2025 年 05 月 09 日 好莱客(603898.SH) 整装持续向好， 开拓智能家居新赛道 事件：公司发布 2024 年年度报告和 2025 年一季报。24 年公司 实现营业收入 19.10 亿元，同比下降 15.69%；归母净利润 0.81 亿元，同比下降 62.93%；扣非后归母净利润 0.52 亿元，同比下 降 67.18%。24Q4 公司实现营业收入 4.65 亿元，同比下降 27.03%； 归母净利润-0.10 亿元，同比下降 126.73%；扣非后归母净利润- 0.13 亿元，同比下降 148.66%。25Q1 公司实现营业收入 3.91 亿 元，同比下降 3.03%；归母净利润 0.02 亿元，同比下降 82.60%； 扣非后归母净利润-0.04 亿元，同比下降 171.06%。 24 年整装快速增长，成立合觅科技布局智能家居 2024 年面对家居消费市场压力环境，整装渠道作为公司重要补充渠 道，24 年公司正式推出"五好两易"装企服务模式，24 年整装渠道 业务营业收入同比增长超 60%。24 年公司工程大宗渠道营业收入同 比增长 18.30%。分产品看，1）24 年整体衣柜及配套家具 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In April, the sales of new energy vehicles increased. The estimated wholesale sales of new energy passenger vehicles by manufacturers nationwide in April were 1.14 million, a year - on - year increase of 42% and a month - on - month increase of 1%. The cumulative wholesale from January to April this year was estimated to be 4 million, a year - on - year increase of 42 [1]. - In the first quarter, under the support of a series of policies to expand domestic demand and promote consumption, large - scale light industrial enterprises achieved an operating income of 5.4 trillion yuan, a year - on - year increase of 4.8%, and a profit of over 300 billion yuan, a year - on - year increase of 1.4% [1]. - In April, the China Logistics Prosperity Index was 51.1%. The overall demand for logistics services maintained an expansion trend, with a significant recovery in the western region. The fixed - asset investment completion index reached a three - year high, and both railway and waterway investments maintained rapid growth [1]. - During the "May Day" holiday, consumption demand was strong. The sales revenue of national consumption - related industries increased by 15.2% year - on - year. Driven by the "trade - in" policy, the sales revenue of household appliances and audio - visual equipment increased by 167.5% year - on - year, communication equipment increased by 118% year - on - year, and furniture increased by 1.7 times year - on - year [1]. - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [3]. Summary According to Related Catalogs Industry Overview Upstream - Energy: International oil prices continued to fluctuate due to tariffs [2]. - Non - ferrous metals: The prices of copper, zinc, and nickel fluctuated due to tariffs [2]. - Building materials: The prices of cement and building materials continued to decline [2]. - Chemical industry: The prices of PTA and soda ash declined compared to the same period last week [2]. Midstream - Chemical industry: The operating rate of PTA recovered; the operating rate of PX declined recently; the operating rates of polyester and urea were at this year's high [2]. - Infrastructure: The operating rate of asphalt reached a three - year low [2]. Downstream - Real estate: The sales of commercial housing in first - and second - tier cities were the same as the same period last year, at a three - year low [2]. - Services: The number of international flights increased, while the number of domestic flights decreased compared to the same period [2]. Market Pricing - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [3]. Industry Credit Spread Tracking | Industry | Last Year's Same Period | One Quarter Ago | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry, and Fishery | 69.91 | 82.75 | 79.77 | 76.10 | 77.76 | 9.80 | | Mining | 37.70 | 48.62 | 46.09 | 46.92 | 47.91 | 