[Table_Title] 苏泊尔（002032.SZ） Q2 收入加速增长，业绩稳健 [Table_Summary] 核心观点： 24Q2 收入加速增长，业绩稳健。公司披露 2024 年半年度业绩快报， 2024H1 实现营业收入 109.6 亿元，同比增长 9.8%，实现归母净利 9.4 亿元同比增长 6.8%，净利率 8.6%，同比降低 0.2pct。2024Q2 实现营 业收入 55.9 亿元，同比增长 11.3%，实现归母净利 4.7 亿元，同比增 长 6.4%，净利率 8.4%，同比降低 0.4pct。在较弱的内需环境下，24Q2 收入增速环比加快 2.9pct，彰显龙头实力，主要原因：（1）内销业务， 内销收入较同期略有增长，且核心品类的线上、线下市场占有率持续提 升。（2）外销业务，去年同期公司主要外销客户处于去库存阶段，基数 较低，随着欧美市场去库存后需求回升，公司主要外销客户的订单同比 增长明显，外销收入实现了快速增长。利润增速慢于收入增速，我们认 为主要由于行业竞争激烈，毛利率有所下降。 公司作为小家电龙头，收入、业绩有望保持稳健增长。短期来看，随着 海外客户去库存结束，公司外销业务实现 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [3]. Core Views - The company reported a revenue of 10.965 billion yuan for the first half of 2024, representing a year-on-year increase of 9.84%, and a net profit attributable to shareholders of 940 million yuan, up 6.81% year-on-year. In Q2 2024, revenue reached 5.59 billion yuan, a year-on-year increase of 11.3%, with a net profit of 470 million yuan, up 6.4% year-on-year [1]. - The company has seen rapid growth in exports while maintaining stable domestic sales. The domestic market has shown slight growth, supported by continuous innovation and strong channel competitiveness, leading to an increase in market share for core categories. The recovery in demand from major export clients in Europe and the US has significantly boosted export orders [1]. - The company is actively working on cost reduction and efficiency improvement, which has slightly impacted gross margins. Despite a competitive market environment, the company has managed to maintain stable growth through increased marketing efficiency and continued investment in R&D [1]. Financial Summary - Revenue projections for 2024-2026 are as follows: 22.88 billion yuan in 2024, 24.81 billion yuan in 2025, and 26.76 billion yuan in 2026, with growth rates of 7.42%, 8.43%, and 7.87% respectively [2][5]. - The net profit attributable to shareholders is projected to be 2.40 billion yuan in 2024, 2.60 billion yuan in 2025, and 2.81 billion yuan in 2026, with growth rates of 9.89%, 8.56%, and 7.95% respectively [2][5]. - The company’s earnings per share (EPS) are expected to be 2.99 yuan in 2024, 3.24 yuan in 2025, and 3.50 yuan in 2026 [2][5]. - The price-to-earnings (P/E) ratios for the next three years are projected to be 15.51x in 2024, 14.29x in 2025, and 13.24x in 2026 [2][5]. Market Position - The company has a total market capitalization of approximately 37.16 billion yuan, with a circulating market value of about 37.06 billion yuan [3]. - The company’s total assets are projected to reach 13.58 billion yuan by 2024, with a debt-to-asset ratio of 47.11% [6][7].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 07 月 25 日 苏泊尔(002032.SZ) Q2 外销快速增长，内销经营稳健 事件：苏泊尔公布 2024 年半年度业绩快报。公司 2024 年上半 年实现收入 109.6 亿元，YoY+9.8%，实现归母净利润 9.4 亿元， YoY+6.8%；经折算，公司 2024Q2 实现收入 55.9 亿元，YoY+11.3%， 实现归母净利润 4.7 亿元，YoY+6.4%。我们认为，Q2 苏泊尔内销 稳步增长，外销持续快速提升，单季经营表现稳健。 Q2 单季收入增速环比提速：Q2 苏泊尔单季收入 YoY+11.3%，增 速环比 Q1 增速提升 2.9pct，我们认为主要因为欧美市场去库存 后需求回升，苏泊尔主要外销客户订单同比明显增长，Q2 公司外 销收入同比快速提升。内销方面，我们推断，苏泊尔通过持续创 新和拓展 O2O 下沉市场等策略，实现 Q2 内销收入同比小幅增长。 随着展望后续，公司持续优化渠道布局，不断推出创意产品，收 入有望稳健提升。 998345873 Q2 盈利能力同比有所下降：Q2 苏泊尔归母净利率 8.4%，同 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55.29 RMB, down from a previous target of 65.78 RMB [2][8]. Core Insights - The company reported a revenue of 10.965 billion RMB for H1 2024, a year-on-year increase of 9.84%, and a net profit attributable to shareholders of 941 million RMB, up 6.81% year-on-year [2][3]. - The company has adjusted its EPS forecasts for 2024-2026 to 2.91, 3.24, and 3.61 RMB respectively, reflecting a slight downward revision due to a complex consumer environment [2][3]. - The company is positioned as a leader in the small home appliance sector, leveraging continuous innovation to expand its product line and market share [2][3]. Revenue Performance - In H1 2024, the company's revenue growth was driven by a 11.29% increase in Q2, compared to a 8.38% increase in Q1 [3]. - Domestic sales outperformed the industry average despite a decline in the overall small appliance market, with the company achieving growth through new product innovations and channel advantages [3][4]. - The external sales segment showed significant recovery, benefiting from inventory destocking and increased orders from major clients [3]. Profitability Analysis - The company's net profit growth slowed to 6.40% in Q2 2024, down from 7.23% in Q1, primarily due to a decline in product prices in a competitive market [4]. - The average price of small appliances in the domestic market fell by 5.7% year-on-year, impacting the company's gross margin [4]. - To maintain profitability, the company has implemented cost control measures and improved marketing efficiency [4]. Consumer Trends and Innovation - Consumer demand has shifted towards rational spending, particularly for non-essential appliances, with a retail sales growth of 3.70% in the first half of the year [5]. - The company has focused on innovation, launching new products such as infrared rice cookers and mini espresso machines, which are expected to enhance its competitive edge [5]. - The company aims to further increase its market share through innovative and cost-effective products [5].

