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 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [3][11]. Core Views - The company achieved a revenue of 16.512 billion yuan in the first three quarters of 2024, representing 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 [1]. - The company has increased its annual related transaction amount with SEB to 6.85 billion yuan, which is an increase of 740 million yuan from the initial estimate and a 15% increase compared to the actual related transaction amount in 2023 [1]. - The gross profit margin for the first three quarters of 2024 was 24.47%, a decrease of 0.93 percentage points year-on-year, while the net profit margin was 8.67%, down 0.19 percentage points year-on-year [2]. - The company has adjusted its revenue forecasts for both domestic and foreign sales, expecting net profits attributable to the parent company for 2024, 2025, and 2026 to be 2.26 billion, 2.41 billion, and 2.59 billion yuan respectively [2]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 5.548 billion yuan, a year-on-year increase of 3.03%, and a net profit of 492 million yuan, up 2.22% year-on-year [1]. - The company’s gross profit margin for Q3 2024 was 24.62%, a decrease of 0.76 percentage points year-on-year, while the net profit margin was 8.87%, down 0.09 percentage points year-on-year [2]. Sales and Expenses - The sales expense ratio for the first three quarters of 2024 was 10.1%, a decrease of 0.73 percentage points year-on-year, attributed to the increase in foreign sales [2]. - The company’s total revenue for 2024 is projected to be 22.47 billion yuan, with a growth rate of 5.47% [4]. Valuation Metrics - The dynamic price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 19.0x, 17.8x, and 16.6x respectively [2]. - The company’s total market capitalization is approximately 42.87 billion yuan [3].

Investment Rating - The report maintains an "Accumulate" rating for Supor (002032.SZ) [1][2] Core Views - The company's revenue and profit have shown steady growth in Q3 2024, with a year-on-year revenue increase of 7.5% to RMB 16.51 billion and a net profit increase of 5.2% to RMB 1.43 billion [1][2] - Domestic small home appliance market demand remains weak, but there are signs of recovery due to the implementation of the old-for-new policy, with online retail sales in September showing a year-on-year increase of 6.5% [1] - The company is expected to benefit from ongoing domestic subsidy policies, maintaining its position as a leading brand in the kitchen small appliance sector, with strong product and brand competitive advantages [2] Summary by Sections Performance Overview - For Q1-Q3 2024, the company achieved revenue of RMB 16.51 billion, a year-on-year increase of 7.5%, and a net profit of RMB 1.43 billion, up 5.2% year-on-year [1] - Q3 alone saw revenue of RMB 5.55 billion, a 3% increase year-on-year, and a net profit of RMB 490 million, up 2.2% year-on-year [1] Operational Analysis - The company has effectively controlled costs and expenses, with a Q3 gross margin of 24.6%, down 0.8 percentage points year-on-year [1] - The sales expense ratio has decreased from 10.9% to 9.5% in 2024, indicating improved cost management [1] - The company plans to increase its transactions with SEB Group, with expected transaction amounts rising from RMB 6.2 billion to RMB 6.95 billion [1] Financial Forecast - The report forecasts EPS for 2022, 2023, and 2024 to be RMB 2.9, RMB 3.0, and RMB 3.3 respectively, with corresponding PE ratios of 19.1, 18.0, and 16.6 [2] - Revenue is projected to grow from RMB 21.3 billion in 2023 to RMB 23.1 billion in 2024, reflecting an 8.65% growth rate [4]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported stable revenue and profit growth, with a year-on-year increase in revenue of 7.45% to 16.512 billion RMB and a net profit increase of 5.19% to 1.433 billion RMB for the first three quarters of 2024 [1]. - The gross margin and profitability showed slight declines, with gross margins at 24.47% for Q1-Q3 2024, down 0.93 percentage points year-on-year [1]. - The company has raised its expected annual related party transaction amount with its parent company SEB from an initial estimate of 6.11 billion RMB to 6.85 billion RMB, reflecting a 17.2% increase compared to the actual amount in 2023 [1]. - Profit forecasts for the company are projected to be 2.3 billion RMB, 2.48 billion RMB, and 2.66 billion RMB for 2024, 2025, and 2026 respectively, indicating growth rates of 5.6%, 7.9%, and 7.0% [1]. Financial Summary - For the fiscal year 2024, the company is expected to achieve a revenue of 22.815 billion RMB, with a year-on-year growth rate of 7.1% [2]. - The projected net profit for 2024 is 2.302 billion RMB, reflecting a growth rate of 5.6% [2]. - The earnings per share (EPS) is expected to be 2.87 RMB for 2024, with a net asset return rate of 36.3% [2]. - The price-to-earnings (P/E) ratio is projected to be 19.1 for 2024, indicating a favorable valuation compared to historical performance [2].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company's revenue performance is in line with expectations, achieving a total revenue of 16.512 billion yuan in Q1-3 2024, representing a year-on-year growth of 7% [7]. - The company has shown strong domestic sales performance, outperforming the industry in the kitchen small appliances market, with significant market share gains in both online and offline channels [7]. - The company has increased its expected daily related transaction amount with SEB Group for 2024 to 6.95 billion yuan, a 17% increase compared to 2023, indicating confidence in overseas sales recovery [7]. Financial Summary - Total revenue for 2023 is reported at 21.304 billion yuan, with projected revenues of 22.915 billion yuan for 2024, 24.743 billion yuan for 2025, and 26.406 billion yuan for 2026 [10]. - The net profit attributable to the parent company for 2023 is 2.180 billion yuan, with forecasts of 2.315 billion yuan for 2024, 2.543 billion yuan for 2025, and 2.663 billion yuan for 2026 [10]. - The company maintains a stable gross margin of 26.3% for 2024, with a return on equity (ROE) projected to be 35.7% [6][7].

