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：2024-060 浙江苏泊尔股份有限公司 2024 年第四次临时股东大会决议公告 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： 1、本次股东大会无新增、变更、否决提案的情况； 2、本次股东大会不涉及变更前次股东大会决议。 3、本次提交审议的议案进行投票表决时，关联股东回避了表决。 一、 会议召开情况 2、召开地点：浙江省杭州市滨江区江晖路 1772 号苏泊尔大厦 23 层会议室 1、召开时间： 现场会议时间：2024 年 11 月 11 日下午 13:00 开始 网络投票时间：2024 年 11 月 11 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间 2024 年 11 月 11 日上午 9:15- 9:25，9:30-11:30，下午 1:00-3:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时间 为 2024 年 11 月 11 日上午 9:15 至下午 3:00 期间的任意时间。 浙江苏泊尔股份有限公司 占公司股份总数的 90.9326%。 ...

浙江苏泊尔股份有限公司 减资公告 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。 特此公告。 证券代码：002032 证券简称：苏泊尔 公告编号：2024-061 浙江苏泊尔股份有限公司董事会 浙江苏泊尔股份有限公司 二〇二四年十一月十二日 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）于2024年10月24日召开的 第八届董事会第十一次会议审议通过《关于对部分获授的限制性股票回购注销的议案》，公司拟回购 注销2022年限制性股票激励计划第一个考核期未达成100%解除限售条件需进行回购注销的限制性股 票共计178,674股，该事项已经公司于2024年11月11日召开的2024年第四次临时股东大会审议通过。上 述股份注销完成后，公司总股本将从801,538,407股减至801,359,733股，公告信息详见刊登于2024年10 月25日《证券时报》、《中国证券报》、《证券日报》及巨潮资讯网http://www.cninfo.com.cn的《关于对部 分获授的限制性股票回购注销的公告》（公告编号：2024-058）。 上述回购注销部分股份将导致 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Viewpoints - The company reported a revenue of 16.512 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 7.45%. The net profit attributable to the parent company was 1.433 billion yuan, up 5.19% year-on-year [4][6]. - In Q3 2024, the company achieved a revenue of 5.548 billion yuan, with a year-on-year growth of 3.03%, and a net profit of 492 million yuan, growing 2.22% year-on-year. The growth rate in Q3 slowed down compared to previous quarters due to intensified domestic competition and high base effects from external sales [4][5]. - The company maintains a strong market position, with leading online and offline sales shares in key product categories such as rice cookers and electric pressure cookers [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 16.512 billion yuan, a 7.45% increase year-on-year. The net profit attributable to the parent company was 1.433 billion yuan, reflecting a 5.19% increase year-on-year. The Q3 revenue was 5.548 billion yuan, with a 3.03% year-on-year growth [4][6]. - The company’s sales expense ratio and management expense ratio slightly decreased by 0.73 percentage points and 0.11 percentage points, respectively, indicating improved efficiency in expense management [4]. Market Position and Strategy - The company continues to focus on consumer needs through product innovation and channel optimization, maintaining a leading market share. It has introduced new products such as a titanium non-stick frying pan and has seen significant sales in its "随享" series of thermal cups [5][6]. - The company is actively exploring new categories and accelerating its AIOT smart product layout, further promoting its "content + service" platform strategy [5]. Future Outlook - The company is expected to maintain steady growth, with projected net profits of 2.312 billion yuan, 2.655 billion yuan, and 3.020 billion yuan for 2024, 2025, and 2026, respectively. The corresponding PE ratios are estimated to be 18.6, 16.2, and 14.2 times [6].

