supor(002032) 天风证券·2025-02-05 09:48Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4][3]. Core Insights - The company is expected to achieve a revenue of CNY 22.43 billion in 2024, representing a year-on-year growth of 5.27%. The revenue for Q4 2024 is projected to be CNY 5.91 billion, showing a slight decline of 0.4% year-on-year [1][3]. - The estimated net profit attributable to the parent company for 2024 is between CNY 2.23 billion and CNY 2.26 billion, reflecting a growth of 2.3% to 3.68% year-on-year. For Q4 2024, the net profit is expected to be between CNY 800 million and CNY 830 million, with a year-on-year change of -2.5% to +1.2% [1][3]. - The company has seen a slight decline in domestic sales revenue due to a complex market environment, but has managed to increase its market share in key categories through innovation and strong channel advantages. In contrast, external sales have shown significant growth [2][3]. Financial Data Summary - The company’s total revenue for 2022 was CNY 20.17 billion, with a growth rate of -6.55%. In 2023, revenue increased to CNY 21.30 billion, with a growth rate of 5.62%. The projected revenue for 2024 is CNY 22.43 billion, with a growth rate of 5.27% [9][10]. - The net profit attributable to the parent company for 2022 was CNY 2.07 billion, increasing to CNY 2.18 billion in 2023, and is expected to reach CNY 2.25 billion in 2024, reflecting a growth rate of 3.01% [9][10]. - The company’s total assets are projected to be CNY 12.73 billion in 2024, with a debt ratio of 50.67% [11][10]. Market Position and Strategy - The company has increased its associated transaction amount with SEB Group, which is expected to contribute positively to its revenue growth throughout the year [2][3]. - The company’s management has implemented measures to enhance marketing efficiency and strictly control expenses, which is expected to support profit margins [2][3].