新消费估值体系抬升，出口链关税缓和预期强化 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 11 日 证券研究报告 [Table_ReportType] 行业周报 [Table_StockAndRank] 轻工制造 投资评级 看好 上次评级 看好 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 新消费估值体系抬升，出口链关税缓和预期强 化 行业研究 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 ➢ 消费：布鲁可发布变形金刚等新品，卡游推出 EVA 卡牌，润本山姆渠 道增量显著。本周布鲁可发布变形金刚星辰版第 3 弹，创新 ...

Core Viewpoint - Panasonic Holdings announced a significant restructuring plan, including a workforce reduction of approximately 10,000 employees globally, as part of its operational reform strategy aimed at addressing structural issues and improving efficiency [1][3]. Group 1: Restructuring and Workforce Reduction - The company plans to cut 5,000 jobs in Japan and 5,000 jobs overseas, including recruiting for early retirement, primarily to be implemented within the fiscal year 2025 [1]. - The restructuring aims to optimize business efficiency in both direct and indirect departments and redesign necessary organizational structures [1][3]. Group 2: Financial Performance and Projections - For the fiscal year 2024, Panasonic reported a revenue of 8,458.1 billion yen, a slight decrease of 0.5% from the previous fiscal year, and a net profit of 366.2 billion yen, down 17.5% year-on-year [3]. - The company anticipates that the operational reforms will lead to a profit improvement of over 150 billion yen, with a target to increase operating profit from 426.5 billion yen in fiscal year 2024 to over 600 billion yen by fiscal year 2026 [3][4]. Group 3: Business Segmentation and Strategy - Panasonic plans to dissolve the Panasonic Electric Company by the end of fiscal year 2025 and establish three independent subsidiaries: "Smart Living Company" for home appliances, "Air Quality and Food Distribution Company" for air conditioning and related businesses, and "Electrical Engineering Company" for lighting [4]. - The restructuring is intended to enhance flexibility in responding to market changes and prevent challenges in one segment from affecting the entire group [4].

"假期中，我们聚焦商圈、景区等重点区域，加大了巡查力度，及时处理突发故障，累计出动70余 人次、车辆36台次，亮灯率达99%以上。"蒋欣昊说，"路灯照明是民生工程，我们始终以群众需求为指 引，用实际行动为广大市民群众服务。大家在生活中如果遇到路灯不亮的情况，可以拨打我们的热线电 话85012365，我们会及时安排人员处理，让群众在夜间出行更安全、更舒心！"（周敏 记者 朱秋霞） 据了解，为确保路灯亮灯率、设施完好率达到城市照明亮化标准，市路灯管理处将管护范围内的路 灯设施划分为36个管理网格、13个分散责任区，定人定岗进行网格化巡查管理，实行管护网格全覆盖， 全力保障照明设施安全稳定运行，为市民和游客营造明亮、安全、舒适的出行环境。 值得一提的是，为助力城市夜经济的发展，市路灯管理处坚持精细管维，在"五一"假期前对京畿路 沿线的路灯设施进行了专项检修，更换老旧破损灯泡，修复线路故障，整理架空线路，处理垂落歪斜灯 杆，并对全路段灯具清洗除灰，提高了京畿路整体环境美观度。"五一"期间，京畿路上绚丽多彩的夜景 璀璨蜕变，让这条百年老街格外迷人，惊艳了无数市民和游客。 "您好，这里是镇江市路灯管理处。"5月2日上午， ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed improvement in profitability in Q1 2025, indicating a potential recovery in earnings despite ongoing revenue pressures [1][2]. Financial Performance - For 2024, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 7.1 billion, 900 million, and 750 million yuan, respectively, reflecting year-on-year declines of 9%, 2%, and 12% [1] - In Q4 2024, the figures were 2 billion, 280 million, and 240 million yuan, with year-on-year changes of -11%, +6%, and -14% [1] - In Q1 2025, the revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 1.5 billion, 140 million, and 90 million yuan, showing year-on-year changes of -6%, +17%, and -15% [1] - Domestic and overseas sales for 2024 were 6.4 billion and 700 million yuan, both down 9% year-on-year [1] - The company plans to distribute a cash dividend of 9.0 yuan per 10 shares, totaling 670 million yuan, with a payout ratio of 73.8% [1] Profitability Metrics - Gross margins for 2024 and Q1 2025 were 39.3% and 36.3%, with year-on-year changes of +0.04% and -1.32 percentage points, respectively, primarily due to a decrease in terminal prices [2] - The expense ratios for sales, management, R&D, and financial expenses in 2024 were 18.2%, 4.7%, 4.3%, and -0.7%, with year-on-year changes of +0.8%, +0.64%, -1.09%, and +0.68 percentage points [2] - The net profit margin for 2024, Q4 2024, and Q1 2025 were 12.7%, 13.9%, and 9.5%, with year-on-year changes of +0.87%, +2.25%, and +1.83 percentage points, indicating a peak in profitability for 2024 [2] Investment Outlook - The company is a leader in the general lighting industry, with a product range covering low, mid, and high-end markets, and continues to innovate [3] - Retail channels are being upgraded, and distribution channels are expanding, enhancing single-store productivity [3] - The commercial lighting business is focusing on expanding market share in key projects, while e-commerce is transitioning towards mid-to-high-end operations [3] - The company is actively exploring new business areas and regions overseas, as well as expanding product categories like wall-mounted and bathroom heaters [3] - Projected net profits for 2025 and 2026 are 950 million and 1.03 billion yuan, with corresponding EPS of 1.28 and 1.38 yuan, leading to PE ratios of 13.7 and 12.7 times [3]

| | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 ☑业绩说明会 | | | □新闻发布会 □路演活动 | | 别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人 | 通过"价值在线"（https://www.ir-online.cn/）线上 | | 员姓名 | 参与三雄极光 2024 年年度报告网上说明会的广大投资 | | | 者 | | 时间 | 2025 年 5 月 9 日（星期五）下午 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | 董事长、总经理：张宇涛先生 | | 上市公司接待人员 | 独立董事：曾亚敏女士 | | 姓名 | 董事会秘书：颜新元先生 | | | 财务总监：林名先生 本次业绩说明会以网络互动方式举行，与线上投资 | | | 者互动交流的主要情况如下： | | | 1.户外景观业务继续保持较快增长并超额完成全年 | | | 经营目标，三雄工程公司实现销售收入首次超过 1 亿元。 | | 投资者关系活动主 | 公司 ...

近年来，邮储银行东莞市分行坚持"投早投小"的耐心资本，采用"看未来"信贷模型对科技企业的精准赋 能，金融活水持续润泽硬科技种子，助力佰特照明等企业从专精特新"小巨人"成长为行业标杆。 目前，该半导体企业已成为中国具备6英寸及8英寸外延片产能的最大企业之一。扩产完成后，预计2025 年产能将增加38万片，年度总产能将达到约80万片碳化硅外延片。 "科创贷是纯信用贷款，无需抵押，支持随借随还、循环使用，且利率优惠，大大解决了我们当时的燃 眉之急，也给了我们持续进行技术升级和革新的底气。"佰特照明董事长王金刚为高效高质的金融服 务"点赞"。 随着双方合作不断加深，东莞佰特有增资扩产需要，为了更好的支持企业的发展，邮储银行东莞市分行 在授信额度上给予了提升。据了解，佰特照明将依托即将建成的佰特照明数字智造总部，将其打造为智 慧照明数智制造中心、高端研发基地。 "看未来"信贷模型助力，浇灌科技产业林 半导体行业是典型的技术密集型和资金密集型行业，企业的持续健康发展除了依赖于研发、管理人员的 创新能力和技术水平，金融机构的支持也十分重要。 为进一步巩固技术优势，吸引和集聚上下游企业，广东某半导体企业于2023年启动了公司 ...

Core Viewpoint - Infinte has demonstrated significant growth in revenue and profitability, positioning itself as a leading player in the global LED lighting industry, driven by strong R&D capabilities and market expansion efforts [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 567 million yuan and a net profit of 3 million yuan, marking a year-on-year increase of 51.72% [1]. - For the year 2024, the company reported total revenue of 2.668 billion yuan, a 1.41% increase year-on-year, and a net profit of 9.0718 million yuan, successfully turning around from a loss [1][2]. - The LED driver power business remains the primary revenue source, generating 1.938 billion yuan in 2023, a 4.67% increase, accounting for 72.63% of total revenue [3]. Group 2: Market Position and Strategy - The company is recognized as a top-tier player in the global LED lighting industry, focusing on R&D and manufacturing of LED driver power supplies and smart lighting solutions [1]. - Infinte has established a global presence with R&D centers in multiple countries and has formed stable partnerships with OEM/ODM partners to mitigate supply chain risks [2]. - The company is actively participating in the growing demand for LED lighting in emerging markets, with a projected compound annual growth rate of over 15% in the LED lighting market by 2028 [2]. Group 3: Product Development and Innovation - The company has made significant investments in R&D, totaling 182 million yuan in 2024, which is an 8.32% increase year-on-year, enhancing its technological advantages [4]. - Infinte has introduced several innovative products, including the world's first DALI+ wireless LED driver and a DALI2 certified DC voltage converter, reinforcing its leadership in various lighting sectors [3]. - The company is also advancing its energy storage solutions, offering a range of products that have received multiple international certifications, positioning itself for global market entry [4]. Group 4: Industry Outlook - The global LED driver power market is projected to reach approximately 14.24 billion USD in 2024, with an expected growth to 32.05 billion USD by 2030, reflecting a compound annual growth rate of 14.35% [5]. - The ongoing digitalization and smart technology trends are anticipated to further expand the market, alongside the increasing replacement demand for LED fixtures [5]. - With the recovery of the global LED lighting industry and the gradual expansion of its new energy business, Infinte is expected to maintain a steady growth trajectory towards becoming a highly valued global partner [5].

