Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 22.43 billion yuan in 2024, a year-on-year increase of 5.27%, and a net profit attributable to shareholders of 2.24 billion yuan, up 2.97% year-on-year [2] - The company plans to distribute a cash dividend of 28.10 yuan per 10 shares, totaling 2.24 billion yuan, with a cash dividend payout ratio of 99.74% [2] - For Q1 2025, the company reported a revenue of 5.79 billion yuan, a year-on-year increase of 7.59%, and a net profit of 497 million yuan, up 5.82% year-on-year [2] Summary by Sections Sales Performance - Domestic sales remained stable with a revenue of 14.93 billion yuan in 2024, a slight decline of 1.21% year-on-year, while external sales grew significantly to 7.50 billion yuan, an increase of 21.07% year-on-year [3] - In Q1 2025, the kitchen small appliances sector saw online sales growth in various categories, including rice cookers and health pots, with increases ranging from 4.9% to 26.6% [3] Profitability and Cost Control - The company's gross margin for 2024 was 24.65%, a decrease of 0.63 percentage points year-on-year, with domestic gross margin at 27.69% and external gross margin at 18.62% [4] - The net profit margin for 2024 was 10.01%, down 0.22 percentage points year-on-year, while Q1 2025 net profit margin was 8.56%, a decrease of 0.18 percentage points year-on-year [4] Financial Forecast and Valuation - The company is expected to achieve revenues of 23.64 billion yuan, 24.72 billion yuan, and 25.66 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.38 billion yuan, 2.51 billion yuan, and 2.64 billion yuan [5] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.97 yuan, 3.13 yuan, and 3.29 yuan respectively, with a price-to-earnings (PE) ratio of 19, 18, and 17 times [5]

Investment Rating - Investment rating: Buy (maintained) [3] Core Views - The company's Q1 revenue met expectations, while profits exceeded market expectations. The air conditioning segment is expected to show low single-digit growth year-on-year, with domestic sales slightly increasing and foreign sales significantly growing. The home appliance segment is projected to grow by approximately 15% year-on-year, with foreign sales increasing by over 30% [6][8] - The company's Q1 revenue was 24.838 billion yuan (up 5.76% year-on-year), and the net profit attributable to the parent company was 1.127 billion yuan (up 14.89% year-on-year) [8] Revenue Analysis - The company expects Q1 domestic sales to remain stable, while foreign sales are projected to grow by over 20%. The revenue growth ranking by product is expected to be home appliances > washing machines > air conditioning [8] - The air conditioning segment is expected to see a slight recovery in domestic sales, while the home appliance segment is expected to continue its double-digit growth [6][8] Profit Analysis - The gross profit margin for Q1 is expected to be 21.41% (up 0.3 percentage points year-on-year), with improvements in both domestic and foreign sales gross margins. The net profit margin for Q1 is projected to be 4.5% (up 0.4 percentage points year-on-year) [7][8] Profit Forecast - Based on the latest performance, the company adjusted its profit forecast for 2025-2027, expecting revenues of 101.916 billion yuan, 109.554 billion yuan, and 116.658 billion yuan, with year-on-year growth rates of 9.9%, 7.5%, and 6.5% respectively. The net profit attributable to the parent company is expected to be 3.892 billion yuan, 4.436 billion yuan, and 4.890 billion yuan, with year-on-year growth rates of 16.2%, 14.0%, and 10.2% respectively [9][11]

