浙江苏泊尔股份有限公司 股票代码：002032 股票简称：苏泊尔 公告编号：2025-040 浙江苏泊尔股份有限公司 关于公司部分高级管理人员减持股份计划实施完毕的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 特别提示： 本公司高级管理人员徐波先生通过二级市场集中竞价方式完成减持本公司股份，其减持股份数 量为 35,553 股，占公司剔除回购专用证券账户上已回购股份后的总股本的 0.0045%。 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）已收到公司高级管理人 员徐波先生出具的《股份减持计划实施完毕告知函》，告知公司其减持计划已经实施完毕，现将有关 情况公告如下： 一、 本次减持股份计划预披露情况 公司于2025年4月24日披露《关于公司部分董事、高级管理人员减持股份的预披露公告》，公司 董事苏显泽先生、财务总监徐波先生和副总经理、董事会秘书叶继德先生拟通过集中竞价交易方式 减持其所持有的公司股份，减持股份合计不超过99,080股，不超过公司剔除回购专用证券账户上已 回购股份后的总股本的0.0124%，减持期间为自2025年5月2 ...

浙江苏泊尔股份有限公司 股票代码：002032 股票简称：苏泊尔 公告编号：2025-039 浙江苏泊尔股份有限公司 关于公司部分董事、高级管理人员减持股份计划实施完毕的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 特别提示： 本公司董事苏显泽先生及高级管理人员叶继德先生通过二级市场集中竞价方式完成减持本公司 股份，其减持股份数量分别为 51,272 股及 12,255 股，占公司剔除回购专用证券账户上已回购股份后 的总股本的 0.0079%。 二、 本次股份减持计划完成情况 截至本公告日，公司董事苏显泽先生和副总经理、董事会秘书叶继德先生股份减持计划已实施 完毕，具体情况如下： 1 浙江苏泊尔股份有限公司 1、本次减持情况 | 名称 | 减持方式 | | 减持时间 | | 减持均价 | 减持数量 | 减持股份占公司 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | （元/股） | （股） | 总股本的比例 | | 苏显泽 | 集中竞价 | | 月 日 5 | 28 | 55 ...

Group 1 - The company Supor (002032) announced that board member Su Xianze and senior management personnel Ye Jide have completed share reductions through centralized bidding in the secondary market [1] - Su Xianze reduced 51,272 shares, while Ye Jide reduced 12,255 shares, representing 0.0064% and 0.0015% of the company's total share capital, respectively [1] - The reduction plan complies with relevant laws and regulations and did not lead to a change in the company's control [1]

Core Viewpoint - Supor has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of -4.44% [1] Company Overview - Zhejiang Supor Co., Ltd. is a leading brand in cookware and small appliances, listed on the Shenzhen Stock Exchange in 2004 (stock code 002032), and is the first listed company in China's cookware industry [1] Shareholder Activity - Huatai-PineBridge Fund's Huatai-PineBridge CSI Dividend Low Volatility ETF is among Supor's top ten shareholders and has increased its holdings in the first quarter of this year [1] - The ETF has achieved a year-to-date return of 2.89%, ranking 778 out of 3433 in its category [1][2] Performance Metrics - The ETF's performance metrics for various periods are as follows: - Weekly: -0.01% - Monthly: 2.12% - Quarterly: 6.65% - Semi-annual: 6.66% - Year-to-date: 2.89% [2] - The average performance of similar funds shows a year-to-date return of 0.44% [2] Fund Management - The fund manager of Huatai-PineBridge CSI Dividend Low Volatility ETF is Liu Jun, who has extensive experience in fund management and has been with Huatai-PineBridge since 2004 [3][4]

