浙江苏泊尔股份有限公司 减资公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 特此公告。 证券代码：002032 证券简称：苏泊尔 公告编号：2024-061 浙江苏泊尔股份有限公司董事会 浙江苏泊尔股份有限公司 二〇二四年十一月十二日 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）于2024年10月24日召开的 第八届董事会第十一次会议审议通过《关于对部分获授的限制性股票回购注销的议案》，公司拟回购 注销2022年限制性股票激励计划第一个考核期未达成100%解除限售条件需进行回购注销的限制性股 票共计178,674股，该事项已经公司于2024年11月11日召开的2024年第四次临时股东大会审议通过。上 述股份注销完成后，公司总股本将从801,538,407股减至801,359,733股，公告信息详见刊登于2024年10 月25日《证券时报》、《中国证券报》、《证券日报》及巨潮资讯网http://www.cninfo.com.cn的《关于对部 分获授的限制性股票回购注销的公告》（公告编号：2024-058）。 上述回购注销部分股份将导致 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Viewpoints - The company reported a revenue of 16.512 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 7.45%. The net profit attributable to the parent company was 1.433 billion yuan, up 5.19% year-on-year [4][6]. - In Q3 2024, the company achieved a revenue of 5.548 billion yuan, with a year-on-year growth of 3.03%, and a net profit of 492 million yuan, growing 2.22% year-on-year. The growth rate in Q3 slowed down compared to previous quarters due to intensified domestic competition and high base effects from external sales [4][5]. - The company maintains a strong market position, with leading online and offline sales shares in key product categories such as rice cookers and electric pressure cookers [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 16.512 billion yuan, a 7.45% increase year-on-year. The net profit attributable to the parent company was 1.433 billion yuan, reflecting a 5.19% increase year-on-year. The Q3 revenue was 5.548 billion yuan, with a 3.03% year-on-year growth [4][6]. - The company’s sales expense ratio and management expense ratio slightly decreased by 0.73 percentage points and 0.11 percentage points, respectively, indicating improved efficiency in expense management [4]. Market Position and Strategy - The company continues to focus on consumer needs through product innovation and channel optimization, maintaining a leading market share. It has introduced new products such as a titanium non-stick frying pan and has seen significant sales in its "随享" series of thermal cups [5][6]. - The company is actively exploring new categories and accelerating its AIOT smart product layout, further promoting its "content + service" platform strategy [5]. Future Outlook - The company is expected to maintain steady growth, with projected net profits of 2.312 billion yuan, 2.655 billion yuan, and 3.020 billion yuan for 2024, 2025, and 2026, respectively. The corresponding PE ratios are estimated to be 18.6, 16.2, and 14.2 times [6].

