Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company demonstrated strong operational resilience with a revenue growth of 5.3% year-on-year, reaching 22.43 billion, and a net profit increase of 3.0%, totaling 2.24 billion in 2024. Despite a challenging domestic small appliance market, the company maintained stable revenue and profit growth [1][3] - The company's export revenue saw a significant increase of 21.1% year-on-year, amounting to 7.50 billion, with the first half of the year growing by 39.3% and the second half by 8.9%. The main customer, SEB, also reported a growth of 6.3% in the same period [1][2] - Domestic sales faced slight pressure, with a 1.2% decline to 14.93 billion. However, certain product categories like food preparation appliances grew by 9.1% to 3.80 billion, indicating a diversified product portfolio [2][3] Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 22.43 billion, reflecting a 5.3% increase, while the net profit reached 2.24 billion, up by 3.0%. The fourth quarter saw a slight decline in revenue by 0.4% to 5.91 billion and a net profit decrease of 0.7% to 0.81 billion [1][4] - The gross margin for the company was 24.7%, a decrease of 0.6 percentage points year-on-year, with domestic and export gross margins at 27.7% and 18.6%, respectively [3] Dividend Policy - The company proposed a cash dividend of 28.1 yuan per 10 shares, corresponding to a dividend yield of 5.1% based on the closing price on March 27 [1] Future Outlook - The company expects stable growth in export revenue, projecting a net profit of 2.40 billion, 2.55 billion, and 2.69 billion for 2025, 2026, and 2027, respectively, with growth rates of 7%, 6%, and 6% [4][5]

Investment Rating - The report upgrades the investment rating to "Accumulate" from "Buy" [3][5] Core Views - The company achieved a revenue of 22.43 billion yuan in 2024, representing a year-on-year growth of 5.3%, with a net profit of 2.24 billion yuan, up 3.0% year-on-year [1][3] - The growth in revenue was primarily driven by strong export orders, while domestic demand showed signs of weakness in Q4 [1][2] - The company continues to focus on product innovation and maintains a high dividend payout strategy, proposing a dividend of 28.1 yuan per 10 shares, totaling 2.239 billion yuan, reflecting a payout ratio of 99.74% [2][3] Financial Performance - Domestic sales revenue decreased by 1.21% to 14.93 billion yuan due to intensified competition and consumer preference for cost-effectiveness, while export sales increased by 21.1% to 7.5 billion yuan, benefiting from SEB Group's order growth [2] - The company's gross margin for 2024 was 24.7%, a decrease of 0.6 percentage points, while the net margin was 10.0%, down 0.2 percentage points, indicating stable profitability [3] - The company forecasts revenue growth of 7.4%, 8.7%, and 9.6% for 2025, 2026, and 2027, respectively, with net profit growth of 8.3%, 4.2%, and 6.7% for the same years [3][4] Financial Summary - The financial summary indicates that the company expects revenues of 24.09 billion yuan in 2025, 26.18 billion yuan in 2026, and 28.70 billion yuan in 2027, with corresponding net profits of 2.43 billion yuan, 2.53 billion yuan, and 2.70 billion yuan [4][11] - The earnings per share are projected to be 2.82 yuan in 2024, increasing to 3.37 yuan by 2027 [11] - The company maintains a high return on equity, projected at 37.27% in 2025 and increasing to 41.82% by 2027 [4][11]

编号：2025002 | 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 | 中金公司汤亚玮&卢璐&张瑾瑜、天风（上海）证券资产管理 | | 人员姓名 | 冯煊&吴鸿霖、长城基金管理柴程、奕金安投资吕毅林、瑞 | | | 银证券潘人怡&陈程智、交银施罗德基金管理梁简泓、国联 | | | 民生证券崔甜甜、中国人保资产管理钱旖昕&王丽雯、中银 | | | 基金管理刘腾、建信基金管理杨荔媛、易方达基金管理侯劲 | | | 羽、嘉实基金管理谭丽、BAILLIE GIFFORD & CO Louise Lin | | | 等。 | | | 国泰君安蔡雯娟&樊夏俐&谢丛睿&曲世强&李汉颖、永赢基 | | | 金管理朱怡丞、鹏华基金管理范晶伟&高亦博、汇添富基金 | | | 管理劳杰男&董霄、摩根士丹利基金管理隋思誉、平安基金 | | | 管理杨成、华夏基金管理张木、南方基金管理王芝文、中意 | | | 资产管理马保良、工银瑞信基金 ...

