Core Viewpoint - The company's growth in 2024 is primarily driven by export orders, with a strong performance in core components and a deepening global capacity layout, leading to an "overweight" rating [1] Financial Performance - The company expects 2024 revenue of 9.765 billion yuan, a year-on-year increase of 11.06%, and a net profit attributable to shareholders of 1.23 billion yuan, up 10.17% year-on-year [2] - In Q4 2024, revenue reached 2.519 billion yuan, a year-on-year increase of 8.5%, with a net profit of 352 million yuan, up 22% [2] - For Q1 2025, the company reported revenue of 2.387 billion yuan, a year-on-year increase of 3.23%, but net profit decreased by 16.19% to 228 million yuan [2] Business Segments - The clean health appliances and gardening tools segment generated revenue of 5.669 billion yuan in 2024, a year-on-year increase of 10.33%, while the motor, new energy vehicle precision components, and other parts contributed 3.874 billion yuan, up 11.74% year-on-year [2] - The automotive parts business exceeded 2 billion yuan in revenue, achieving record sales and profit growth [3] - The motor business also saw double-digit growth in sales and profits, with 17 new projects secured in the automotive motor sector [3] Regional Performance - Domestic sales were 2.705 billion yuan, down 2.71% year-on-year, while exports reached 6.839 billion yuan, up 17.4% year-on-year, indicating that exports were the main growth driver [3] Cost and Margin Analysis - In Q1 2025, the company's gross margin was 23.41%, down 2.52 percentage points year-on-year, and the net margin was 9.57%, down 2.21 percentage points year-on-year [3] - The increase in financial expense ratio is attributed to a decrease in exchange gains [3] Global Capacity Expansion - The company's production base in Vietnam is expected to be completed in Q2 2025, with a capacity of over 4 million small appliances and gardening tools, and 1.8 million motors [3] - The production base in Thailand is projected to be completed in Q3 2025, with an expected annual output value of 1.4 billion yuan [3] - The company aims to deepen its overseas layout, with global capacity expected to be further released as production bases come online [3]

Core Insights - The recent "Liveable Wuhan, Happy Shopping in Jiangcheng" housing promotion and the 2025 Wuhan Spring Home Buying Festival significantly boosted the real estate market, with new residential property sales in Wuhan reaching 66,800 square meters from May 1 to May 5, a year-on-year increase of 296% [1][2] Group 1: Policy Impact - The Wuhan Municipal Housing and Urban Renewal Bureau introduced nine key housing policies aimed at stabilizing the real estate market, including optimizing housing loan services for young people and expanding support for families with multiple children [2] - The combination of pre-holiday policies and the Spring Home Buying Festival led to a noticeable recovery in the real estate market, with over 20,000 visitors and 3,600 consultations during the event [2] Group 2: Market Activity - Multiple real estate projects experienced a surge in visitor numbers during the festival, with some projects reporting over 1 billion yuan in sales, indicating strong buyer interest [8][12] - The event also attracted significant foot traffic to various sectors, including home appliances and furniture, with the home appliance market seeing double-digit growth compared to the previous year [12] Group 3: Consumer Behavior - The festival's innovative model integrated various industries, allowing consumers to experience a one-stop shopping experience for housing, home decoration, and smart home products, which stimulated consumer demand [13] - The marketing strategies employed during the festival effectively matched diverse consumer needs, contributing to the overall revitalization of the real estate market in Hubei [16]

年初至今，美债收益率持续下滑，美债市场迎来一波牛市行情。然而，在4月8日特朗普政府宣布加征关税 后，美债遭遇抛售，收益率在4月中旬一度大幅上扬。 短期来看，由于美联储担忧关税会推高通胀，因此5月降息的可能性较小，短端美债收益率或维持在 3.6%~4%区间；而长端美债收益率大概率会随着美国经济衰退而走低，不过"去美元化"的趋势使得长端美 债收益率下行的道路不会平坦顺畅。 特朗普关税政策冲击美国经济 受关税政策实施前进口激增以及消费支出乏力的双重影响，2025年一季度，美国实际GDP（经通胀调整 后）环比下滑0.3%，这是2022年以来其首次出现收缩，此现象标志着特朗普关税政策所引发的连锁反应已 初步显现。 具体来看，美国一季度GDP环比增速未能达到预期的-0.2%，较前值2.4%大幅回落，且远低于前两年约3% 的平均增长率。美国一季度实际GDP同比增速回落至2.05%，低于去年同期的2.9%以及去年四季度的 2.53%。美国经济分析局发布的报告显示，净出口对GDP的拖累接近5个百分点，这一数据创下有记录以来 的最高值。 更高的关税会引发供应冲击，给企业带来挑战，进而导致需求回落。消费者也日益担忧关税会对劳动力市 ...

Core Viewpoint - The humanoid robots developed by Midea are set to begin their operational journey in a washing machine factory in Jingzhou, Hubei, marking a significant step in their application in the manufacturing sector [1][2]. Group 1: Robot Deployment - The humanoid robot, named MIRO (Midea Robot), will be sent to work in Midea's factory, symbolizing the culmination of years of research and development efforts by the company's team [1][2]. - Another humanoid robot, named MIRA (derived from the word "Miracle"), was also introduced during the event [1]. Group 2: Application Focus - The humanoid robots will focus on two main areas in the manufacturing process: maintenance and operations [2]. - In terms of maintenance, the robots will perform regular inspections of machinery and industrial robots, ensuring equipment functionality and safety [2]. - For operational tasks, the robots will assist in material handling, quality inspection, and collaborative work on the production line [2]. - Additionally, these humanoid robots are expected to enter offline retail stores later this year for applications such as commercial guidance and coffee preparation [2].