26.10 | | Chemical Industry | 68.63 | 69.46 | 66.11 | 62.01 | 63.09 | 3.30 | | Steel | 45.28 | 58.70 | 55.06 | 55.91 | 55.99 | 17.10 | | Non - ferrous Metals | 49.62 | 57.51 | 54.99 | 57.70 | 58.77 | 30.20 | | Electronics | 59.65 | 79.88 | 71.75 | 70.84 | 77.65 | 51.60 | | Automobile | 65.91 | 77.15 | 48.35 | 51.29 | 51.29 | 2.50 | | Household Appliances | 46.53 | 54.97 | 47.18 | 51.64 | 53.02 | 17.80 | | Food and Beverage | 44.33 | 44.75 | 44.82 | 45.90 | 45.51 | 14.70 | | Textile and Apparel | 51.60 | 63.87 | 52.58 | 54.15 | 55.00 | 12.90 | | Light Industry Manufacturing | 80.48 | 191.11 | 199.42 | 167.39 | 165.50 | 9.10 | | Pharmaceutical and Biological | 59.52 | 67.28 | 69.00 | 72.61 | 73.82 | 33.80 | | Public Utilities | 27.75 | 33.02 | 33.01 | 33.96 | 33.99 | 28.80 | | Transportation | 35.15 | 37.54 | 36.21 | 37.50 | 38.14 | 16.80 | | Real Estate | 417.18 | 333.93 | 158.87 | 126.02 | 125.70 | 8.70 | | Commerce and Trade | 51.18 | 53.14 | 49.64 | 51.14 | 51.36 | 15.20 | | Leisure Services | 70.79 | 103.17 | 111.30 | 124.07 | 127.15 | 100.00 | | Banking | 28.82 | 22.57 | 26.31 | 20.39 | 19.75 | 6.80 | | Non - banking Finance | 34.34 | 35.93 | 34.43 | 35.19 | 35.76 | 19.10 | | Comprehensive | 67.08 | 52.21 | 47.75 | 50.35 | 51.02 | 7.70 | | Building Materials | 38.98 | 47.52 | 45.49 | 46.85 | 47.38 | 25.60 | | Building Decoration | 47.99 | 57.41 | 54.00 | 55.04 | 56.84 | 19.00 | | Electrical Equipment | 60.42 | 85.96 | 82.28 | 80.41 | 83.45 | 48.10 | | Machinery and Equipment | 38.80 | 45.15 | 42.70 | 45.46 | 48.31 | 37.00 | | Computer | 72.69 | 73.92 | 64.40 | 62.63 | 62.98 | 2.00 | | Media | 229.75 | 46.00 | 46.89 | 46.31 | 46.41 | 4.60 | | Communication | 232.58 | 39.43 | 32.45 | 29.14 | 28.75 | 3.60 | [46] Key Industry Price Index Tracking | Industry Name | Index Name | Frequency | Unit | Update Time | Current Value | Year - on - Year | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | Yuan/ton | 5/7 | 2282.9 | 1.33% | | | | Spot price of eggs | Daily | Yuan/kg | 5/7 | 6.6 | 2.22% | | | | Spot price of palm oil | Daily | Yuan/ton | 5/7 | 8584.0 | - 2.01% | | | | Spot price of cotton | Daily | Yuan/ton | 5/7 | 14124.3 | - 1.04% | | | | Average wholesale price of pork | Daily | Yuan/kg | 5/7 | 21.0 | 2.09% | | | | Spot price of copper | Daily | Yuan/ton | 5/7 | 78520.0 | 0.46% | | | | Spot price of zinc | Daily | Yuan/ton | 5/7 | 22758.0 | - 1.85% | | | Non - ferrous Metals | Spot price of aluminum | Daily | Yuan/ton | 5/7 | 19630.0 | 2.26% | | | | Spot price of nickel | Daily | Yuan/ton | 5/7 | 125683.3 | 0.52% | | | | Spot price of aluminum | Daily | Yuan/ton | 5/7 | 16637.5 | - 1.41% | | | | Spot price of rebar | Daily | Yuan/ton | 5/7 | 3177.2 | 0.81% | | | Ferrous Metals | Spot price of iron ore | Daily | Yuan/ton | 5/7 | 781.4 | - 0.23% | | | | Spot price of wire rod | Daily | Yuan/ton | 5/7 | 3377.5 | 1.43% | | | | Spot price of glass | Daily | Yuan/square meter | 5/7 | 15.2 | 2.57% | | | Non - metals | Spot price of natural rubber | Daily | Yuan/ton | 5/7 | 14578.3 | 0.76% | | | | China Plastic City Price Index | Daily | - | 5/7 | 833.0 | - 0.86% | | | | Spot price of WTI crude oil | Daily | US dollars/barrel | 5/7 | 59.1 | 2.20% | | | | Spot price of Brent crude oil | Daily | US dollars/barrel | 5/7 | 62.2 | - 1.79% | | | Energy | Spot price of liquefied natural gas | Daily | Yuan/ton | 5/7 | 4282.0 | 0.23% | | | | Coal price: coal | Daily | Yuan/ton | 5/7 | 788.0 | - 0.38% | | | | Spot price of PTA | Daily | Yuan/ton | 5/7 | 4552.8 | 1.38% | | | Chemical Industry | Spot price of polyethylene | Daily | Yuan/ton | 5/7 | 7500.0 | - 0.88% | | | | Spot price of urea | Daily | Yuan/ton | 5/7 | 1906.7 | 1.60% | | | | Spot price of soda ash | Daily | Yuan/ton | 5/7 | 1462.5 | - 2.66% | | | | National cement price index | Daily | - | 5/7 | 144.9 | - 2.24% | | | Real Estate | Building materials composite index | Daily | - | 5/7 | 116.1 | - 0.96% | | | | National concrete price index | Daily | Point | 5/7 | 100.3 | 0.00% | | [47]

Group 1 - The overall performance growth has turned positive, with technology and certain cyclical sectors showing strong results, particularly in emerging technologies and the "two new" sectors driving growth in automotive, home appliances, and engineering machinery [1][2] - In Q1 2025, the net profit growth of the entire A-share non-financial sector improved to +4.7% year-on-year, driven by a significant reduction in expense ratios and stabilization of gross margins [2][4] - The technology sector, particularly AI hardware, continues to show strong growth, while cyclical industries like non-ferrous metals and chemicals also reported high growth rates [3][4] Group 2 - The real estate sector has seen some financial indicators improve, with a notable increase in dividend yields, indicating potential investment value [6][7] - In 2024, the revenue growth of key property companies was +4.2%, while profits continued to decline by -28.3%, highlighting a divergence in performance among different companies [7][8] - The average dividend yield for key property companies reached 5.04%, with three companies exceeding 10% [7][9] Group 3 - The food and beverage sector experienced a slowdown, with overall revenue growth of +2% and net profit growth of +4% in 2024, while Q1 2025 showed minimal growth [10][11] - The liquor segment remains stable, with high-end brands showing strong performance, while the consumer goods segment is seeing structural growth opportunities, particularly in snacks and beverages [11][12] - The dairy segment faced challenges, with a significant decline in revenue and profit in 2024, but showed signs of recovery in Q1 2025 [12][13] Group 4 - The beauty and personal care sector reported a revenue increase of 13% and a slight net profit increase of 0.2% in 2024, with individual segments like personal care showing significant growth [14][15] - The medical aesthetics segment is led by collagen products, while the cosmetics segment showed mixed performance, particularly in the Hong Kong market [15][16] - The sector is expected to benefit from product innovation and the rise of domestic brands, with a focus on long-term growth potential [14][16] Group 5 - The apparel and luxury goods sectors are facing mixed performance, with overseas sports brands showing strong revenue growth while luxury brands are under pressure [18][19] - The U.S. apparel retail market grew by 2.6% in 2024, with outdoor and high-end sports segments performing well [18][19] - The luxury goods sector is cautious about 2025, with many brands indicating limited price increases due to rising costs rather than for revenue generation [21][22] Group 6 - The semiconductor equipment and materials sectors are expected to benefit from increased capital expenditures in advanced processes, with significant growth