Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [3][2]. Core Insights - The company achieved a revenue of 22.43 billion yuan in 2024, representing a year-on-year increase of 5.27%. The net profit attributable to the parent company was 2.24 billion yuan, up 2.97% year-on-year [1][2]. - In Q4 2024, the company reported a revenue of 5.92 billion yuan, a slight decline of 0.4% year-on-year, and a net profit of 812 million yuan, down 0.7% year-on-year [1]. - Domestic sales faced challenges due to a complex market environment, but the company maintained its market share through innovation and strong channel advantages. In contrast, external sales orders showed significant growth compared to the previous year [1][2]. - The company expects a 4.6% increase in its OEM revenue for 2025, projecting a total of 7.37 billion yuan [1]. Financial Data Summary - The company’s revenue is projected to grow from 22.43 billion yuan in 2024 to 24.57 billion yuan in 2026, with growth rates of 5.27% and 4.03% respectively [7]. - The net profit attributable to the parent company is expected to rise from 2.24 billion yuan in 2024 to 2.58 billion yuan in 2026, with growth rates of 2.97% and 7.73% respectively [7]. - The company’s earnings per share (EPS) is forecasted to increase from 2.80 yuan in 2024 to 3.22 yuan in 2026 [7]. - The price-to-earnings (P/E) ratio is projected to decrease from 19.21x in 2024 to 16.71x in 2026, indicating a potentially more attractive valuation over time [7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [3][2]. Core Insights - The company reported a revenue of 22.43 billion yuan for 2024, reflecting a year-on-year increase of 5.27%. The net profit attributable to the parent company was 2.24 billion yuan, up 2.97% year-on-year. In Q4 2024, revenue was 5.92 billion yuan, down 0.4% year-on-year, and net profit was 812 million yuan, down 0.7% year-on-year [1][2]. - Domestic sales faced slight declines due to a complex market environment and more rational consumer demand. However, the company managed to increase its market share in core categories through continuous innovation and strong channel advantages. In contrast, external sales orders from major clients showed significant growth compared to the previous year [1][2]. - The company expects a 4.6% increase in the amount of OEM transactions for 2025, projected at 7.37 billion yuan [1]. - Profitability remained stable due to effective measures to maintain gross margins, improve marketing efficiency, and strict cost control. The company also continued to invest in R&D and product innovation, leading to a broader product range [1]. Financial Data Summary - For 2024, the company forecasts revenues of 22.43 billion yuan, with a growth rate of 5.27%. The net profit is expected to be 2.24 billion yuan, with a growth rate of 2.97% [7]. - The projected earnings per share (EPS) for 2024 is 2.80 yuan, with a price-to-earnings (P/E) ratio of 19.21x [7]. - The company’s total assets are projected to be 12.73 billion yuan in 2024, with a debt-to-asset ratio of 50.67% [10].

Core Insights - Supor (002032) reported a total operating revenue of 22.427 billion yuan for the year 2024, representing a year-on-year growth of 5.27% [1] - The net profit for the same period was 2.244 billion yuan, showing a year-on-year increase of 2.97% [1] - The basic earnings per share (EPS) stood at 2.82 yuan [1] Revenue Growth - The company experienced a significant increase in orders from major overseas customers, contributing to the overall revenue growth [1]

Financial Performance - The company achieved total operating revenue of ¥22,427,337,986.39, an increase of 5.27% compared to the previous year[4] - The total profit amounted to ¥2,732,357,095.86, reflecting a growth of 1.77% year-on-year[5] - The net profit attributable to shareholders reached ¥2,244,444,529.35, up by 2.97% from the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥2,065,791,875.87, representing a 3.58% increase year-on-year[4] - The company’s basic earnings per share increased to ¥2.820, a rise of 3.71% year-on-year[4] - The company’s performance forecast for 2024 aligns with the reported results, confirming a revenue increase of 5.27% and net profit growth of 2.97%[7] Financial Ratios and Margins - The weighted average return on equity increased by 2.65 percentage points to 37.27%[6] - The company maintained a stable gross margin and improved marketing efficiency while controlling expenses[5] Assets and Equity - The total assets at the end of the reporting period were ¥13,282,345,163.58, a 1.34% increase from the beginning of the period[4] - The equity attributable to shareholders was ¥6,424,414,343.69, up by 1.25% compared to the previous period[4]

