supor(002032) 国投证券·2025-04-25 02:35Investment Rating - The investment rating for the company is "Buy-A" with a target price of 66.05 CNY for the next six months [5]. Core Insights - The company reported a Q1 revenue of 5.79 billion CNY, representing a year-over-year increase of 7.6%, and a net profit attributable to shareholders of 500 million CNY, up 5.8% year-over-year [1][2]. - The growth in external sales and the recovery in domestic sales, driven by national subsidies, indicate a stable operational performance for the quarter [1]. - The company is expected to benefit from ongoing national policies promoting small appliance consumption, particularly through trade-in programs [1]. Financial Performance Summary - Q1 net profit margin was 8.6%, a slight decrease of 0.1 percentage points year-over-year [2]. - The gross sales margin increased by 0.4 percentage points year-over-year, reflecting effective cost management and improved marketing efficiency [2]. - Operating cash flow decreased by 44.0% year-over-year to 580 million CNY, primarily due to a 7.0% decline in cash received from sales [2]. - The company’s contract liabilities increased by 43.9% year-over-year to 950 million CNY, indicating strong demand from downstream customers [2]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 3.00 CNY, 3.38 CNY, and 3.84 CNY for the years 2025, 2026, and 2027 respectively [2][4]. - The expected revenue for 2025 is 24.49 billion CNY, with a net profit forecast of 2.41 billion CNY [4][15]. Market Position - The company is recognized as a leading player in the kitchen small appliance sector in China, maintaining a strong brand influence [2]. - The ongoing optimization of product structure and sales channels, along with the benefits from the parent company SEB Group's global order transfers, are expected to drive rapid revenue and performance growth [2].