[Table_StockNameRptType] 苏泊尔（002032） 公司点评 外销基数抬升，整体平稳 ——苏泊尔 2024Q3 点评 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|-------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 非金融公司|公司点评|苏泊尔（002032） 2024 三季报点评： 当季经营稳健，内销改善可期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月25日 证券研究报告 |报告要点 苏泊尔三季度经营表现平稳，后续内销有望受益政策提振、增速改善可期；长期来看，苏泊尔 依靠强大综合实力、与全球龙头母公司的协同，未来仍将兼顾平稳增长及经营质量，我们预计 公司 2024-2026 年业绩分别同比+8%/+11%/+11%，对应当前估值 19X/17X/15X，综合考虑其经 营稳健属性及较高股息率优势，维持买入评级。 |分析师及联系人 管泉森 孙珊 崔甜甜 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110009 请务必阅读报告末页的重要声明 1 / 7 非金融公司|公司点评 glzqdatemark2 2024年10月25日 苏泊尔(002032) 2024 三季报点评： 当季经营稳健，内销改善可期 | --- | --- | |----------------------------|-----------------| ...

yukun@essence.com.cn 公司快报 2024 年 10 月 25 日 苏泊尔(002032.SZ) Q3 经营稳健，调增外销关联交易指引 事件：苏泊尔公布 2024 年三季报。公司 2024 年前三季度实现 收入165.1亿元，YoY+7.5%，实现归母净利润14.3亿元，YoY+5.2%； 经折算，公司 2024Q3 实现收入 55.5 亿元，YoY+3.0%，实现归母 净利润 4.9 亿元，YoY+2.2%。我们认为，Q3 苏泊尔外销持续增长， 内销表现平稳，单季经营较为稳健。 Q3 单季收入稳健增长：分区域来看，1）据久谦数据显示，Q3 苏 泊尔线上（天猫+京东+抖音）销售额 YoY+1.4%。我们推断 Q3 苏 泊尔内销收入表现平稳。2）欧美小家电消费景气较好，Q3 苏泊尔 外销收入同比持续提升。公司公告增加向 SEB 集团出售商品的全 年关联交易额度至 68.5 亿元，较年初预计金额增加 12.1%，预计 外销收入有望保持增长态势。展望后续，各地以旧换新政策持续 发力，部分省市补贴政策增加电饭煲、蒸烤箱、微波炉等小家电 品类，苏泊尔作为国内小家电行业优势品牌，有望充分受益于以 旧换新 ...