本报告导读： 业绩及利润分配方案简述：公司业绩符合预期，分红超预期。公司2024 年实现营业收入224.27 亿元， 同比+5.27%，归母净利润22.44亿元，同比+2.97%；其中2024Q4 实现营业收入59.15 亿元，同 比-0.37%，归母净利润8.12 亿元，同比-0.73%。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22.39 亿元，分红比例99.8%，股息率5%。 内销表现稳定，海外高增，利润率稳定。内销层面，2024 年公司内销收入149.25 亿元，同比-1.21%， 营收占比66.5%（-4.4pct）。2024年小家电行业整体内销需求有所疲软，公司作为小家电龙头企业，渠 道布局成熟，品类价格带覆盖较广，通过持续创新实现核心品类市占率持续提升，从而使得整体营收表 现优于行业整体。外销层面，2024 年公司外销收入75.02 亿元，同比+21%，营收占比33.4% （+4.4pct）。2024 年由于海外整体终端渠道补库存影响，公司主要外销客户的订单较同期增长明显， 营业收入取得较好的增长。2024年公司毛利率为24.65%，同比-1.65pct，净利率为 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 22.43 billion yuan in 2024, representing a year-over-year increase of 5.27%, and a net profit of 2.24 billion yuan, up 2.97% year-over-year [5][6] - The company plans to distribute a cash dividend of 28.1 yuan per 10 shares, with a total cash dividend payout ratio of 100% [5] - The company's foreign sales grew significantly by 21% year-over-year, while domestic sales faced short-term challenges, declining by 1.21% [6][7] - The gross profit margin for 2024 was 24.7%, a decrease of 1.65 percentage points year-over-year, primarily due to increased overseas OEM orders [7] - The company has successfully implemented cost control measures, with a sales expense ratio of 9.73%, down 1.06 percentage points year-over-year [7] Revenue Performance - The company reported a revenue of 22.43 billion yuan in 2024, with a breakdown showing domestic sales of 14.93 billion yuan and foreign sales of 7.50 billion yuan [5][6] - The revenue for Q4 2024 was 5.92 billion yuan, showing a slight decline of 0.37% year-over-year [5] Profitability Metrics - The net profit margin for 2024 was 10.0%, a decrease of 0.22 percentage points year-over-year [7] - The company’s return on equity (ROE) for 2024 was 34.9% [20] Future Projections - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 2.39 billion yuan and 2.56 billion yuan, respectively, with a new forecast for 2027 set at 2.70 billion yuan [7][9] - The price-to-earnings (P/E) ratio is projected to be 20, 18, and 17 for the years 2025, 2026, and 2027, respectively [7][9] Market Position - The company maintains a leading position in core product categories, with online and offline market shares continuing to grow [6][7] - The company is actively expanding its product offerings in response to market demand, particularly in high-end segments [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 224.27 billion yuan in 2024, representing a year-on-year increase of 5.27%. The net profit attributable to the parent company was 22.44 billion yuan, up by 2.97%. The fourth quarter of 2024 saw a revenue of 59.15 billion yuan, a slight decrease of 0.37%, and a net profit of 8.12 billion yuan, down by 0.73% [5] - The company is expected to benefit from policy-driven improvements in domestic demand in 2025, while maintaining stable operations and a high dividend payout ratio, with a 100% dividend rate in 2024, which exceeded expectations [5] - The company’s external sales showed robust growth, with a year-on-year increase of 21.07% in 2024, while internal sales faced challenges due to economic conditions [6] Financial Summary - The company’s revenue is projected to grow from 238.95 billion yuan in 2025 to 269.06 billion yuan in 2027, with corresponding net profits increasing from 24.43 billion yuan to 27.69 billion yuan [8] - The gross profit margin for 2024 was 24.65%, a decrease of 1.65 percentage points, primarily due to changes in sales structure and fluctuations in external sales margins [7] - The net profit margin for 2024 was 10.01%, reflecting stable profitability despite slight declines [7] Earnings Forecast - The earnings per share (EPS) is expected to rise from 3.05 yuan in 2025 to 3.46 yuan in 2027, with the price-to-earnings (P/E) ratio decreasing from 19.1 to 16.9 over the same period [8][9] - The company’s return on equity (ROE) is projected to decline from 27.4% in 2025 to 24.1% in 2027, indicating a gradual decrease in profitability efficiency [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 224.27 billion yuan in 2024, representing a year-on-year increase of 5.27%. The net profit attributable to the parent company was 22.44 billion yuan, up by 2.97% [5] - The company is expected to benefit from policy-driven improvements in domestic demand in 2025, while maintaining stable operations and a high dividend payout ratio, with a 100% dividend rate in 2024 [5] - The report emphasizes the company's strong performance in external sales, with a 21.07% year-on-year increase, while internal sales faced a decline of 1.21% due to economic conditions [6] Financial Summary - The company’s total market capitalization is approximately 467.99 billion yuan, with a circulating market capitalization of 467.43 billion yuan [1] - The earnings per share (EPS) for 2025 is projected to be 3.05 yuan, with corresponding price-to-earnings (P/E) ratios of 19.1, 18.0, and 16.9 for 2025, 2026, and 2027 respectively [5][8] - The company’s gross profit margin for 2024 was 24.65%, a decrease of 1.65 percentage points, while the net profit margin was 10.01%, down by 0.22 percentage points [7][10] Revenue and Profit Forecast - Revenue is expected to grow from 23,895 million yuan in 2025 to 26,906 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 6.0% [8] - The net profit attributable to the parent company is forecasted to increase from 24.43 billion yuan in 2025 to 27.69 billion yuan in 2027, reflecting a steady growth trajectory [5][9] Operational Insights - The company’s external sales have shown resilience, with significant contributions from major clients, particularly in the EMEA and Americas regions, where revenue growth was recorded at 10.1% and 4.1% respectively in Q4 2024 [6] - The company has effectively managed its expenses, achieving a reduction in the expense ratio to 13.27% in 2024, down by 1.07 percentage points [7]