浙江苏泊尔股份有限公司 证券代码：002032 证券简称：苏泊尔 公告编号：2025-038 浙江苏泊尔股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述 或重大遗漏负连带责任。 特别提示： 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）2024年度权益分派 方案已经2025年4月21日召开的2024年年度股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案的情况 1、公司2024年年度股东大会审议通过的2024年度权益分派方案：2024年末公司总股本 801,538,407股扣除公司回购专用证券账户持有的4,667,500股和2025年1月17日完成回购注销的限制 性股票178,674股后的796,692,233股为基数进行利润分配，向全体股东每10股派现金红利28.10元（含 税），合计派发现金股利2,238,705,174.73元。本年度不送红股、也不进行资本公积金转增股本。本 利润分配预案披露至分配实施期间，公司股本由于可转债转股、股份回购、股权激励行权、再融资 新增股份上市等原 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 5.786 billion yuan for Q1 2025, representing a year-over-year increase of 7.59%. The net profit attributable to the parent company was 497 million yuan, up 5.82% year-over-year [5] - Domestic sales are recovering, while external sales continue to show growth. The company is expected to achieve a mid-single-digit growth in domestic sales for Q1 2025, driven by government subsidies covering new kitchen appliance categories [6] - The company has a strong strategic partnership with SEB Group, with expected sales to SEB reaching 7.37 billion yuan in 2025, a 4.6% increase from 2024 [6] Financial Performance - The gross profit margin for Q1 2025 was 23.9%, a slight increase of 0.1 percentage points year-over-year. The net profit margin was 8.6%, down 0.14 percentage points year-over-year, indicating stable profitability [7] - The company’s operating cash flow for Q1 2025 was 584 million yuan, a decrease of 44% year-over-year [7] - The company’s net cash at the end of Q1 2025 was 2.6 billion yuan, down 2.4 billion yuan year-over-year, but still representing 20% of total assets, indicating a solid financial position [7] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 2.39 billion yuan, 2.56 billion yuan, and 2.70 billion yuan respectively. The current price corresponds to a price-to-earnings ratio of 18, 17, and 16 for the respective years [8][10]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 63 CNY, while the current price is 56.21 CNY [6][10]. Core Views - The company reported a steady revenue growth of 7.59% year-on-year, achieving a total revenue of 5.786 billion CNY in Q1 2025. The net profit attributable to shareholders was 497 million CNY, reflecting a year-on-year increase of 5.82% [2][10]. - The company is positioned as a leading player in the small home appliance sector, with significant improvements in channel transformation and continuous product innovation to meet diverse consumer needs. Despite short-term challenges from weak domestic demand and tariff disruptions, the long-term growth potential remains strong [10][11]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: - 2024: 22.427 billion CNY (growth of 5.3%) - 2025: 24.236 billion CNY (growth of 8.1%) - 2026: 25.884 billion CNY (growth of 6.8%) - 2027: 27.453 billion CNY (growth of 6.1%) [5][11] - Net profit forecasts are: - 2024: 2.244 billion CNY (growth of 3.0%) - 2025: 2.446 billion CNY (growth of 9.0%) - 2026: 2.613 billion CNY (growth of 6.8%) - 2027: 2.786 billion CNY (growth of 6.6%) [5][11] - Earnings per share (EPS) are projected to increase from 2.80 CNY in 2024 to 3.48 CNY in 2027 [5][11]. Market and Operational Insights - The company benefits from a strong domestic market presence, bolstered by government subsidies and ongoing product innovation. The market share in core categories remains leading [10][11]. - The external sales growth in Q1 2025 exceeded expectations due to the impact of tariffs, leading to some orders being exported ahead of schedule. The collaboration with SEB Group continues to provide stable support for the company's external sales [10][11]. - The company has received multiple design awards for its innovative products, indicating a strong commitment to product development and market responsiveness [10][11].

