在鄌郚镇的一家乐器生产企业，一名工作人员在生产加工电吉他。 新华社记者 徐速绘摄 来自五湖四海的原材料，在制琴匠人的巧手下化作一把把奏出美妙音符的电吉他，漂洋过海走向世界。全球 每3把电吉他中，就有1把产自这里——山东省潍坊市昌乐县鄌郚镇。 记者走进这个电吉他小镇，了解这里乐器产业的发展脉络，倾听一个产业撑起一座城镇的故事。 从土乐器到洋乐器 "鄌郚"二字皆带"耳朵"，冥冥中与妙音有不解之缘。 原材料和市场两头在外，这座小镇是如何开辟出了乐器产业？ 鄌郚的音乐文化群众基础广泛，在识字率不高的年代，每一个村庄都有一些喜爱戏曲音乐的人。 "吉他的这根弦，连接的是父辈的艰辛创业与我辈的重任在肩。时间在流逝，但是琴弦上凝聚的文化底蕴越来 越深厚，鼓舞我们砥砺前进。"谈起鄌郚吉他，东方乐器厂总经理李华涛满眼都是自豪："手艺人的努力、政 府的支持、市场的需求正在形成合力，我们坚信会有一个美好的前景。" 从做贴牌到创品牌 曾经，鄌郚的电吉他生产出来以后，大部分在国外贴上别人的商标再销售，利润的大头被品牌方赚走，生产 商利润微薄。2020年以前，张建军的乐器厂就是这种情况。第一批投身"吉他大潮"的鄌郚乐器人纷纷意识 到，要想 ...

Investment Rating - The report maintains a "Buy" rating for Midea Group [12]. Core Viewpoints - Midea Group has transitioned from an OEM model to an OBM model since 2015, establishing a comprehensive overseas brand matrix that covers high, medium, and low-end products. The company has significantly enhanced its global localization operations, which is expected to drive further increases in its overseas market share [3][10]. - The long-term growth of Midea's white goods products overseas is projected to be substantial, with potential annual sales volumes several times higher than those in 2024, driven primarily by replacement demand as global appliance ownership rates peak [3][10]. Summary by Sections Introduction - Midea, Haier, and Gree represent three major players in the domestic white goods industry, each with distinct globalization processes. Midea's international sales strategy is positioned between the two, with significant room for market share growth as domestic market expansion slows [6][20]. Globalization Progress - Midea began its overseas expansion in 1986, initially focusing on OEM. Since 2015, the company has shifted towards building its own brands, establishing 22 R&D centers and 23 production bases globally by 2024, and achieving a 6.7% share of global major appliance sales, ranking third in the industry [7][39]. Strengthening Overseas Sales - Midea's global strategy has evolved from "global operation" to "global breakthrough," focusing on local market integration. The company has expanded its sales channels and production capacity, with significant investments in e-commerce and a growing number of overseas sales points [8][51]. Overseas OBM Business Potential - Midea's projected long-term global annual sales for air conditioners, refrigerators, and washing machines are expected to reach 10.367 million, 2.898 million, and 3.711 million units, respectively, indicating growth potentials of 186%, 173%, and 133% compared to 2024 [9][10]. Investment Recommendations - The report suggests that Midea's ongoing global expansion and the expected growth in its white goods segment present a promising investment opportunity. Forecasted net profits for 2025, 2026, and 2027 are estimated at 42.588 billion, 46.766 billion, and 52.091 billion yuan, respectively, with corresponding P/E ratios of 13.61, 12.39, and 11.13 [10].

证券代码：300994 证券简称：久祺股份 公告编号：2025-005 参会人员名单 | 李志 | 海富通基金 | | --- | --- | | 郭冲冲 | 光大资管 | | 费嘉旻 | 花旗银行 | | 卫辛 | 中银资管 | | 宋诚菲 | 观火投研 | | 周立峰 | 上海粒子基金 | | 王子桐 | 大正投资 | | 罗芳 | 五矿证券 | | 陈伟斌 | 东吴基金 | | 相健 | 国诚投资 | | 朱显东 | 国诚投资 | | | 4、公司 2025 年第一季度业绩同比增速高，表现亮眼的原因 | | --- | --- | | | 是？ | | | 答：公司 2025 年第一季度营收同比增长 30.39%，净利润同 | | | 比增长 90%。主要原因是海外市场需求恢复，自主品牌跨境电商 | | | 业务持续保持高增长，叠加应收账款的收回，净利润同比增速较 | | | 快。 | | | 5、公司自主品牌目前发展情况如何，会考虑收购一些驰名 | | | 的自行车品牌吗？ | | | 答：公司在品牌建设方面计划通过参加国内外专业展会推广 | | | 自主品牌，分析区域市场需求进行针对性推广，提升产品 ...

