supor(002032) 申万宏源·2025-01-26 10:15Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve a total revenue of 224.3 billion yuan in 2024, representing a year-on-year growth of 5.3%. The net profit attributable to the parent company is projected to be between 22.3 billion and 22.6 billion yuan, with a year-on-year growth of 2.3% to 3.7% [6][7] - The company is benefiting from the "old-for-new" policy, which has significantly stimulated sales, particularly in small household appliances [6] - The company has shown resilience in domestic sales despite a sluggish consumption environment, outperforming the industry average [6] - The company has adjusted its profit forecast for 2024-2026, now expecting net profits of 22.4 billion, 23.8 billion, and 24.8 billion yuan respectively, with corresponding PE ratios of 19, 18, and 17 times [6] Financial Data and Profit Forecast - Total revenue for 2023 is 21,304 million yuan, with projections of 22,427 million yuan for 2024, 23,939 million yuan for 2025, and 25,600 million yuan for 2026 [5][7] - The net profit for 2023 is 2,179 million yuan, with estimates of 2,235 million yuan for 2024, 2,380 million yuan for 2025, and 2,478 million yuan for 2026 [5][7] - The gross profit margin is expected to stabilize around 26% from 2024 onwards [6] Sales Performance - The company has successfully captured market share in key product categories, with online and offline sales showing improvement despite overall market challenges [6] - The company’s new product categories, including cleaning appliances and coffee machines, are expected to drive stable growth in the future [6] External Sales and Partnerships - The company has increased its expected amount of related transactions for 2024 to 7.46 billion yuan, reflecting a 5% year-on-year increase [6] - The company is benefiting from the recovery in demand and the completion of inventory destocking by major clients [6]