supor(002032) 国盛证券·2025-01-24 00:30Investment 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]