supor(002032) 第一财经·2025-04-27 10:59Core Viewpoint - Supor (002032.SZ) reported mixed results in its Q1 earnings, with revenue and net profit growth but a significant decline in operating cash flow by 44%, raising concerns among investors [1][2]. Financial Performance - In Q1 2025, Supor achieved total revenue of 5.79 billion yuan, a year-on-year increase of 7.59%. The net profit attributable to shareholders was 496.85 million yuan, up 5.82%, while the net profit excluding non-recurring items was 484.66 million yuan, growing by 4.98% [2][4]. - The net cash flow from operating activities was 583.80 million yuan, a decrease of 44.03% compared to the previous year, attributed to a reduction in cash received from sales of goods and services [2][4]. - The cash received from sales in Q1 was 4.89 billion yuan, down approximately 7% from 5.26 billion yuan in Q1 2024 [2]. Management Actions - Three key executives, including the CFO and board secretary, plan to continue reducing their holdings in the company, which has raised investor concerns due to their history of significant sell-offs, particularly at high stock price points [1][5]. - In 2024, these executives also engaged in substantial stock sales, with specific figures indicating a pattern of ongoing divestment [5]. Industry Outlook - The domestic kitchenware and small appliance industry faces both challenges and opportunities in 2025, transitioning from a pure growth phase to one where both growth and market saturation coexist [3]. - Supor aims to upgrade its product structure and explore new categories and scenarios for growth, supported by government policies promoting appliance upgrades [3]. - The company is expected to maintain steady growth in its export business, collaborating with foreign trade clients to enhance product development and competitiveness [3]. Production and Supply Chain - Supor operates seven manufacturing bases in China and Vietnam, focusing on cost reduction through automation and supply chain optimization [7]. - Future growth in the export business will depend on the organic growth of key foreign clients, with the company leveraging its manufacturing scale and responsiveness to provide competitively priced products [7].