projected for 2025 [30][31] - The semiconductor equipment sector reported a revenue increase of 27.01% in 2024, while the materials sector also showed robust growth [31][32] - The valuation of the semiconductor sector remains reasonable, with a focus on growth potential and the performance of leading companies [33] Group 7 - The optical industry is experiencing varied performance, with strong growth in the Apple supply chain while Android-related products face challenges [35][36] - Companies like Crystal Optoelectronics and Lantech Optical reported significant revenue growth in Q1 2025, driven by increased demand for specific products [35][36] - The automotive optical segment showed stable performance, with some companies reporting growth despite seasonal challenges [36] Group 8 - The computer industry is showing signs of recovery, with an increase in the number of companies reporting positive revenue and profit growth in Q1 2025 [38][39] - The overall revenue for the computer sector in 2024 was 12,693.99 billion, with a notable recovery in Q1 2025 [39][40] - Large-cap companies are performing more steadily compared to mid and small-cap companies, with AI and energy IT sectors showing significant recovery [40][41]

Group 1 - The People's Bank of China and other departments will introduce a "package of financial policies to stabilize the market and expectations" on May 7 [1] - The Ministry of Finance expressed confidence in achieving a growth target of around 5% for 2025, highlighting China's contribution to global economic growth at approximately 30% [2] - The first aerial survey of marine glaciers in China has been launched, aiming to provide foundational data for natural resource management [3] Group 2 - During the "May Day" holiday, sales revenue in consumer-related industries increased by 15.2% year-on-year, with home appliances and audio-visual equipment sales rising by 167.5% [4] - The DRAM market is experiencing tight supply and rising prices due to production adjustments, with significant demand from mobile and PC clients [5] - The Shenzhen Stock Exchange revised its client trading behavior management guidelines, incorporating evaluations of algorithmic trading and margin trading [6] Group 3 - The fourth-generation autonomous quantum computing measurement and control system "Benyuan Tianji 4.0" has been released, marking a significant advancement in China's quantum computing industry [7] - The number of people entering and exiting the country during the "May Day" holiday reached 10.896 million, a year-on-year increase of 28.7% [8] - A-shares are witnessing a rapid expansion of data assets being recognized on balance sheets, with the number of industries involved growing from 6 to 12 [9] - The first insurance private equity fund has revealed its holdings, with an estimated 112 billion yuan of long-term capital expected to enter the market [10]

1至3月份，家用电器和音像器材类商品零售额增长19.3%，自上年9月份以来保持两位数增长。消费品 以旧换新政策有力促进了产业发展和绿色转型，家用电器和音像器材类中的高能效等级家电和智能家电 销售连续保持高速增长态势，家电市场呈现明显的消费升级趋势。 本报北京5月6日电 （记者韩鑫）记者从中国轻工业联合会获悉：一季度，在系列扩内需、促消费政策 支持下，规模以上轻工企业实现营收5.4万亿元、同比增长4.8%，实现利润超3000亿元、同比增长 1.4%，轻工业经济运行总体平稳、稳中有进。 生产回升向好。一季度，规模以上轻工业增加值同比增长7.3%，增速较去年末加快2.2个百分点。得益 于消费品以旧换新政策，3月份，电动自行车、洗衣机、空调等产品产量实现两位数增长。 投资较快增长。轻工行业发展信心持续增强，一季度，轻工主要行业投资增速均保持两位数增长，投资 增速高于制造业投资增速。 今年以来，消费品以旧换新支持资金规模翻番、商品种类扩围。"随着政策效应持续向供给端传导，轻 工相关产业规模不断扩大，国内市场持续回暖，带动轻工业经济增长。"中国轻工业联合会会长张崇和 表示。 家具、家装厨卫相关行业市场规模迎来快速增长。在 ...