Financial Performance - The company's revenue for Q3 2024 reached CNY 5,547,582,884.99, representing a year-on-year increase of 3.03%[2] - Net profit attributable to shareholders was CNY 492,259,234.08, up 2.22% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses was CNY 481,873,660.48, reflecting a 1.05% increase year-on-year[2] - The total operating revenue for the current period reached ¥16,512,360,853.44, an increase of 7.43% compared to ¥15,367,109,939.98 in the previous period[19] - The net profit attributable to the parent company's shareholders was ¥1,432,852,351.73, representing an increase of 5.16% from ¥1,362,200,499.38 in the previous period[21] - The comprehensive income totalled ¥1,425,667,398.29, compared to ¥1,366,121,253.48 in the previous period, indicating a growth of 4.35%[21] - The basic earnings per share for the current period was ¥1.798, up from ¥1.700 in the previous period[21] Assets and Liabilities - The total assets at the end of the reporting period were CNY 11,981,343,305.08, a decrease of 8.59% from the end of the previous year[2] - Total assets decreased to ¥11,981,343,305.08, down 8.58% from ¥13,106,703,607.00[17] - Total current liabilities decreased to ¥6,106,721,863.90, down 6.39% from ¥6,524,494,555.61[17] - The total liabilities decreased to ¥6,334,460,430.75 from ¥6,724,870,549.63, a reduction of approximately 5.79%[18] - The total equity attributable to the parent company was ¥5,611,235,194.75, down from ¥6,345,333,020.11, a decline of about 11.56%[18] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 1,160,155,051.36, showing a slight decrease of 0.14% year-on-year[2] - Operating cash inflow totaled CNY 14.17 billion, an increase from CNY 12.51 billion year-over-year[23] - Net cash outflow from operating activities was CNY 13.01 billion, compared to CNY 11.35 billion in the previous year[23] - Net cash flow from investing activities was CNY 1.89 billion, significantly up from CNY 867.82 million year-over-year[24] - Cash flow from financing activities resulted in a net outflow of CNY 2.22 billion, compared to a net outflow of CNY 2.96 billion in the previous year[24] - The ending balance of cash and cash equivalents was CNY 2.23 billion, up from CNY 1.48 billion year-over-year[24] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,634[9] - The company repurchased 4,667,500 shares, accounting for 0.58% of the total share capital[15] Government Subsidies and Investment Income - The company received government subsidies amounting to CNY 11,133,598.70 during the current period, which is a 51.46% increase compared to the same period last year[7] - The company experienced a 45.75% decrease in investment income compared to the previous year, primarily due to a reduction in the scale of time deposits and financial product investments[7] - Cash received from investment income was CNY 56.20 million, down from CNY 82.17 million year-over-year[23] Expenses - Research and development expenses for the current period were ¥327,386,536.38, compared to ¥283,421,436.47 in the previous period, reflecting an increase of 15.5%[20] - Cash paid for employee compensation increased to CNY 1.51 billion from CNY 1.28 billion year-over-year[23] - Cash paid for taxes was CNY 1.02 billion, compared to CNY 832.68 million in the previous year[23] - Cash paid for other financing activities was CNY 46.90 million, down from CNY 523.55 million year-over-year[24]

浙江苏泊尔股份有限公司 证券代码：002032 证券简称：苏泊尔 公告编号：2024-056 浙江苏泊尔股份有限公司 关于增加 2024 年度日常关联交易预计额度的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性陈述或 者重大遗漏。 一、日常关联交易基本情况 （一）增加日常关联交易预计额度概述 1、概述 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）根据目前日常关联 交易实际发生情况，预计与公司实际控制人 SEB S.A.及其关联方（以下简称"SEB 集团"）2024 年 度日常关联交易金额将超出年初的预计。公司拟对 2024 年度日常关联交易预计额度进行调整。 2、审议程序 1）董事会召开时间、届次及表决情况 公司于 2024 年 10 月 24 日召开第八届董事会第十一次会议，会议以 4 票通过，0 票反对，0 票 弃权，5 票回避，审议通过《关于增加 2024 年度日常关联交易预计额度的议案》。五位董事作为关联 董事在表决时进行了回避。 2）回避表决的董事姓名 董事 Thierry de LA TOUR D'ARTAISE 先生、Stanislas ...