大展宏图，再谱新篇！近日，达美乐比萨中国*宣布在中国大陆的门店数突破1200家*，再度迎来新的里 程碑时刻！每到一个新的城市，达美乐都收获了顾客的支持和喜爱。为了回馈粉丝的热爱与支持，2025 年9月5日至9月21日，达美乐比萨中国*特别推出指定城市指定比萨"买一送一"*狂欢超值福利，两个比 萨59元起，30余款缤纷美味随心挑选，诚邀粉丝共庆这份成长喜悦！九月又恰逢开学季，许久未见的朋 友陆续重逢，即刻奔赴达门，以美味庆祝欢聚时光，与达美乐一起携手启航新征程，开启新篇章！ 欢庆来袭，两个比萨59元起 此次限定"买一送一"*活动，可选比萨阵容超丰富——涵盖19款甄选尊享系列、9款经典风味系列，共近 30款缤纷口味任你挑！指定"买一"比萨里，既有经典的榴莲比萨"家族"，甄选真实果肉、入口满是馥郁 果香，每一口都能尝到果肉的绵密；也有芝香满溢、拉丝绵长的意大利雪球芝士多肉多芝比萨，芝士控 绝对无法抗拒；还有人气新品可选，交融鱼肉鲜嫩与奶香醇厚的托斯卡纳风情芝浓三文鱼比萨，奶香、 海味与咸香三重协奏；更有豪华尊享比萨、金沙咸蛋黄嫩鸡比萨、照烧风味牛肉土豆比萨等常年备受喜 爱的招牌人气款，每一款都精准戳中消费者挑剔味蕾 ...

达美乐比萨第二季度营收11.5亿美元，同比增长4.3%，市场预估11.4亿美元。 第二季度每股收益3.81美元，去年同期为4.03美元，预期为3.94美元。 第二季度经营利润为2.25亿美元，同比增长15%，预期为2.14亿美元。 达美乐比萨美股盘前涨超2%。 ...

智通财经7月21日电，达美乐比萨第二季度营收11.5亿美元，高于市场预估的11.4亿美元。 ...

Group 1 - The "Pizza Index" originated from a 1998 incident involving Bill Clinton, where pizza orders near the White House indicated a return to normalcy after a scandal [1] - A social media account named "Pentagon Pizza Report" has gained popularity for using pizza order volumes as a "war prediction indicator," with significant increases in orders preceding military actions [2] - Historical examples show that pizza orders near the Pentagon doubled before military interventions, such as the invasion of Panama in 1989 and the Gulf War in 1991 [3] Group 2 - The U.S. Department of Defense has refuted the reliability of the "Pizza Index," stating that external pizza delivery orders do not accurately reflect internal military conditions [3] - The "Pizza Index" is compared to Google's "Flu Trends," which predicted flu outbreaks based on search data but was eventually deemed unreliable due to inflated search interest [3] - Cities like London and Chicago are developing predictive models using public crime data to combat crime, emphasizing the importance of data analysis capabilities over the data itself [4]

Macro Strategy - The macroeconomic indicators show a structural differentiation in domestic demand while external demand remains stable overall, with a focus on improving the efficiency of fund utilization in monetary policy [1][10] - The ECI supply index is at 50.12%, down 0.03 percentage points from last week, while the demand index is at 49.94%, up 0.01 percentage points [10] - The overall economic outlook is cautiously optimistic, with the central bank's tone shifting from "timely adjustments" to "flexibly grasping the implementation of policies" [10] Fixed Income - The report emphasizes a preference for medium to low-priced, high-rated convertible bonds with a remaining maturity of 1-3 years, which can contribute stable cash flow and have a strong willingness to convert [2][13] - The issuance of green bonds totaled approximately 31.44 billion yuan this week, a decrease of 11.72 billion yuan from the previous week, with a total transaction volume of 73.5 billion yuan [3][15] - The issuance of secondary capital bonds amounted to 9.1 billion yuan this week, with a total transaction volume of approximately 199 billion yuan, down 55.5 billion yuan from the previous week [4][16] Industry Recommendations - Maiwei Biotech (688062) is entering a new stage with significant potential in its differentiated ADC+TCE dual platform, with revenue forecasts for 2025 adjusted from 750 million yuan to 1.108 billion yuan [6][20] - Dashishi Co. (01405.HK) is expanding against the trend, benefiting from continued store openings and expected recovery in average transaction amounts [7] - Luzhou Laojiao (000568) is rationally addressing transformation pains while actively seizing opportunities, with profit forecasts adjusted to 12.4 billion, 12.9 billion, and 14.1 billion yuan for 2025-2027 [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is in a store expansion phase, with strong revenue and profit potential. The scale effect is gradually becoming evident, and cost reduction and efficiency improvement efforts are ongoing. The company plans to open 300 and 350 new stores in 2025 and 2026, respectively, with a target of approximately 3,000 stores by 2029-2030 [7] - The company has a strong brand and product offering, with over 21,000 global stores as of Q3 2024, leading in both store count and sales, achieving the highest market share globally. The product's convenience aligns with urban consumer trends, and the diverse menu caters to various price points [7] - The membership system is maturing, with 27 million members as of Q1 2025, enhancing customer loyalty and repeat purchase rates [7] - Revenue and profit forecasts have been adjusted to reflect strong growth, with projected revenues of 56.79 billion, 73.27 billion, and 90.51 billion yuan for 2025-2027, representing year-on-year growth rates of 31.64%, 29.01%, and 23.53%, respectively. Net profit is expected to reach 0.95 billion, 1.50 billion, and 2.39 billion yuan for the same period, with growth rates of 71.97%, 57.76%, and 59.29% [7] Financial Summary - Total revenue is projected to be 4,314 million yuan in 2024, increasing to 5,679 million yuan in 2025, and reaching 7,327 million yuan in 2026 [8] - The net profit for 2024 is expected to be 55.20 million yuan, growing to 94.92 million yuan in 2025, and 149.75 million yuan in 2026 [8] - The company’s earnings per share (EPS) is forecasted to be 0.42 yuan in 2024, increasing to 0.73 yuan in 2025, and 1.14 yuan in 2026 [8]

达美乐比萨第一季度营收11.1亿美元，同比增长2.5%，市场预估11.2亿美元。 ...

