丨证券研究报告丨 报告要点 [Table_Summary] 公司发布 2025 年半年报：2025 年上半年公司实现营收 114.78 元，同比增长 4.68%，实现归 母净利润 9.40 亿元，同比下滑 0.07%，实现扣非归母净利润 9.07 亿元，同比下滑 1.65%。单 二季度来看公司实现营业收入 56.91 亿元，同比增长 1.87%，实现归母净利润 4.43 亿元，同 比下滑 5.94%，实现扣非归母净利润 4.24 亿元，同比下滑 8.27%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公司研究丨点评报告丨苏泊尔（002032.SZ） [Table_Title] 内销稳健增长，外销&投资收益影响盈利 苏泊尔（002032.SZ） cjzqdt11111 [Table_Title2] 内销稳健增长，外销&投资收益影响盈利 [Table_Summary2] 事件描述 公司发布 2025 年半年报：2025 年上半年公司实现营收 114. ...

证券之星消息，9月3日小家电板块较上一交易日下跌0.88%，倍益康领跌。当日上证指数报收于 3813.56，下跌1.16%。深证成指报收于12472.0，下跌0.65%。小家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 870726 | 鸡智科技 | 23.27 | 30.00% | 14.59万 | | 3.21亿 | | 688169 | 石头科技 | 208.96 | 0.51% | 3.20万 | | 6.73亿 | | 603486 | 科沃斯 | 96.45 | 0.17% | 6.47万 | | 6.32亿 | | 002032 | 苏泊尔 | 51.29 | -0.70% | 1.12万 | | 5763.94万 | | 002005 | ST德索 | 2.30 | -0.86% | 12.63万 | | 2928.87万 | | 002705 | 新宝股份 | 15.48 | -1.21% | 5.66万 | | 8806.79万 | ...

从资金流向上来看，当日小家电板块主力资金净流出2.81亿元，游资资金净流入1.71亿元，散户资金净流 入1.1亿元。小家电板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002403 | 爰仕达 | 890.28万 | 3.59% | 683.97万 | 2.76% | -1574.24万 | -6.34% | | 603355 莱克电气 | | 728.13万 | 7.31% | 662.93万 | 6.66% | -1391.06万 | -13.97% | | 300272 开能健康 | | 590.34万 | 5.42% | 303.47万 | 2.79% | -893.81万 | -8.21% | | 001259 利仁科技 | | 289.89万 | 6.77% | -368.42万 | -8.60% | 78.53万 | 1.83% | | 002242 九阳股份 | | 22 ...

Group 1 - The small home appliance sector experienced a decline of 1.38% on September 1, with Ecovacs leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Key stocks in the small home appliance sector showed varied performance, with Xiaoxiong Electric rising by 5.76% to a closing price of 55.48 [1] Group 2 - Ecovacs saw a significant decline of 4.01%, closing at 93.00, with a trading volume of 97,900 shares and a turnover of 932 million yuan [2] - The small home appliance sector experienced a net outflow of 448 million yuan from main funds, while retail investors contributed a net inflow of 160 million yuan [2] - The trading data indicates that the sector is experiencing mixed investor sentiment, with some stocks like Xiaoxiong Electric performing well while others like Ecovacs are underperforming [2]

格隆汇9月1日丨苏泊尔(002032.SZ)于近期投资者关系活动表示，上半年外销业务整体实现营业收入 37.16亿元，同比增长7.55%。对于全年外销业务预期，目前仍然会按照前期已经披露的全年与赛博集团 的关联交易指引去执行。未来外销的表现主要取决于赛博集团在全球市场的有机增长。 ...

格隆汇9月1日丨苏泊尔(002032.SZ)于近期投资者关系活动表示，公司北美业务占整体外贸收入的比重 不高，且主要涉及炊具产品，公司能够通过越南生产基地实现产能的灵活调配。公司在北美市场的小家 电业务目前规模不大，未来希望能有所拓展并考虑在越南生产基地拓展小家电生产线，尽可能降低关税 对公司的影响。 ...