Group 1 - The company Midea Group will hold its annual shareholders' meeting on May 30, 2025, with online voting on the same day [1] - The record date for shareholders to participate in the voting is May 23, 2025 [1] - The meeting will take place at Midea's headquarters in Shunde, Guangdong Province [1] Group 2 - A total of 41 proposals will be audited at the shareholders' meeting, including the 2024 annual financial statements and profit distribution plan [2] - Proposals include a three-year shareholder return plan for 2025-2027 and a plan for repurchasing A-shares [2] - The meeting will also address the spin-off of the subsidiary, Ande Intelligent Supply Chain Technology Co., Ltd., for a public listing in Hong Kong [3][4]

海信家电（000921）公告，控股股东一致行动人青岛海信通信有限公司于2025年5月7日通过深圳证券交 易所交易系统以集中竞价交易方式增持公司股份221.16万股，占公司总股本的0.16%。海信通信计划于 2025年5月7日至2025年11月6日期间，以集中竞价交易方式继续增持公司股份，累计增持股份(含2025年 5月7日已增持股份)不低于693.01万股(含)，且不超过1386.01万股(含)。 ...

春江水暖：盈利改善显韧性，科技突 围启新章——A股2025年一季报解析 长江证券研究所策略研究小组 2025-05-07 %% %% %% %% research.95579.com 1 research.95579.com 2 01 利润增速：盈利增速小幅回升，大金融方向贡献较小 目 录 02 ROE：延续下滑，2025Q1TMT行业持续改善 03 哪些行业一季报超预期？ 05 分析师 戴清 SAC执业证书编号：S0490524010002 SFC执业证书编号：BTR264 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% %% research.95579.com 3 核心结论 ➢ A股一季度营收波动下滑，盈利有所回升。2025年一季度全A营收同比-2.93%，盈利同比-4.87%，全A非金融两油营收同比-0.38% ，盈利同比+6.02%，金融行业盈利拖累指数，全A非金融两油盈利TTM同比增速在连续四个季度小幅回升后边际回落，2025Q1归 母净利润TTM同比增速降幅收敛；从历史上一季度数据来看，2025Q1全A盈利单季环比为+72.8%，全A非金融两油盈利单季度环比 为+28 ...

| 华安研究 2025年5月金股组合 | 归母净利润（百万） | 归母净利润增速 | 营业收入（百万） | 营业收入增速 | eps | pe(pb有说明) | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2023A | 2024A/E | 2025E | 2023A | 2024A/E | 2025E | 2023A | 2024A/E | 2025E | 2023A | 2024A/E | 2025E | 2 ...

Core Viewpoint - The article explores the concept of finding personal "wilderness" within urban life, emphasizing the importance of creating a unique space for mental and emotional well-being amidst the fast-paced city environment [2][7][12]. Group 1: Urban Life and Personal Space - The dichotomy between urban and rural life is challenged, suggesting that individuals can cultivate a personal sanctuary at home, allowing for spiritual freedom without leaving the city [2][9]. - Young people are increasingly dissatisfied with traditional career paths, seeking to integrate personal interests into their work, thus enriching their lives and creating a parallel universe of fulfillment [3][5][6]. - The narrative of a couple transforming their small living space into a naturalistic garden illustrates the potential for urban dwellers to create meaningful, green spaces that enhance their quality of life [9][14]. Group 2: Personal Interests and Hobbies - The phenomenon of collecting blind boxes is highlighted as a way for young individuals to construct a fulfilling inner world, reflecting a desire for novelty and surprise in their lives [3][11]. - The story of a former fitness coach who transitioned into the restaurant industry showcases the flexibility and creativity that young professionals are embracing to align their passions with their careers [5][6]. Group 3: Home and Technology - The Haier Xiaohonghua series is presented as a solution for modern urbanites, offering smart home appliances that enhance daily living experiences and provide emotional comfort [13][14]. - The design philosophy of the Haier Xiaohonghua series emphasizes simplicity and functionality, aiming to create a serene living environment that allows individuals to appreciate the small joys of life [15].

2）费用率：25Q1 销售/管理/研发/财务费用率分别为9.6/2.4/3.3/0.02%，同比分别 +0.04/-0.26/+0.02/+0.32%，期间费用率控制较好，管理费用率有所优化，财务费用率增加主要由于汇兑 损益波动影响。 事件：2025 年4 月28 日，海信家电发布2025 年一季报。25Q1 营收/归母净利润/扣非归母净利润分别为 248/11/10 亿元，同比分别+6/+15/+20%，利润端增长超预期，收入稳健增长主要或得益于央空恢复增长 及空冰洗外销快速增长。25Q1 经营活动产生的现金流量净额为6508 万元，同比-58%，主要或由于付款 节奏、三电受汇率影响现金流下滑等影响，其中销售商品、提供劳务收到的现金为193 亿元，同比 +11%。 25Q1 盈利能力提升，期间费用率控制较好。 1）毛利率：25Q1 为21.4%，同比+0.27pts，预计内外销毛利率均提升。 3）归母净利率：25Q1 为4.5%，同比+0.36pts，盈利能力有所提升，从绝对值来看，提升空间仍较大。 投资建议：公司持续以用户为中心创新产品技术，区域结构、渠道结构、产品结构、供应链体系不断优 化，中央空调业务 ...