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：2025-010 浙江苏泊尔股份有限公司 关于 2021 年限制性股票激励计划第二个解除限售期 解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述 或重大遗漏。 特别提示： 1、本次申请解除限售的激励对象为266名，可解除限售的限制性股票共计548,250股，占公司 股本总额的0.0684%。 2、本次解除限售的限制性股票上市流通日为2025年2月11日； 3、本次实施的限制性股票激励计划与已披露的限制性股票激励计划不存在差异。 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）第八届董事会第十三次 会议审议通过了《关于 2021 年限制性股票激励计划第二个解除限售期解除限售条件成就的议案》， 董事会认为《浙江苏泊尔股份有限公司 2021 年限制性股票激励计划（草案）》（以下简称"2021 年 限制性股票激励计划"）第二个解除限售期解除限售条件已成就。根据 2021 年限制性股票激励计划 相关规定及公司 2021 年第三次临时股东大会的授权，董事会办理了 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4][3]. Core Insights - The company is expected to achieve a revenue of CNY 22.43 billion in 2024, representing a year-on-year growth of 5.27%. The revenue for Q4 2024 is projected to be CNY 5.91 billion, showing a slight decline of 0.4% year-on-year [1][3]. - The estimated net profit attributable to the parent company for 2024 is between CNY 2.23 billion and CNY 2.26 billion, reflecting a growth of 2.3% to 3.68% year-on-year. For Q4 2024, the net profit is expected to be between CNY 800 million and CNY 830 million, with a year-on-year change of -2.5% to +1.2% [1][3]. - The company has seen a slight decline in domestic sales revenue due to a complex market environment, but has managed to increase its market share in key categories through innovation and strong channel advantages. In contrast, external sales have shown significant growth [2][3]. Financial Data Summary - The company’s total revenue for 2022 was CNY 20.17 billion, with a growth rate of -6.55%. In 2023, revenue increased to CNY 21.30 billion, with a growth rate of 5.62%. The projected revenue for 2024 is CNY 22.43 billion, with a growth rate of 5.27% [9][10]. - The net profit attributable to the parent company for 2022 was CNY 2.07 billion, increasing to CNY 2.18 billion in 2023, and is expected to reach CNY 2.25 billion in 2024, reflecting a growth rate of 3.01% [9][10]. - The company’s total assets are projected to be CNY 12.73 billion in 2024, with a debt ratio of 50.67% [11][10]. Market Position and Strategy - The company has increased its associated transaction amount with SEB Group, which is expected to contribute positively to its revenue growth throughout the year [2][3]. - The company’s management has implemented measures to enhance marketing efficiency and strictly control expenses, which is expected to support profit margins [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 224.27 billion yuan in 2024, representing a year-on-year growth of 5.27%. The net profit attributable to shareholders is projected to be between 2.23 billion and 2.26 billion yuan, with a year-on-year increase of 2.30% to 3.68% [3] - The company anticipates stable growth in external sales and a slight decline in domestic sales for Q4 2024. The expected sales amount to SEB is 7.047 billion yuan, with a year-on-year growth rate of approximately 19.0% [3] - The resignation of the general manager is considered a normal internal personnel change, with limited substantive impact on the company [3] - The company is positioned as a leading brand in kitchen small appliances, benefiting from national subsidy policies and the expansion of product categories [3] Financial Summary - Total revenue for 2023 is reported at 21.304 billion yuan, with projections of 22.427 billion yuan for 2024, 23.896 billion yuan for 2025, and 25.500 billion yuan for 2026, reflecting growth rates of 5.6%, 5.3%, 6.6%, and 6.7% respectively [3][5] - The net profit attributable to shareholders for 2023 is 2.180 billion yuan, with forecasts of 2.254 billion yuan for 2024, 2.409 billion yuan for 2025, and 2.601 billion yuan for 2026, indicating growth rates of 5.4%, 3.4%, 6.9%, and 8.0% respectively [3][5] - The company's gross margin is projected to be 26.3% in 2023, slightly decreasing to 25.7% by 2026 [3][5] - The return on equity (ROE) is expected to increase from 34.4% in 2023 to 41.0% in 2026 [3][5] Earnings Forecast - The earnings per share (EPS) is estimated to be 2.81 yuan for 2024, 3.01 yuan for 2025, and 3.25 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 18.8, 17.6, and 16.3 [3][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve a total revenue of 224.3 billion yuan in 2024, representing a year-on-year growth of 5.3%. The net profit attributable to the parent company is projected to be between 22.3 billion and 22.6 billion yuan, with a year-on-year growth of 2.3% to 3.7% [6][7] - The company is benefiting from the "old-for-new" policy, which has significantly stimulated sales, particularly in small household appliances [6] - The company has shown resilience in domestic sales despite a sluggish consumption environment, outperforming the industry average [6] - The company has adjusted its profit forecast for 2024-2026, now