Investment Rating - The investment rating for the company is "Buy" [1][4] Core Views - The company has maintained a steady operational performance with a year-on-year revenue increase of 7.45% in the first three quarters of 2024, reaching 165.12 billion yuan, and a net profit of 14.33 billion yuan, up 5.19% [2][4] - The company is experiencing a slowdown in overseas sales growth due to high base effects from the previous year, but has adjusted its related transaction amount upwards to 69.5 billion yuan, an increase of approximately 7.5 billion yuan from earlier estimates [3][4] - The domestic small home appliance market is showing signs of recovery, with a 6.5% year-on-year increase in online retail sales in September 2024, driven by government subsidy policies [3][4] Financial Summary - The company's projected revenue for 2024 is 228.86 billion yuan, with a net profit of 23.24 billion yuan, and earnings per share (EPS) expected to be 2.90 yuan [2][4] - The company's gross margin for the first three quarters of 2024 was 24.47%, a decrease of 0.93 percentage points year-on-year, while the net margin was 8.67%, down 0.19 percentage points [4] - The price-to-earnings (P/E) ratio is projected to be 18.60 for 2024, with a target price range of 55.10 to 60.90 yuan based on a P/E of 19-21 times [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady revenue growth with a year-on-year increase of 7% in revenue for the first three quarters of 2024, reaching 16.5 billion yuan [5] - The net profit attributable to the parent company for the same period is 1.4 billion yuan, reflecting a 5% year-on-year growth [5] - The company has adjusted its daily related transaction amount with SEB to 6.85 billion yuan for 2024, indicating a 12% increase compared to initial estimates, which is expected to drive growth in exports [6] - The gross margin for the first three quarters of 2024 is 24.5%, slightly down by 0.9 percentage points year-on-year, while the net profit margin remains stable at 8.7% [7] - The company is focused on product innovation and maintaining profitability through a strategy of introducing new products at higher prices [8] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 5.5 billion yuan, a 3% increase year-on-year, with a net profit of 490 million yuan, up 2% year-on-year [5] - The company’s total revenue for the first three quarters of 2024 is 16.5 billion yuan, with a net profit of 1.4 billion yuan [5] Cost Management - The company has seen a decrease in expense ratios, with sales, management, and R&D expense ratios at 10.1%, 1.8%, and 2.0% respectively for the first three quarters of 2024 [7] - The net cash position as of Q3 2024 is 2.61 billion yuan, indicating a strong liquidity position [7] Profitability Forecast - The company is projected to achieve net profits of 2.37 billion yuan, 2.58 billion yuan, and 2.80 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18, 17, and 15 [8] - The report emphasizes the company's leading position in the domestic kitchen appliance market and its competitive product offerings [8]

三季度收入稳健增长，盈利能力基本稳定 苏泊尔 002032.SZ 公司研究 | 季报点评 核心观点 事件：公司公告 2024 年三季报，2024 年前三季度公司实现营收 165.12 亿元，同比增 长 7.45%，同期实现归母净利润 14.33 亿元，同比增长 5.19%。三季度公司实现营业 收入 55.48 亿元，同比增长 3.03%，实现归母净利润 4.92 亿元，同比增长 2.22%。 ⚫ 三季度内销增速高于行业，外销收入增速受基数影响有所放缓。2024 年三季度公司 实现营收 55.48 亿元，同比增长 3 %。拆分地区来看：①内销方面，推测公司三季 度内销收入有小幅下降，根据母公司 SEB 公告，SEB 集团 2024 年三季度中国市场 收入可比口径下同比下降 1.9%，主要系三季度中国小家电市场依旧相对疲软，但公 司通过新品以及渠道端的发力继续在线上、线下获取份额，实现了优于行业的表 现。②外销方面，我们预计三季度公司外销收入同比有小幅增长，但增速较上半年 有所放缓，主要系去年同期基数较高且公司主要外销客户（母公司 SEB）补库基本 进入尾声。根据最新关联交易公告，2024 年公司预计向 SEB ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][12]. Core Views - The company's external sales continue to grow, while internal sales remain stable. The performance is expected to stabilize with product structure improvements and new channels contributing to growth [2][3]. - The earnings forecast for 2024-2026 has been adjusted downwards, with expected EPS of 2.82, 3.04, and 3.29 yuan, reflecting a year-on-year growth of 4%, 8%, and 8% respectively [3][12]. - The target price has been raised to 64.3 yuan, based on a 23x PE for 2024, considering improved market sentiment and the impact of the old-for-new policy [3][12]. Summary by Sections 1. Performance Overview - For Q3 2024, the company achieved a revenue of 16.512 billion yuan, a year-on-year increase of 7.45%, and a net profit attributable to the parent company of 1.433 billion yuan, up 5.19% year-on-year [14]. - The Q3 revenue from domestic sales was 5.548 billion yuan, with a year-on-year growth of 3.03%, and a net profit of 492 million yuan, up 2.22% year-on-year [14]. 2. Domestic and External Sales Performance - Domestic sales are in a slow recovery phase, with weak demand in July and August for small kitchen appliances and cookware. However, a boost is expected in September due to the old-for-new policy [15]. - External sales are projected to grow by 8% to 10% year-on-year, with a 15% increase in related transactions expected with the parent company SEB [15]. 3. Profitability Metrics - The gross margin for Q3 2024 was 24.47%, down 0.93 percentage points year-on-year, while the net margin was 8.67%, down 0.19 percentage points year-on-year [16]. - The company’s expense ratios for sales, management, R&D, and financial costs were 10.1%, 1.78%, 1.98%, and -0.29% respectively, with slight year-on-year changes [16]. 4. Financial Health - As of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 2.636 billion yuan, a decrease of 272 million yuan year-on-year [17]. - The company reported a healthy cash flow from operating activities of 1.12 billion yuan for Q3 2024, with total cash inflow from sales of goods and services at 4.904 billion yuan, an increase of 674 million yuan year-on-year [18].

