supor(002032) 国金证券·2024-10-25 11:01Investment 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]