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [2] Core Insights - The focus is on dividend defense, high-growth new consumption, and traditional consumption stimulus chains. The recommended order of attention is: dividend defense > high-growth new consumption > traditional consumption stimulus [2][14] - The report highlights the importance of high-dividend defensive stocks due to unclear policy signals from the political bureau meeting, suggesting a focus on companies like Midea and Gree in the home appliance sector, and Yum China and Haidilao in the restaurant sector [14] - New consumption opportunities driven by consumption upgrades are emphasized, with specific attention to companies like Pop Mart in trendy toys, Zhongchong in pet products, Gu Ming in tea drinks, Jiuhua Tourism in travel, and Jinbo Bio in medical beauty [14] - Traditional consumption is expected to benefit from growth-stabilizing policies, with a focus on subsidy policies and low-valuation traditional consumption stocks, particularly in the two-wheeler sector and service consumption like tourism [14] Summary by Sections 1. Consumer Macro & Midstream Sentiment Tracking - Domestic demand shows signs of stabilization, with first-tier cities outperforming the national average in new housing prices, which increased by 0.1% month-on-month [5][11] - Exports are under pressure, with most categories (except home appliances and textiles) showing a year-on-year decline in March, while home appliances and textiles have seen growth [5][11] 2. Home Appliances - In May, the total production of major home appliances reached 38.21 million units, a year-on-year increase of 5.9% [17] - March export data shows air conditioner exports increased by 25% year-on-year, with significant growth in Europe, South America, the Middle East, and Africa [18] 3. Light Industry Manufacturing - New tobacco products are expected to benefit from increased compliance challenges for illegal products, with companies like Simoer likely to gain [22] - The home goods sector is stabilizing, with easing trade frictions and steady domestic demand [22] 4. Textile and Apparel - The apparel industry shows stable sentiment in April, with a focus on brands that have unique advantages [25] 5. Social Services - The report suggests focusing on new consumption and stable dividend stocks, with improvements noted in the restaurant sector and ongoing recovery in the hotel industry [26] 6. Retail Internet - The competitive landscape in food delivery is evolving, with JD's significant investment in delivery services and Meituan's strong market position being highlighted [28]

以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 数据速看： 1.主力资金： 近两周主力资金合计净流出1079.31亿元，主力资金净流入额前三的行业为汽车、家用电器和公用事业，主力资金净流出额前三的行业为电 子、计算机和基础化工。 2.融资融券数据： 当前市场融资融券余额为18082.47亿元，较上期下降0.28%，其中融资余额17968.74亿元，融券余额113.73亿元。本期两融日均交易额为 993.88亿元，较上期下降13.93%，其中融资日均净买入988.21亿元，较两周前下降13.89%，融券日均净卖出5.67亿元，较上期下降20.41%。近两周融资净 买入前三的行业分别为汽车、电子和基础化工；融券净卖出前三的行业分别为银行、公用事业和交通运输。 3.涨跌情况： 近两周全市场上涨家数高于下跌家数，近两周涨幅前三的行业为公用事业、美容护理和汽车，跌幅前三的行业为国防军工、农林牧渔和食品 饮料。 4.强弱分析： 近两周全部A股强弱分析得分为5.90，沪深300强弱分析 ...

4月28日沪指下跌0.20%，市场两融余额为18038.08亿元，较前一交易日增加11.80亿元。 证券时报·数据宝统计显示，截至4月28日，沪市两融余额9183.23亿元，较前一交易日增加6.66亿元；深 市两融余额8802.70亿元，较前一交易日增加5.56亿元；北交所两融余额52.16亿元，较前一交易日减少 0.42亿元；深沪北两融余额合计18038.08亿元，较前一交易日增加11.80亿元。 分行业看，申万所属行业中，融资余额增加的行业有17个，增加金额最多的行业是汽车，融资余额增加 5.71亿元；其次是通信、传媒行业，融资余额分别增加3.64亿元、1.58亿元。 具体到个股来看，融资余额出现增长的股票有1733只，占比46.95%，其中，234股融资余额增幅超过5% 。融资余额增幅最大的是拾比佰，该股最新融资余额313.51万元，较前一交易日增幅达82.55%；股价表 现上，该股当日下跌10.55%，表现弱于沪指；融资余额增幅较多的还有博创科技、方大新材，融资余 额增幅分别为71.67%、66.16%。 融资余额增幅前20只个股中，从市场表现来看，平均下跌4.94%，涨幅居前的有淳中科技、博创科技、 ...