投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 中信证券：于熙臣、何亦啸、肖昊、谈成晨；浙江国信投资：姜超； 易方达：姜宛悦。 时间 2025 年 5 月 8 日 地点 杭州天元宠物用品股份有限公司鸿旺园区9号楼1楼会议室 公司接待人员 姓名 董事会秘书、副总裁：田金明 董事会办公室：梁红霞 投资者关系活动 主要内容介绍 一、投资者问答环节 1、中国宠物行业发展情况如何？ 答：相比于国际宠物市场，国内宠物市场起步较晚，在 2010 年以 后呈现了较为快速的发展增速。目前，我国饲养宠物的家庭已经具有 一定的规模，饲养宠物主要以狗和猫为主，根据《2025 年中国宠物行 业白皮书》显示，2024 年城镇宠物（犬猫）主 7,689 万人，较 2023 年 增长 2.4%；中国城镇宠物（犬猫）消费市场规模为 3,002 亿元，较 20 23 年增长 7.5%。2024 年宠物犬数量为 5,258 万只，较 2023 年增长 1. 6%，宠物猫数量为 7,153 万只，较 202 ...

2025 年 4 月 30 日 公司研究 海外自主品牌影响力持续提升，一季度业绩表现超预期 ——匠心家居（301061.SZ）2025 年一季报点评 要点 事件：公司发布 2025 年一季报，1Q2025 实现营收 7.7 亿元，同比+38.1%，实 现归母净利润 1.9 亿元，同比+60.4%。1Q2025 公司实现经营性净现金流 1.2 亿 元，同比+59.8%。 点评：营收利润延续高增，一季度业绩表现超预期：1Q2025 公司营收利润延续 高速增长，主要原因系：1、公司聚焦高品质品牌定位，持续加大创新投入，积 极推出一系列高附加值产品，在中高端细分市场影响力显著提升；2、公司直销 零售商客户数量持续增加、合作规模不断扩张；3、公司越南基地产能利用率持 续提升，订单交付能力不断增强。 分地区看，1Q2025 公司 89.5%的产品销往美国，78.0 %的产品出自越南工厂。 1Q2025，公司前 10 大客户均为美国客户，70%为零售商，前十大客户中有 8 家客户增加了采购金额，同比增幅在 10.52%~325.22%。此外，1Q2025 公司一 共开拓了 22 位新客户，全部为零售商，其中 2 位属于"全 ...

汽车整车出口规模不断扩大。济南市是我国重要的重型汽车生产基地，拥有汽车生产头部企业和强大的汽车零部件产业基础，形成了完 善的汽车产业供应链，重卡出口连续18年位居全国第一位。2025年一季度，济南市出口汽车77亿元，增长9.2%，占同期出口总值的 21.4%。在国家政策大力扶持下，济南市新能源汽车产业快速发展，电动汽车出口1.1亿元，增长了27倍。 工程机械出口发展迅猛。济南市工程机械出口产品种类丰富，涵盖了挖掘机、装载机、起重机、混凝土搅拌车、升降平台等，一季度， 济南市出口工程机械27.1亿元，同比增长23%，占同期出口总值的7.5%；其中，非公路用货运机动自卸车出口7.3亿元，增长2.5倍。 齐鲁晚报.齐鲁壹点杜春娜 自主品牌建设优势明显。近年来，济南市相继出台了系列支持外贸高质量发展的政策措施，企业也不断加大技术研发投入，提升产品的 高端化、智能化、绿色化水平，在国际市场上具有较高的竞争力。一季度，济南市出口"自主品牌"机电产品150.5亿元，增长8.7%，占同 期济南市机电产品出口值的63.2%。其中，汽车"自主品牌"出口76.3亿元，增长8.4%，占同类产品出口值的99.1%；工程机械"自主品 牌 ...

24Q4 经营性现金流短暂承压。24Q4 公司经营性现金流0.63 亿元（同比-0.46 亿元），短暂承压。截至 24 年末公司存货周转天数84.25 天（同比+6.09 天）、应收账款周转天数48.47 天（同比+7.59 天）、应 付账款周转天数72.04 天（同比+18.41 天）。 海外产能充裕，关税影响有限。公司形成了完善的海外制造和运营体系，尤其是越南基地已成为支撑对 美出口的核心力量。越南工厂产能充裕且管理持续优化，制造效率稳步提升，24 年公司制造费用同 比-18.9%，预计整体盈利能力将保持稳定。2024 年公司90.5%的产品销往美国市场，而公司84.0%的产 品由越南出口，由中国直接出口至美国的产品敞口较小，加之目前美国对东南亚对等关税推迟90 天执 行，有效降低关税政策的不利影响；考虑到沙发制造回流美国本土可能性较低，在关税推迟执行结束 后，越南向美国出口沙发品类关税税率或降低。 公司24 年营收25.48 亿元（同比+32.63%），归母净利润6.83 亿元（同比+67.64%），核心驱动包括： 1）自主品牌突破，高毛利新品占比提升，智能电动沙发量价齐升（销量+18.4%、单价+15 ...