Group 1 - The article discusses the increasing trend of Chinese companies expanding overseas, particularly in Europe and Southeast Asia, highlighting the competitive landscape [2][3] - European consumers have a long-standing negative perception of Chinese products, which has persisted for over 40 years despite improvements in quality and design [5][6] - The complexity of the supply chain means that "Made in China" does not always equate to products being entirely produced by Chinese companies, affecting perceptions of quality [6][10] Group 2 - The European market has stringent standards for design and quality, making it difficult for Chinese products to gain acceptance if they do not meet these expectations [6][12] - The core issue in the European market revolves around intellectual property protection, leading to significant anxiety among local producers regarding design theft and quality [11][12] - The introduction of ESG (Environmental, Social, and Governance) standards by Europe poses a new challenge for Chinese products, as compliance is necessary for market access [13][16] Group 3 - Current geopolitical tensions, such as the Ukraine-Russia conflict, have created unique opportunities for Chinese companies in Europe, particularly in the energy sector [20][22] - European countries are seeking to diversify their energy sources, which opens avenues for collaboration with Chinese firms in clean energy technologies [22][25] - However, strict EU regulations on subsidies and local production requirements complicate the entry of Chinese companies into the European market [24][26] Group 4 - The article outlines the challenges posed by the ongoing trade war and the need for Chinese companies to adapt to local standards and regulations in Europe [48][52] - In Southeast Asia, the industrialization level is lower, and Chinese products can disrupt local industries, leading to potential social unrest [55][56] - Chinese companies are advised to adopt a "middle to upper" standard strategy in Southeast Asia to build trust and create job opportunities [56][58] Group 5 - The article emphasizes the importance of understanding local cultures and building good relationships with local communities in Southeast Asia for long-term success [60][64] - Companies must navigate the complex political and economic landscape in Southeast Asia, which varies significantly from country to country [72][74] - The need for a balanced approach between local policy compliance and operational efficiency is crucial for Chinese enterprises operating in these regions [75][78]

Core Insights - The latest data from the State Taxation Administration indicates strong consumer demand during the "May Day" holiday, with a year-on-year sales revenue growth of 15.2% in consumption-related industries [1] Group 1: Industry Performance - Sales revenue in the home appliance and audio-visual equipment sector surged by 167.5% year-on-year, driven by the "trade-in" policy [1] - Sales revenue for communication equipment, including smartphones and other consumer electronics that are now eligible for purchase subsidies, increased by 118% [1] - The furniture sector also experienced significant growth, with sales revenue rising by 170% year-on-year [1]

此外，林氏木业通过线上线下联动，打造了一场与消费者的双向奔赴。线上以品牌联名、达人打卡等形 式持续引流，线下则在全国千家门店推出"买家具抽真金"活动，邀请消费者预约到店体验。活动期间， 品牌还推出质保服务主题短片，聚焦客厅、餐厅等日常场景，细腻呈现人与家具的羁绊，强化"品质如 金"的品牌承诺。 作为林氏木业全渠道品牌专属节日IP，"超级店庆日"不仅为品牌口碑树立壁垒，更赋能线下门店实现淡 季营销破局。通过全线资源加码，品牌为门店提供创意内容素材、直播宣导及特殊装置支持，营造销售 氛围，夯实"全年无淡季"的新零售优势。 活动精准把握了年轻消费者对黄金的消费热情。据《2023珠宝饰品行业趋势白皮书》显示，25至34岁群 体已成为黄金消费主力军，购金比例从16%增长至59%。林氏木业以黄金元素为媒介，将品牌服务与产 品如金般稳定的特质具象化，推出跨次元联名周边——黄金沙发手链，以热销产品PS289真皮沙发为原 型，吸引年轻"黄金er"的审美共鸣。 2024年以来，家居建材行业面临内卷加剧的挑战，但林氏木业通过主动作为，在传统淡季7月策动了一 场含金量极高的"超级店庆日"，成功逆市破局。此次活动以家居界首个黄金联名为 ...

