on enhancing its product offerings through innovation, with a commitment to serving consumers across all price points [18][19] - Trex is expanding its distribution partnerships and enhancing brand alignment with contractors to drive sales [14][20] - The new manufacturing campus in Arkansas is expected to improve operational efficiency and reduce costs [15][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's market position despite macroeconomic challenges and competitive pressures [28][29] - The company is maintaining its full-year guidance for 2025, expecting net sales growth between 5% to 7% and adjusted EBITDA margin to exceed 31% [26] Other Important Information - The company is implementing a new inventory strategy to reduce quarterly volatility and ensure adequate supply to meet consumer demand [11] - Tariff impacts are projected to affect less than 5% of cost of sales, with mitigation strategies in place [12][88] Q&A Session Summary Question: What drove the changes to the Enhance product line? - Management noted customer feedback led to manufacturing changes that improved the strength and aesthetics of the product [31][32] Question: What are the expectations for gross margins in Q2? - Management indicated that Q2 margins would be similar to Q1, primarily due to ongoing costs from product enhancements [33][34] Question: What is the sell-through rate for Q1? - The company reported strong demand for premium products and a turnaround in entry-level products, aligning with full-year guidance [40][41] Question: How will inventory practices affect seasonality? - Management expects a return to more normal seasonal patterns, with a strong first quarter followed by a slight decline in the third and fourth quarters [45][46] Question: What are the impacts of tariffs on costs? - The company has limited exposure to China and is exploring alternative sourcing options to mitigate tariff impacts [88][89] Question: How is the entry-level market performing? - There has been sequential improvement in entry-level products, with expectations for continued stabilization [114][115]

行 业 研 究 投资咨询业务资格： 证监许可[2011]1771号 分析师： 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-80128600-8622 邮箱：wangyil@qh168.com.cn 分析师 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-80128600-8616 邮箱：fengb@qh168.com.cn 东 海 策 略 2025年4月30日 [聚Tab酯le_T走itle访] ：海宁、绍兴下游厂商近况 ——能化策略报告 投资要点： HTTP://WWW.QH168.COM.CN 1 / 11 请务必仔细阅读正文后免责申明 [table_main] 能 源 化 工 王亦路： 关税影响：以外销为主的企业目前在积极应对，企业部分下游受影响严重。直接涉美订单 基本都仍处在停滞中，部分企业积极寻找南美等替代市场，但短期效果极为有限，非美订 单最近反而较好（以东南亚为主）。除非看到关税扭转，否则五一企业可能会有多放假降 停工考虑。所以5月负反馈或许仍有部分发酵空间，而上游化纤厂近期也较为忌惮终端开 工5月大幅下行，后期可能会有进一 ...

根据 Counterpoint Research《市场监测》 服务的初步数据，2025年Q1全球智能手机出货量同比增 长3%。继2023年下滑后于2024年实现增长的全球智能手机市场，在2025年开局同样表现积极，这主 要得益于中国、拉丁美洲和东南亚等市场的推动。 分析师观点 针对市场表现Counterpoint 高级分析师Yang Wang 评论道："Q1增速未达我们此前6%的预期，主 要由于季度末关税政策不确定性加剧，以及厂商采取谨慎的库存策略。当前市场不确定性依然存 在，这将影响未来走势。因此，我们此前对2025年4%增速的预测恐难实现，今年甚至可能出现零 增长或负增长。" 全球五大智能手机品牌出货量份额（初步数据） 数据来源：Counterpoint Research 初步市场监测数据（基于出货量） Notes：OPPO 包括OnePlus，由于四舍五入百分比总和可能不等于100%，出货量数据按百万台为单位取整；增长率百 分比基于取整前的实际出货数据计算。 分析师观点 针对厂商表现，Counterpoint 高级分析师Jene Park 评论道："Samsung 在2025年Q1凭借Galaxy S2 ...