Financial Performance - In 2024, the company achieved a revenue of 4.465 billion CNY, a year-on-year increase of 19.15% [2] - The net profit attributable to shareholders for 2024 was 0.689 billion CNY, reflecting a growth of 3.94% [2] - For Q1 2025, revenue reached 1.101 billion CNY, up 25.41% year-on-year [2] - The net profit attributable to shareholders in Q1 2025 was 0.162 billion CNY, a significant increase of 62.13% [2] Product Performance - Pet snacks generated a revenue of 3.132 billion CNY in 2024, with a gross margin of 27.56%, accounting for 70.16% of total revenue [2] - Pet food revenue was 1.107 billion CNY, showing a remarkable growth of 91.85% with a gross margin of 34.59% [2] - The OEM business revenue was 2.616 billion CNY, up 21.21%, with a gross margin of 27.32%, representing 58.59% of total revenue [3] Regional Performance - Overseas revenue for 2024 was 3.050 billion CNY, a year-on-year increase of 14.62%, with a gross margin of 24.90%, making up 68.33% of total revenue [3] - Domestic revenue reached 1.414 billion CNY, growing by 30.26% with a gross margin of 35.18%, accounting for 31.67% of total revenue [3] Supply Chain and Production - The company operates modern production bases across multiple countries, including China, the USA, Canada, New Zealand, and Cambodia, covering all pet food categories [5] - In 2024, the company plans to expand its supply chain with new projects in North America and domestic industrial parks [5] Brand Development - The company expanded its overseas market presence, entering 9 new countries in 2024, bringing the total to 73 countries [6] - The WANPY brand underwent a strategic upgrade in 2024, enhancing brand recognition and consumer loyalty [7] - The WANPY brand launched new products, including the "Golden Shield" fresh meat food, which has received positive market feedback [8] Future Outlook - The company aims to focus on brand building, domestic market growth, and overseas expansion while maintaining a commitment to high-quality development [10] - The domestic pet food market is expected to continue growing, driven by increasing consumer demand for quality [10] - The company plans to enhance its marketing strategies to ensure efficient resource allocation and maximize value creation [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.749 billion yuan in 2024, representing a year-on-year growth of 34.22%, while the net profit attributable to the parent company was 296 million yuan, a slight decline of 0.56% year-on-year. In Q4 2024, the revenue reached a historical high of 1.359 billion yuan, with a year-on-year increase of 30.94%, but the net profit decreased by 17.67% year-on-year. In Q1 2025, the revenue was 1.01 billion yuan, up 17.93% year-on-year, and the net profit increased by 34.81% year-on-year [3][4] Summary by Sections Financial Performance - In 2024, the company achieved revenues of 4.749 billion yuan, with a year-on-year growth of 34.22%. The net profit attributable to the parent company was 296 million yuan, down 0.56% year-on-year. The Q4 2024 revenue was 1.359 billion yuan, up 30.94% year-on-year, while the net profit was 71 million yuan, down 17.67% year-on-year. For Q1 2025, the revenue was 1.01 billion yuan, up 17.93% year-on-year, and the net profit was 58 million yuan, up 34.81% year-on-year [3][4] Sales Growth - The company experienced sustained high demand with new customers, channels, and projects accelerating. In 2024, the revenue from various product lines included office chairs (3.416 billion yuan), sofas (645 million yuan), massage chairs (240 million yuan), and others, showing significant year-on-year growth rates [4] Strategic Investments - The company is strategically investing in building its own brand and developing new businesses, which has temporarily impacted the net profit margin. The gross margin for 2024 was 21.64%, down 1.24 percentage points year-on-year. The net profit margin was 6.24%, down 2.18 percentage points year-on-year [5] International Expansion - The company has established two overseas production bases in Vietnam and Romania, enhancing its competitive advantage. The Vietnam base has been operational since 2018, while the Romania base began production in 2023, supporting the company's ability to meet global customer demands [6][7] Future Outlook - The company is transitioning from a primarily export-oriented model to a balanced approach of domestic and international sales, along with a focus on its own brand. Revenue projections for 2025-2027 are 5.625 billion yuan, 6.425 billion yuan, and 7.116 billion yuan, respectively, with corresponding net profits of 363 million yuan, 439 million yuan, and 518 million yuan [8][10]

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