Core Viewpoint - A trend of Chinese manufacturers establishing factories in the U.S. is emerging, driven by high tariffs and the need for more stable supply chains, as well as the desire to reduce costs and increase competitiveness in the American market [9][32][39]. Group 1: Manufacturing Trends - Chinese manufacturers are increasingly seeking to set up operations in the U.S. to mitigate the impact of tariffs and to adapt to changing market conditions [9][32]. - The "factory within a factory" model is becoming popular, allowing Chinese companies to utilize existing American facilities and resources, thus reducing initial investment costs [14][16]. - Many Chinese manufacturers are transitioning from "Made in China" to "Assembled in USA," which helps in lowering tariffs and improving market access [15][28]. Group 2: Cost Structure - The cost of setting up operations in the U.S. is primarily driven by labor and facility expenses, with average hourly wages for U.S. manufacturing workers being significantly higher than those in China [48][49]. - Simplified assembly lines can be established at low costs, with per-unit costs as low as $10, depending on the product [18][19]. - The use of local resources and labor can help mitigate some of the high costs associated with U.S. manufacturing [16][19]. Group 3: Market Dynamics - U.S. retailers are increasingly interested in sourcing locally to ensure stable supply chains, even if it means paying higher prices [39][41]. - The shift towards local assembly is seen as a way to enhance product competitiveness and to counteract the effects of tariffs [37][39]. - The demand for American-made products is rising, with many U.S. brands preferring to work with local manufacturers to avoid the risks associated with overseas supply chains [39][64]. Group 4: Challenges and Limitations - Despite the potential benefits, challenges such as high labor costs, regulatory complexities, and a lack of skilled labor in the U.S. manufacturing sector remain significant hurdles [52][56]. - The uncertainty surrounding U.S.-China trade relations and the potential for fluctuating tariffs adds to the risk for manufacturers considering U.S. operations [58][61]. - The current manufacturing landscape in the U.S. is still developing, and many Chinese companies face difficulties in scaling their operations effectively [56][68].

Group 1: Macroeconomic Insights - Domestic high-frequency indicators show a significant recovery in passenger transport excluding private cars, with water transport also rebounding notably. The number of flights indicates a surge in inbound and outbound travel during the May Day holiday [1] - Service consumption is outperforming goods consumption, as evidenced by the movie box office performance, which saw ticket prices rise while attendance declined. The lack of blockbuster films is a primary reason for this trend [1] - Infrastructure investment continues to recover, driving up prices of construction materials, while port data indicates a rebound in imports and exports [1] Group 2: Market Strategy - The Chinese A/H stock market is expected to rise further, with a bullish outlook maintained after the market's low point in early April. The Shanghai Composite Index approached 3300 points before the May Day holiday, and the Hang Seng Tech Index saw a single-day increase of 3.1% [3] - The adjustment in the stock market during March and April is viewed as a significant turning point, indicating reduced investor concerns about U.S.-China competition and a willingness to engage in the market [3] - The overall sentiment is optimistic, with internal policy signals suggesting a focus on domestic stability to counter external uncertainties, which may lead to a systematic decrease in risk premiums in the Chinese stock market [3] Group 3: Financial Performance - The overall net profit growth rate for the A-share market turned positive in Q1 2025, reaching +4.7%. Key trends include accelerated capital expenditure in the domestic AI industry and improvements in the TMT sector, particularly in electronics and communications [4] - Domestic demand policies have been strengthened to counter external uncertainties, leading to improvements in cyclical sectors such as non-ferrous metals and construction materials, driven by infrastructure demand [4] Group 4: Industry Comparisons - Emerging technology sectors are highlighted as a growth focus, with recommendations for investments in sectors such as internet, media, gaming, semiconductor, and healthcare. Financial sectors like brokerage, insurance, and banks are also recommended due to declining risk-free rates [5] - The report emphasizes the importance of domestic consumption and fixed asset investment, suggesting a focus on cyclical products and new consumption trends, including real estate, non-ferrous metals, chemicals, and cosmetics [5] Group 5: Food and Beverage Sector - The food and beverage sector is experiencing a slowdown, with revenue growth of +2% and net profit growth of +4% in 2024, indicating significant demand pressure. Q1 2025 shows a slight increase in revenue of +1% and a marginal net profit increase of +0.2% [11] - The high-end liquor market continues to show strong performance, while the mass market is experiencing a more pronounced divergence, with some segments like snacks showing growth potential due to easing base pressures [12][13] Group 6: Consumer Goods and New Trends - The furniture sector is seeing improved revenue growth due to government support and a strong housing market, while personal care products continue to perform well through innovation and channel integration [15] - The automotive sector is benefiting from increased trade-in incentives, leading to higher performance in Q1 2025, while smart glasses are experiencing explosive growth driven by AI integration [16]