expecting net profits of 22.4 billion, 23.8 billion, and 24.8 billion yuan respectively, with corresponding PE ratios of 19, 18, and 17 times [6] Financial Data and Profit Forecast - Total revenue for 2023 is 21,304 million yuan, with projections of 22,427 million yuan for 2024, 23,939 million yuan for 2025, and 25,600 million yuan for 2026 [5][7] - The net profit for 2023 is 2,179 million yuan, with estimates of 2,235 million yuan for 2024, 2,380 million yuan for 2025, and 2,478 million yuan for 2026 [5][7] - The gross profit margin is expected to stabilize around 26% from 2024 onwards [6] Sales Performance - The company has successfully captured market share in key product categories, with online and offline sales showing improvement despite overall market challenges [6] - The company’s new product categories, including cleaning appliances and coffee machines, are expected to drive stable growth in the future [6] External Sales and Partnerships - The company has increased its expected amount of related transactions for 2024 to 7.46 billion yuan, reflecting a 5% year-on-year increase [6] - The company is benefiting from the recovery in demand and the completion of inventory destocking by major clients [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][16] Core Views - The company is expected to maintain stable operations in Q4 2024, outperforming the industry despite pressure on domestic sales and limited impact from national subsidies on the small home appliance sector. The company is actively controlling costs, ensuring relatively stable profitability, and is projected to achieve revenue of 22.4 billion, 24.4 billion, and 26.8 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of +3%, +9%, and +10% [3][16] Summary by Sections Financial Performance - The company forecasts a revenue of 22.43 billion yuan for 2024, representing a year-on-year increase of 5.27%. The net profit attributable to the parent company is expected to be between 2.23 billion and 2.26 billion yuan, reflecting a growth of 2.30% to 3.68% [12] - For Q4 2024, the company anticipates revenue of 5.915 billion yuan, a slight decline of 0.37% year-on-year, with net profit expected to be between 797 million and 827 million yuan, showing a year-on-year change of -2.50% to +1.17% [12][13] Market Dynamics - The report indicates that the national subsidy has limited impact on the small home appliance industry's overall market conditions. Domestic sales are under pressure, while external sales continue to grow. The company is expected to maintain a stable performance in the domestic market, significantly outperforming the industry due to its strong brand, channel, and product capabilities [13][15] Profitability and Cost Control - The company's net profit margin is expected to remain stable, with a slight year-on-year change of -0.29 percentage points to +0.21 percentage points. The pressure on profitability is mainly from domestic sales, where increased competition is expected to impact product sales prices and gross margins. The company is implementing measures to enhance marketing efficiency and strictly control expenses to maintain profitability [14][16] Future Projections - Revenue projections for 2024, 2025, and 2026 are 22.43 billion, 24.40 billion, and 26.64 billion yuan respectively, with growth rates of +5%, +9%, and +9%. The net profit attributable to the parent company is projected to be 2.24 billion, 2.44 billion, and 2.68 billion yuan, with corresponding growth rates of +3%, +9%, and +10% [3][16]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve stable revenue and profit growth in 2024, with projected revenue of CNY 22.43 billion, a year-on-year increase of 5.27%, and a net profit of CNY 2.23 to 2.26 billion, reflecting a year-on-year growth of 2.30% to 3.68% [1] - The company anticipates continued growth in exports in 2025, supported by a strong demand structure and the inclusion of rice cookers in the old-for-new policy [2] - The company has experienced a slight decline in domestic sales but has improved its market share in core categories through innovation and strong channel advantages [1][2] Financial Summary - The company’s projected financials for 2024-2026 include: - Revenue: CNY 22.43 billion in 2024, CNY 23.44 billion in 2025, and CNY 24.48 billion in 2026, with growth rates of 5.3%, 4.5%, and 4.5% respectively [4] - Net profit: CNY 2.24 billion in 2024, CNY 2.33 billion in 2025, and CNY 2.43 billion in 2026, with growth rates of 2.7%, 4.2%, and 4.0% respectively [4] - Earnings per share (EPS) is expected to be CNY 2.79 in 2024, CNY 2.91 in 2025, and CNY 3.03 in 2026 [4] - The company’s total market capitalization is approximately CNY 42.40 billion, with a closing price of CNY 52.91 as of January 23, 2025 [5]