格隆汇9月1日丨苏泊尔(002032.SZ)于近期投资者关系活动表示，上半年外销业务整体实现营业收入 37.16亿元，同比增长7.55%。对于全年外销业务预期，目前仍然会按照前期已经披露的全年与赛博集团 的关联交易指引去执行。未来外销的表现主要取决于赛博集团在全球市场的有机增长。 ...

证券代码：002032 证券简称：苏泊尔 "以旧换新"补贴政策对公司上半年业绩有何影响及下 半年展望？ 中央和各地方政府上半年持续推动落实消费品"以旧换 新"补贴政策，给家电行业带来了一定的积极影响。公司希 望未来能有更多品类进入国家和地方性的补贴范围。同时， 公司仍然会坚持产品创新的根本战略，为消费者带去更多能 解决生活痛点的好产品，保持行业内优势地位。 外销业务下半年展望？ 上半年外销业务整体实现营业收入37.16亿元，同比增 长7.55%。对于全年外销业务预期，目前仍然会按照前期已 经披露的全年与赛博集团的关联交易指引去执行。未来外销 的表现主要取决于赛博集团在全球市场的有机增长。 当前的关税政策下公司对北美市场的布局？ 公司北美业务占整体外贸收入的比重不高，且主要涉及 炊具产品，公司能够通过越南生产基地实现产能的灵活调 配。公司在北美市场的小家电业务目前规模不大，未来希望 能有所拓展并考虑在越南生产基地拓展小家电生产线，尽可 能降低关税对公司的影响。 浙江苏泊尔股份有限公司投资者关系活动记录表 编号：2025006 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | ...

J P M O R G A N Asia Pacific Equity Research 26 August 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Home Appliance Sector Attractive valuation, wait for fundamental silver lining China home appliances (homeapp) is one of our most favored sector ...

Core Viewpoint - The report indicates that Supor (002032) is rated as a "buy" due to its stable long-term performance, although short-term exports are impacted by U.S. tariffs [1] Financial Performance - In the first half of 2025, Supor reported revenue of 11.48 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 940 million yuan, a slight decrease of 0.1% [1] - The net profit margin for the first half of 2025 was 8.2%, down 0.4 percentage points year-on-year [1] - Revenue for Q1 and Q2 of 2025 was 5.79 billion yuan and 5.69 billion yuan respectively, with year-on-year growth rates of 7.6% and 1.9% [1] - The net profit for Q1 and Q2 was 500 million yuan and 440 million yuan respectively, with year-on-year changes of +5.8% and -5.9% [1] Domestic and International Sales - Domestic sales in the first half of 2025 reached 7.76 billion yuan, up 3.4% year-on-year, supported by national subsidy policies [2] - The gross margin for domestic sales improved to 27.7%, an increase of 0.6 percentage points year-on-year [2] - International sales in the first half of 2025 were 3.72 billion yuan, a year-on-year increase of 7.6%, but Q2 growth slowed due to U.S. tariff changes [2] - The gross margin for international sales was 15%, down 1.5 percentage points year-on-year [2] Product Performance - In the first half of 2025, revenue from cooking appliances, cookware, food processing appliances, and other appliances was 4.7 billion yuan, 3.16 billion yuan, 1.95 billion yuan, and 1.67 billion yuan respectively, with year-on-year growth rates of +1.2%, +7.5%, +2.4%, and +13% [3] - The gross margins for these product categories were 23.5%, 25.5%, 20.3%, and 24.1% respectively, with year-on-year changes of +0.6, -1.1, +0.2, and -1.5 percentage points [3] Investment Recommendations - The company is expected to maintain stable earnings, high return on equity (ROE), and high dividends, with projected net profits for 2025-2027 at 2.3 billion yuan, 2.38 billion yuan, and 2.49 billion yuan respectively [3] - Earnings per share (EPS) are forecasted to be 2.87 yuan, 2.96 yuan, and 3.1 yuan for the same period, corresponding to price-to-earnings (PE) ratios of 17.9, 17.3, and 16.5 times [3]