supor(002032) 长江证券·2024-11-07 06:19Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Viewpoints - The company reported a revenue of 16.512 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 7.45%. The net profit attributable to the parent company was 1.433 billion yuan, up 5.19% year-on-year [4][6]. - In Q3 2024, the company achieved a revenue of 5.548 billion yuan, with a year-on-year growth of 3.03%, and a net profit of 492 million yuan, growing 2.22% year-on-year. The growth rate in Q3 slowed down compared to previous quarters due to intensified domestic competition and high base effects from external sales [4][5]. - The company maintains a strong market position, with leading online and offline sales shares in key product categories such as rice cookers and electric pressure cookers [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 16.512 billion yuan, a 7.45% increase year-on-year. The net profit attributable to the parent company was 1.433 billion yuan, reflecting a 5.19% increase year-on-year. The Q3 revenue was 5.548 billion yuan, with a 3.03% year-on-year growth [4][6]. - The company’s sales expense ratio and management expense ratio slightly decreased by 0.73 percentage points and 0.11 percentage points, respectively, indicating improved efficiency in expense management [4]. Market Position and Strategy - The company continues to focus on consumer needs through product innovation and channel optimization, maintaining a leading market share. It has introduced new products such as a titanium non-stick frying pan and has seen significant sales in its "随享" series of thermal cups [5][6]. - The company is actively exploring new categories and accelerating its AIOT smart product layout, further promoting its "content + service" platform strategy [5]. Future Outlook - The company is expected to maintain steady growth, with projected net profits of 2.312 billion yuan, 2.655 billion yuan, and 3.020 billion yuan for 2024, 2025, and 2026, respectively. The corresponding PE ratios are estimated to be 18.6, 16.2, and 14.2 times [6].