千源证券 家用电器/小家电 公 司 研 究 苏泊尔（002032.SZ） 2024 年 10 月 28 日 2024Q3 业绩稳健，静待内需改善 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|--------------------------------------------------------------|---------------------------------------------------------------------------------------|------------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/10/28 | 吕明（分析师） \nlvming@kysec.cn 证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn 证书编号： S0790522030 ...

Group 1 - The core viewpoint is that Supor is benefiting from the continuous improvement and promotion of the old-for-new policy by local governments, which is expanding the categories of home appliance subsidies and optimizing the subsidy methods and processes [1] - The kitchen and bathroom appliance industry, where the company operates, is the first to benefit and has already shown preliminary results, with the small home appliance industry expected to gradually benefit as the range of subsidized categories increases [1] - For this year's Double Eleven shopping festival, the company has extended the duration of promotions compared to previous years and plans to allocate marketing resources effectively to enhance marketing efficiency during the event [1] Group 2 - The implementation of the old-for-new policy is expected to bring additional sales growth during the promotional period [1]

证券代码：002032 证券简称：苏泊尔 浙江苏泊尔股份有限公司投资者关系活动记录表 编号：2024010 | --- | --- | --- | --- | --- | |----------------|------------------------------------------------------|--------------------------------------------|--------|------------------| | | | | | | | 投资者关系活动 | □特定对象调研 □分析师会议 | | | | | 类别 | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | √其他 （电话会议） | | | | | 参与单位名称及 | 中金公司何伟 & | 汤胄樱子、上银基金管理蒋纯文、嘉实基金 | | | | 人员姓名 | 管理蔡丞丰、汇丰晋信基金管理费馨涵 | & | | 许廷全、中英人寿 | | | 保险黄翊鸣、上海东方证券资产管理陈太中、上海明河投资 | | | | | | ...

网友提问,关于小白店行业的市场需求 市场的规模是有一个不到11个点不等的萎缩因为疫情期间的一些网红品类像这个空气炸锅的降幅甚至达到了30%确实这个小店行业还是需求单比较低但是我们也看到公司肯定是取得了超越百余比例的一个增速在整个厨房小店市场整体的增速还是优于行业无论是线上和线下的份额还是保持一个行业第一的地位这个市场作用还是在持续提升的 我们觉得就是一方面是受益于公司产品端的实际无量的创新另外一方面也确实得益于公司渠道端的这个多元化尤其是对这个新型的这个石油电商这种加速的一个融合我们根据一些单方数据类似于像9000这种我们也看到公司在三季度整个线上的增速包括总移渠道的增速都是平均超于行业的这个平均水平也是显得优于主要的一些竞争者然后同时在昨天晚上三季状里面我们也公布了这个关于交易的这个预增的公告这个也是 上修的幅度是非常大,年初的时候其实给我们的指引是4%,那么这次是上修到了,就是整个SED销售额的增速吧,从今年年初4.2%加每个预期上修到了最新的17%,整个发展的幅度也是非常超出了大家的预期的。 应该说公司整个内外交市场并保持一个比较良好的态势尤其是最近国内这个消费已经发生政策落地以后我们看到很多地区也是打 ...