Investment Rating - The investment rating for the company is "Buy" [1][4] Core Views - The company has maintained a steady operational performance with a year-on-year revenue increase of 7.45% in the first three quarters of 2024, reaching 165.12 billion yuan, and a net profit of 14.33 billion yuan, up 5.19% [2][4] - The company is experiencing a slowdown in overseas sales growth due to high base effects from the previous year, but has adjusted its related transaction amount upwards to 69.5 billion yuan, an increase of approximately 7.5 billion yuan from earlier estimates [3][4] - The domestic small home appliance market is showing signs of recovery, with a 6.5% year-on-year increase in online retail sales in September 2024, driven by government subsidy policies [3][4] Financial Summary - The company's projected revenue for 2024 is 228.86 billion yuan, with a net profit of 23.24 billion yuan, and earnings per share (EPS) expected to be 2.90 yuan [2][4] - The company's gross margin for the first three quarters of 2024 was 24.47%, a decrease of 0.93 percentage points year-on-year, while the net margin was 8.67%, down 0.19 percentage points [4] - The price-to-earnings (P/E) ratio is projected to be 18.60 for 2024, with a target price range of 55.10 to 60.90 yuan based on a P/E of 19-21 times [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady revenue growth with a year-on-year increase of 7% in revenue for the first three quarters of 2024, reaching 16.5 billion yuan [5] - The net profit attributable to the parent company for the same period is 1.4 billion yuan, reflecting a 5% year-on-year growth [5] - The company has adjusted its daily related transaction amount with SEB to 6.85 billion yuan for 2024, indicating a 12% increase compared to initial estimates, which is expected to drive growth in exports [6] - The gross margin for the first three quarters of 2024 is 24.5%, slightly down by 0.9 percentage points year-on-year, while the net profit margin remains stable at 8.7% [7] - The company is focused on product innovation and maintaining profitability through a strategy of introducing new products at higher prices [8] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 5.5 billion yuan, a 3% increase year-on-year, with a net profit of 490 million yuan, up 2% year-on-year [5] - The company’s total revenue for the first three quarters of 2024 is 16.5 billion yuan, with a net profit of 1.4 billion yuan [5] Cost Management - The company has seen a decrease in expense ratios, with sales, management, and R&D expense ratios at 10.1%, 1.8%, and 2.0% respectively for the first three quarters of 2024 [7] - The net cash position as of Q3 2024 is 2.61 billion yuan, indicating a strong liquidity position [7] Profitability Forecast - The company is projected to achieve net profits of 2.37 billion yuan, 2.58 billion yuan, and 2.80 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18, 17, and 15 [8] - The report emphasizes the company's leading position in the domestic kitchen appliance market and its competitive product offerings [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 54.91 yuan based on a 19 times price-to-earnings ratio for 2024 [2][5][7]. Core Insights - The company reported a revenue of 16.512 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 7.45%, and a net profit attributable to the parent company of 1.433 billion yuan, up 5.19% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 5.548 billion yuan, a 3.03% increase year-on-year, and a net profit of 492 million yuan, growing 2.22% year-on-year [1]. - Domestic sales growth outpaced the industry, while external sales growth slowed due to high base effects from the previous year [1]. - The gross margin slightly decreased to 24.62%, down 0.8 percentage points year-on-year, attributed to a higher proportion of lower-margin external OEM business [1]. - The company actively participated in government subsidy programs for small kitchen appliances, which may improve domestic sales growth in the future [1]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 2.320 billion, 2.451 billion, and 2.558 billion yuan respectively, with corresponding earnings per share of 2.89, 3.06, and 3.19 yuan [2][7]. - The revenue for 2024 is estimated at 22.784 billion yuan, with a year-on-year growth of 6.9% [4]. - The gross margin is expected to stabilize at 26.3% from 2024 to 2026, while the net margin is projected to be around 10.2% [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][12]. Core Views - The company's external sales continue to grow, while internal sales remain stable. The performance is expected to stabilize with product structure improvements and new channels contributing to growth [2][3]. - The earnings forecast for 2024-2026 has been adjusted downwards, with expected EPS of 2.82, 3.04, and 3.29 yuan, reflecting a year-on-year growth of 4%, 8%, and 8% respectively [3][12]. - The target price has been raised to 64.3 yuan, based on a 23x PE for 2024, considering improved market sentiment and the impact of the old-for-new policy [3][12]. Summary by Sections 1. Performance Overview - For Q3 2024, the company achieved a revenue of 16.512 billion yuan, a year-on-year increase of 7.45%, and a net profit attributable to the parent company of 1.433 billion yuan, up 5.19% year-on-year [14]. - The Q3 revenue from domestic sales was 5.548 billion yuan, with a year-on-year growth of 3.03%, and a net profit of 492 million yuan, up 2.22% year-on-year [14]. 2. Domestic and External Sales Performance - Domestic sales are in a slow recovery phase, with weak demand in July and August for small kitchen appliances and cookware. However, a boost is expected in September due to the old-for-new policy [15]. - External sales are projected to grow by 8% to 10% year-on-year, with a 15% increase in related transactions expected with the parent company SEB [15]. 3. Profitability Metrics - The gross margin for Q3 2024 was 24.47%, down 0.93 percentage points year-on-year, while the net margin was 8.67%, down 0.19 percentage points year-on-year [16]. - The company’s expense ratios for sales, management, R&D, and financial costs were 10.1%, 1.78%, 1.98%, and -0.29% respectively, with slight year-on-year changes [16]. 4. Financial Health - As of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 2.636 billion yuan, a decrease of 272 million yuan year-on-year [17]. - The company reported a healthy cash flow from operating activities of 1.12 billion yuan for Q3 2024, with total cash inflow from sales of goods and services at 4.904 billion yuan, an increase of 674 million yuan year-on-year [18].

千源证券 家用电器/小家电 公 司 研 究 苏泊尔（002032.SZ） 2024 年 10 月 28 日 2024Q3 业绩稳健，静待内需改善 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|--------------------------------------------------------------|---------------------------------------------------------------------------------------|------------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/10/28 | 吕明（分析师） \nlvming@kysec.cn 证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn 证书编号： S0790522030 ...

Group 1 - The core viewpoint is that Supor is benefiting from the continuous improvement and promotion of the old-for-new policy by local governments, which is expanding the categories of home appliance subsidies and optimizing the subsidy methods and processes [1] - The kitchen and bathroom appliance industry, where the company operates, is the first to benefit and has already shown preliminary results, with the small home appliance industry expected to gradually benefit as the range of subsidized categories increases [1] - For this year's Double Eleven shopping festival, the company has extended the duration of promotions compared to previous years and plans to allocate marketing resources effectively to enhance marketing efficiency during the event [1] Group 2 - The implementation of the old-for-new policy is expected to bring additional sales growth during the promotional period [1]

证券代码：002032 证券简称：苏泊尔 浙江苏泊尔股份有限公司投资者关系活动记录表 编号：2024010 | --- | --- | --- | --- | --- | |----------------|------------------------------------------------------|--------------------------------------------|--------|------------------| | | | | | | | 投资者关系活动 | □特定对象调研 □分析师会议 | | | | | 类别 | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | √其他 （电话会议） | | | | | 参与单位名称及 | 中金公司何伟 & | 汤胄樱子、上银基金管理蒋纯文、嘉实基金 | | | | 人员姓名 | 管理蔡丞丰、汇丰晋信基金管理费馨涵 | & | | 许廷全、中英人寿 | | | 保险黄翊鸣、上海东方证券资产管理陈太中、上海明河投资 | | | | | | ...