家用电器 上 市 公 司 2025 年 04 月 28 日 格力电器 (000651) 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 46.55 | | 一年内最高/最低（元） | 52.73/36.74 | | 市净率 | 1.8 | | 股息率%（分红/股价） | 5.11 | | 流通 A 股市值（百万元） | 256,721 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 25.56 | | 资产负债率% | 62.67 | | 总股本/流通 A 股（百万） | 5,601/5,515 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01 ...

Core Insights - The report emphasizes the need for a "certain" approach to counter external "uncertainties" in the economic environment, highlighting the importance of stabilizing domestic demand and preparing for international trade challenges [5][12][13] - The first quarter of 2025 showed a GDP growth of 5.4%, surpassing the national target of 5% for 2024, indicating a positive economic trend [12][18] - The report outlines a collaborative effort between fiscal and monetary policies, with an emphasis on timely implementation and the introduction of new structural monetary policy tools [14][15] Market Analysis - The report notes that the A-share market has shown stability, with major indices experiencing slight increases during the observation period [21] - The industrial sector has seen a turnaround in profits, with Q1 2025 industrial profits increasing by 0.8% compared to a decline of 3.3% in 2024 [18][19] - The manufacturing sector, particularly high-tech manufacturing, has demonstrated significant profit growth, with high-tech manufacturing profits turning from a decline of 5.8% to an increase of 3.5% in Q1 2025 [19] Policy Recommendations - The report suggests focusing on sectors related to technological innovation and advanced manufacturing, particularly in electronics and digital economy [25] - It highlights the importance of expanding domestic demand, particularly in consumer goods such as home appliances and automobiles [25] - The report also emphasizes the need for risk mitigation in key areas such as real estate and capital markets, advocating for policies that stabilize these sectors [15][16]

A股复盘 | 横盘 / 2025.04.28 今天群友又共贡献了不少段子： 这市场有一种平静的疯感 工具箱打开一看，就剩工具箱了 打个贸易战，把大a打得找不到方向了 中国转向内需就像美国彻底重建制造业一样抽象 发改委认为你不是没钱，是捂着钱袋子不投资不消费，就跟朋友借钱我说没钱死 活不信一摸一样 今天这个发布会啊，没啥新内容，央行再次表态适时降准降息，我真是听够了， 然后说针对部分领域推出新的结构性工具。 发改委说定向增发购车指标、 工业软件升级纳入"两新"政策范围。商务部说为 外贸企业设立信贷支持工具。 说回A股，一看到拉银行，我就知道，今天又白玩！ 今天看到一个篇讲银行的文章，还挺有意思，但是找不到了（微信怎么没有查看 浏览记录的功能，哪位大神知道可以指路一下） 还好我截了一个图，如果从股息率的角度来买银行的话，似乎不太对，因为大行 的股息率不可持续。所以大家都是相信国家队才跟的？ | 银行 | | 2022年股息率(%) 2023年股息率(%) 2024年股息率(%) | | | --- | --- | --- | --- | | 建设银行 | 6.4654 | 5.9754 | 4.5506 | | ...

| 代码 | 简称 | 收盘价（元） | 换手率（%） | 涨停板封单（万股） | 封单资金（万元） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 600744 | 华银电力 | 4.66 | 0.85 | 10695.19 | 49839.58 | 公用事业 | | 601956 | 东贝集团 | 7.48 | 1.03 | 4848.48 | 36266.67 | 家用电器 | | 002229 | 鸿博股份 | 13.13 | 1.78 | 1776.18 | 23321.22 | 轻工制造 | | 002530 | 金财互联 | 10.05 | 5.45 | 1136.14 | 11418.21 | 机械设备 | | 600589 | 大位科技 | 7.00 | 12.15 | 1468.06 | 10276.42 | 计算机 | | 002564 | 天沃科技 | 5.83 | 12.08 | 1755.84 | 10236.57 | 建筑装饰 | | 002354 | 天娱数科 | 6.56 | 20.42 | 1447.45 | 949 ...