Core Viewpoint - Supor's operating performance shows signs of fatigue, with revenue and net profit growth slowing down significantly in recent years [1][3][6]. Financial Performance - In 2024, Supor achieved revenue of 22.427 billion yuan, a year-on-year increase of 5.27%, and a net profit attributable to shareholders of 2.244 billion yuan, up 2.97% year-on-year [1][3]. - From 2019 to 2024, Supor's revenue and net profit grew by 13.29% and 16.88% respectively, indicating a slowdown in growth rates [1][3]. - Quarterly data for 2024 shows stable revenue but a decline in net profit in Q4, with revenue of 5.915 billion yuan and net profit of 0.812 billion yuan [4][5]. Market Position - Supor claims to hold the number one market share in domestic cookware, with continuous growth in online market share for cookware and leading positions in small kitchen appliances [5][6]. - In 2024, sales to the major shareholder amounted to 7.046 billion yuan, a year-on-year increase of 20.51%, accounting for 31.42% of total revenue [5]. Dividend Policy - Supor has a high cash dividend payout, distributing 2.239 billion yuan in 2024, which is 99.74% of its net profit [1][10]. - Over the past three years, the total dividends paid amount to 7.863 billion yuan, while the total net profit during the same period was 6.492 billion yuan [1][10]. Marketing and R&D - Supor's marketing expenses have been increasing, with 2024 marketing costs reaching 1.691 billion yuan, which is 77.48% of total sales expenses [7]. - In contrast, R&D expenses have remained relatively low, with 2024 R&D spending at 0.470 billion yuan, indicating a heavy reliance on marketing over product development [7]. Quality Issues - Supor has faced multiple complaints regarding product quality, including issues with electric cookers and cookware, which may impact brand reputation [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 22.43 billion yuan in 2024, a year-on-year increase of 5%, and a net profit attributable to shareholders of 2.24 billion yuan, up 3% year-on-year [7] - The company plans to distribute a cash dividend of 28.10 yuan per 10 shares, totaling 2.24 billion yuan [7] - The company’s export sales grew significantly, with a 21.28% increase year-on-year, while domestic sales slightly declined by 1.20% [7] - The company is focusing on product innovation and differentiation to capture market trends, particularly in the small household appliance sector [7] - The company is enhancing its online and offline sales channels, leveraging partnerships with platforms like Meituan and JD to boost sales [7] - The company expects a total related party transaction amount of 7.46 billion yuan for 2025, a 5% increase year-on-year [7] - The profit forecast for 2025 is set at 2.38 billion yuan, reflecting a 6% year-on-year growth [7] Financial Data and Earnings Forecast - Total revenue forecast for 2025 is 23.98 billion yuan, with a year-on-year growth rate of 6.9% [6] - Net profit forecast for 2025 is 2.38 billion yuan, with a year-on-year growth rate of 6.0% [6] - Earnings per share for 2025 is projected to be 2.97 yuan [6] - The company maintains a high return on equity (ROE) of 36.3% for 2025 [6] - The price-to-earnings (PE) ratio is expected to be 20 for 2025 [6]

3 月27 日晚，苏泊尔发布2024 年年报。 苏泊尔发布2024 年年报。公司2024 年实现收入224 亿元，同比增长5.3%，实现归母净利润22.4 亿元， 同比增长3.0%，实现扣非归母净利润20.6 亿元，同比增长3.5%，业绩表现基本符合前期快报。公司本 期拟每股派发现金红利2.81 元（含税），对应分红率100%，对应股息率约4.8%（以3 月28 日收盘价 计），分红表现超预期。 单Q4 看，我们测算公司实现收入59.1 亿元，同比下滑0.4%，实现归母净利润8.1 亿元，同比下滑 0.7%，实现扣非归母净利润6.6 亿元，同比持平。 外销业务，公司2024 年外销实现收入75 亿元，同比增长21.1%，其中对SEB集团销售类关联交易金额同 比增长超19%（电器/ 炊具分别同比增长13%/29%）。我们测算H2 公司外销实现收入40.5 亿元，同比增 长9%，高基数下增长虽环比降速，但仍维持接近双位数的稳健增长，外销景气度表现超预期，公司预 计2025 年与SEB 集团销售类关联交易金额将同比增长4.6%，其中电器/ 炊具类关联交易额分别同比增长 3%，预计将对2025 年业绩形成有效支撑。 ...