supor(002032) 新浪财经·2025-04-27 00:36Core Viewpoint - The company reported steady growth in both domestic and international sales for Q1 2025, maintaining stable profitability and a "buy" rating. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 5.786 billion yuan, representing a year-on-year increase of 7.59% [1] - The net profit attributable to shareholders was 497 million yuan, up 5.82% year-on-year, while the net profit excluding non-recurring items was 484 million yuan, an increase of 4.98% [1] - The company forecasts net profits for 2025-2027 to be 2.443 billion, 2.599 billion, and 2.769 billion yuan, respectively, with corresponding EPS of 3.05, 3.24, and 3.46 yuan [1] Group 2: Sales Growth - Domestic sales are expected to benefit from national subsidies, while international sales are minimally impacted by tariffs [2] - The company's international sales growth is supported by stable demand from major clients, despite some customers stockpiling due to tariff policies [2] - For Q1 2025, the company's consumer business revenue growth rates were +2.8% in comparison to previous quarters, with EMEA and Americas regions showing varied performance [2] Group 3: Profitability and Cost Management - The gross margin for Q1 2025 was 23.91%, showing a slight year-on-year increase of 0.1 percentage points [3] - The company's total expense ratio for Q1 2025 was 13.31%, with effective control over sales expenses, which decreased by 0.29 percentage points [3] - The net profit margin for Q1 2025 was 8.59%, reflecting stable profitability despite a slight decrease of 0.07 percentage points [3]