Group 1: Market Overview - The report highlights that private and small enterprises are more vulnerable to the impact of "reciprocal tariffs" compared to state-owned large enterprises, suggesting a need for increased financial support for these businesses [1] - The automotive sector has faced a cumulative additional tariff of 45% on exports to the US, with implications for chip and electronic components, indicating a preference for self-research in smart driving chips as a cost-reduction strategy [2] - The chemical industry is seeing a push for domestic alternatives in semiconductor materials and ion exchange membranes due to anti-monopoly investigations against DuPont, which may accelerate the domestic substitution process [3] Group 2: Company-Specific Insights - Poly Property (6049.HK) is projected to achieve a revenue of 16.34 billion yuan in 2024, with a year-on-year growth of 8.5%, and a net profit of 1.47 billion yuan, reflecting a solid growth outlook supported by quality property management projects [6] - Nanda Optoelectronics (300346.SZ) reported a revenue of 2.352 billion yuan in 2024, marking a 38.08% increase, with a net profit of 271 million yuan, driven by significant growth in precursor sales [7] - Huaxin Cement (600801.SH) is accelerating its international business layout, expecting significant capital expenditure increases in 2025, which will contribute to revenue growth despite a downturn in the domestic cement industry [8] Group 3: Sector Trends - The medical device sector is anticipated to benefit from increased domestic substitution due to tariffs on US imports, particularly in high-end imaging equipment and surgical robots [4] - The ship coating segment has made significant progress, with photovoltaic coatings expected to become a third profit driver for the company [9] - The high-end manufacturing sector, particularly in 3C automation equipment, is positioned for growth due to its involvement in Apple's supply chain and diversification into new fields like semiconductors [10] Group 4: Financial Performance and Projections - Guizhou Moutai (600519.SH) reported a total revenue of 174.1 billion yuan in 2024, with a year-on-year growth of 15.7%, and a net profit of 86.2 billion yuan, maintaining a high dividend payout ratio of 75% [17] - StarNet Ruijie (002396.SZ) is adjusting its profit forecasts downward for 2025-2026 due to a slow recovery in market demand, but remains optimistic about opportunities in AI computing center solutions [12] - The report indicates that the company, Hengsheng Electronics (600570.SH), is expected to see a decline in revenue and profit in 2024, but maintains a long-term growth outlook due to its core product strengths [14]

Group 1: Basic Chemicals - DuPont China Group is under antitrust investigation by the State Administration for Market Regulation due to alleged violations of the Anti-Monopoly Law of the People's Republic of China, which may benefit domestic substitutes in semiconductor materials and ion exchange membranes [4] Group 2: Automotive - Since Trump's administration, a total of 45% additional tariffs have been imposed on automobiles and auto parts exported from China to the U.S., impacting trade and potentially affecting chip and automotive electronic components [5] - Companies with core component self-research capabilities and those localizing production in the U.S. or Mexico are expected to perform well [5] Group 3: Pharmaceuticals - The U.S. government announced a 34% tariff on all imported goods from the U.S. starting April 10, 2025, which presents significant opportunities for the blood products industry [6] Group 4: Company Reports - Dashi Holdings, the exclusive franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau, has accelerated market expansion, reaching 1,008 stores by the end of 2024 [7] - Mega Xincai reported a revenue of 2.1 billion yuan and a net profit of 210 million yuan for 2024, with significant year-on-year growth of 88% and 26% respectively [8] - Naipu Mining achieved a revenue of 1.12 billion yuan, a 19.6% increase year-on-year, and a net profit of 120 million yuan, up 45.5% [9] - Guizhou Moutai's total revenue for 2024 was 174.1 billion yuan, with a net profit of 86.2 billion yuan, reflecting a growth of 15.7% and 15.4% respectively [10]

| 主要摘要 | | | | | --- | --- | --- | --- | | | | 截至12月31日止年度 | | | | | | 變動(%)。 | | | 2024年 | 2023年 | 百分點變動 | | | (人民幣千元)(人民幣千元) | | | | 收益 | 4,314,093 | 3.050.715 | 41.4% | | 門店層面的經營利潤(1) | 624,006 | 419.732 | 48.7% | | 門店層面的經營利潤率(2) | 14.5% | 13.8% | +0.7 | | 除所得税前利潤 | 99,605 | 2.275 | 4.278.2% | | 本公司擁有人應佔年內利潤／(虧損) | 55.195 | (26.603) | 不適用 | | 每股基本利潤／(虧損)(人民幣元) | 0.42 | (0.22) | 不滴用 | | 每股攤薄利潤／(虧損)(人民幣元) | 0.42 | (0.22) | 不滴用 | | 非國際財務報告準則計量 | | | | | 門店層面EBITDA(3) | 831,366 | 576.622 | 44.2% | | 門店層面EBIT ...