Investment Rating - The report maintains an Overweight (OW) rating for Zhejiang Supor with a price target (PT) of Rmb61, revised down from Rmb63 [2][20][21]. Core Insights - Supor's 1Q25 sales and earnings increased by 7.6% and 5.8% year-over-year, respectively, aligning with market expectations. The company is expected to outperform peers due to lower US sales exposure, a diversified production base, and fixed profit margins for OEM orders from Groupe SEB [2][10][20]. - The small appliance industry in China is anticipated to face uncertainties in both domestic and overseas demand in 2025. However, Supor's sales and earnings growth is forecasted to be 3.9% and 5.8% year-over-year, respectively, for 2025 [2][10][20][16]. Summary by Sections Financial Performance - Supor's 1Q25 results showed domestic sales growth of approximately 3% year-over-year, driven by an extended trade-in policy for small appliances. Export sales increased by 16% year-over-year due to front-loaded orders ahead of US tariff increases [7]. - The gross profit margin improved by 0.1 percentage points year-over-year to 23.9%, while the operating profit margin increased by 0.4 percentage points to 9.9% [7][9]. 2025 Outlook - Supor aims for positive growth in both revenue and earnings in 2025, targeting a stable net margin despite weak domestic consumption demand. The company anticipates a slowdown in export sales growth starting from 2Q25, maintaining a full-year growth target of around 5% [7][10]. - The impact of US tariffs is expected to be limited, as most products exported to the US are now produced in Vietnam, which benefits from a 90-day waiver period for tariff hikes [7][10]. Valuation - The report employs a DCF model to derive a price target of Rmb61, implying an 18x forward P/E ratio, with an assumed WACC of 8.0% and a terminal growth rate of 1.0% [11][21][22]. - Supor's strong cash-generating capability and low capital expenditure requirements (<1% of sales) support a high dividend payout ratio, estimated to be over 90% for 2025-26, translating to a 5% dividend yield [10][20].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 5.786 billion yuan in Q1 2025, representing a year-on-year growth of 7.59%. The net profit attributable to the parent company was 497 million yuan, with a year-on-year increase of 5.82%. The net profit after deducting non-recurring items was 484 million yuan, reflecting a year-on-year growth of 4.98% [2][5]. Summary by Sections Revenue Growth - The company experienced growth in both domestic and international sales. The domestic small kitchen appliance market saw a total sales revenue increase of 2.50% year-on-year in Q1 2025, with rice cookers specifically growing by 4.90%. The company maintains a leading position in several segments, ranking in the top three for sales in categories such as rice cookers and stewing pots [11]. Profitability - The company's gross margin decreased by 0.10 percentage points to 23.91% in Q1 2025, attributed to a structural factor where faster revenue growth in international sales, which typically have lower margins, impacted overall profitability. The operating profit margin fell by 0.08 percentage points to 10.06%, and the net profit margin decreased by 0.14 percentage points to 8.59% [11]. Cash Flow - The net operating cash flow for Q1 2025 was 584 million yuan, a significant decline of 44.03% year-on-year, primarily due to a decrease in cash received from sales of goods and services [11]. Future Outlook - The company is expected to benefit from product innovation and channel optimization, maintaining a leading market share in domestic sales. The projected net profits for 2025, 2026, and 2027 are 2.399 billion yuan, 2.618 billion yuan, and 2.859 billion yuan, respectively, with corresponding PE ratios of 18.62, 17.06, and 15.63 [11].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 68.77, representing a potential upside of 9% from the current price of RMB 55.17 [1][8]. Core Insights - The company's performance in Q1 2025 shows stable growth, with revenue reaching RMB 5.79 billion, up 7.59% year-on-year, and net profit attributable to shareholders at RMB 497 million, up 5.82% year-on-year [1][8]. - External sales growth is expected to outpace internal sales, driven by high demand and national subsidies, contributing to a positive outlook for 2025 [1][8]. - The gross profit margin (GPM) decreased by 0.51 percentage points to 23.91% in Q1 2025, while overall profitability remains stable despite increased competition in the domestic market [1][8]. Financial Summary - Revenue projections for the company are as follows: - 2023A: RMB 21,304 million - 2024A: RMB 22,427 million - 2025E: RMB 23,821 million - 2026E: RMB 25,073 million - 2027E: RMB 26,392 million - The year-on-year growth rates are 5.6%, 5.3%, 6.2%, 5.3%, and 5.3% respectively [3]. - Net profit attributable to shareholders is projected to be: - 2023A: RMB 2,180 million - 2024A: RMB 2,244 million - 2025E: RMB 2,397 million - 2026E: RMB 2,557 million - 2027E: RMB 2,708 million - The year-on-year growth rates are 5.4%, 3.0%, 6.8%, 6.7%, and 5.9% respectively [3]. - Earnings per share (EPS) estimates are: - 2025E: RMB 2.99 - 2026E: RMB 3.19 - 2027E: RMB 3.38 [3][8]. Company Outlook - For 2025, the company anticipates selling RMB 7.37 billion worth of goods to SEB, reflecting a 5% year-on-year increase, supported by trade-in programs and market share growth [1][8].