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 05 月 09 日 星期五 研报精选 "五一"旅游市场平稳增长，长线游与入境游表现亮眼 家电行业 25Q1 基金持仓跟踪报告 交运行业 25Q1 公募基金持仓跟踪报告 | [Table_InnerMarketIndex] 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,352.00 | 0.28% | | 深证成指 | 10,197.66 | 0.93% | | 沪深 300 | 3,852.90 | 0.56% | | 科创 50 | 1,026.44 | -0.36% | | 创业板指 | 2,029.45 | 1.65% | | 上证 50 | 2,679.51 | 0.33% | | 上证 180 | 8,546.20 | 0.14% | | 上证基金 | 6,902.65 | 0.35% | | 国债指数 | 224.77 | 0.05% | | [Table_InterIndex] | 国际市场表现 | ...

Group 1: Impact of Tariffs on Guangdong Industries - Since April, the U.S. has imposed tariffs that have significantly impacted global trade, prompting Guangdong, China's largest economy and foreign trade province, to actively respond [1] - Various industries in Guangdong, including home furnishings, small appliances, and textiles, are adapting by exploring new development paths and leveraging platforms like the Canton Fair [1][2] - Companies are focusing on high-end customized products, building their own brands, and enhancing bargaining power while tapping into domestic demand and expanding overseas production capacity [1] Group 2: Market Strategy Adjustments - Companies like Hengjia Craft Products have shifted their market focus to Europe, particularly France, achieving substantial order volumes by aligning products with regional cultural demands [2] - Guangdong small appliance firms are targeting Southeast Asia and the Middle East, with companies like Xinyuntao Technology actively seeking new customers at trade fairs [3] - The strategy of transitioning from single-function products to scene-adapted offerings is being adopted by companies to better meet market demands [4][5] Group 3: Domestic Market Exploration - Companies are increasingly recognizing the potential of the domestic market, with some, like Shenzhen's Innovation Micro-Yue, pivoting their business focus to local consumers [5][6] - The toy industry in Guangdong is noted for its robust supply chain, making it difficult for U.S. markets to shift away from reliance on Chinese production [6] - Water product exporters, such as Guolian Aquatic Products, are adapting by offering high-quality products at competitive prices to domestic consumers [6][7] Group 4: Overseas Production and Bargaining Power - The ceramics industry in Guangdong is undergoing transformation, with companies like Kabuqichino investing in overseas production facilities to mitigate tariff impacts [8][9] - Lighting companies are enhancing their bargaining power and exploring new markets while establishing overseas production bases to reduce tariff effects [10][11] - The trend of relocating production to regions like Southeast Asia is growing, with companies like Zhaoming Technology acquiring local firms to facilitate production and distribution [11] Group 5: U.S. Market Concerns - U.S. businesses are increasingly anxious about the impact of tariffs, with associations warning that the new policies could destabilize local economies reliant on Chinese imports [12][14] - The wedding dress industry in the U.S. is particularly affected, with a significant portion of production occurring in China, leading to increased costs and supply chain delays [13][14] - The overall sentiment among U.S. retailers and consumers indicates a growing realization of the interdependence between U.S. and Chinese industries, emphasizing the unstoppable trend of economic globalization [14]

弘则出口企业四月调研反馈，关税影响下的出口企业现状 如何？20250508 • 美国对等关税于 2025 年 4 月生效后，中国对美出口大幅下降，许多企业 暂停发货或退回货物，对跨境电商及相关产业造成严重冲击。拉链、电动 工具、汽车零部件等行业受影响显著，部分企业订单减少甚至腰斩。 • 面对美国新政策，中国企业采取不同应对策略，包括囤货、调整出口目的 地、海外建厂等。部分商品如割草机因备货需求短期增长后订单被取消， 而另一些商品则直接暂停发货。 • 目前仍能继续出口美国的产品主要是单价较低且利润较高的商品，这些商 品即便加上高额关税，进口商仍能承担成本。高性价比产品也有出口动力， 但无性价比或无法盈利的产品则停止出口。 • 美国对等关税显著推动了国内通胀水平，多数进口产品已普遍加征 15%- 20%的关税，导致生产者价格指数（PPI）和消费者价格指数（CPI）相应 增加，对美国经济产生负面影响。 • 中国出口企业采取自救方法，包括继续发货性价比高的商品、通过东南亚 代工厂转移生产、拓展其他国际市场。但短期内拓展新市场难以快速实现， 需要时间逐步调整策略。 Q&A 摘要 特朗普政府的惩罚性关税落地后，中国出口企 ...