Financial Performance - The total operating revenue for the first half of 2024 reached ¥10,964,777,968.45, an increase of 9.84% compared to the same period last year[4] - The total profit amounted to ¥1,171,229,382.78, reflecting a growth of 6.66% year-over-year[4] - The net profit attributable to shareholders was ¥940,593,117.65, up by 6.81% from the previous year[4] - Basic earnings per share increased by 7.66% to ¥1.181[3] - The weighted average return on equity rose by 2.16 percentage points to 15.45%[3] Market and Operational Challenges - The gross profit margin was impacted by a challenging market environment, but the company improved marketing efficiency and controlled expenses[4] - Total assets decreased by 15.26% to ¥11,107,102,449.31 compared to the beginning of the period[4] - Shareholders' equity fell by 19.52% to ¥5,106,521,012.48, primarily due to the implementation of the 2023 profit distribution plan[4] Strategic Initiatives - The company continued to invest in R&D and launched more competitive products to enhance its market position[4] - The company experienced significant growth in external sales orders as inventory levels normalized in the European and American markets[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：2024-036 浙江苏泊尔股份有限公司 关于利用自有闲置流动资金购买短期理财产品的进展公告 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。 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 4 月 25 日召开 2023 年年度股东大会审议通过《关于利用自有闲置流动资金购买短期理财产品的议案》，同意公司使用 总额不超过人民币四十亿元的自有闲置流动资金购买短期理财产品，具体公告内容可参见 2024 年 3 月 30 日披露于《证券时报》、《证券日报》、《中国证券报》及巨潮资讯网的《关于利用自有闲置流动资金购 买短期理财产品的公告》（公告编号：2024-016）。公司新增理财产品购买情况公告如下： | | | | | | | 认购金额 | | | 理财 | 预计年化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 | 管理人 | 理财产品 | 产品类型 ...

浙江苏泊尔股份有限公司 2、因公司于2024年4月30日将回购专用证券账户中5,150,000股股份进行了注销，公司最新总股 1、 本利润分配方案披露至分配实施期间，公司于2024年4月30日将回购专用证券账户中5,150,000 股股份进行了注销；公司最新总股本为801,558,657股，回购专用证券账户最新持有的股份为 4,667,500股。因此，公司本次实施的利润分配方案按公司总股本801,558,657股扣除公司回购专 用证券账户持有的4,667,500股后796,891,157股为基数进行利润分配，向全体股东每10股派现金 红利27.30元（含税），合计派发现金股利2,175,512,858.61元。 2、 因公司回购股份不参与分红，本次权益分派实施后，根据股票市值不变原则，实施权益分派前 后公司总股本保持不变，现金分红总额分摊到每一股的比例将减小，因此，本次权益分派实施 后除权除息价格计算时，每股现金红利应以2.7141031元/股计算（每股现金红利=现金分红总额 /总股本，即2.7141031元/股=2,175,512,858.61元÷801,558,657股）。 证券代码：002032 证券简 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨苏泊尔（ ） 002032.SZ [营Ta收b韧le_性T增itle长] ，经营质量较优 报告要点 [公Ta司ble2_0S2u4m年m一ar季y]度实现营业收入53.78亿元，同比增长8.38%，实现归母净利润4.70亿元， 同比增长7.23%，实现扣非归母净利润4.61亿元，同比增长8.06%。 ...

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：2024-034 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的预披露公告 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徐波先生、叶继德先生拟自本公告披露之日起 15 个交易 日后的 3 个月内，即 2024 年 6 月 12 日至 9 月 11 日期间以二级市场集中竞价方式分别减持本公司股 份 68,363 股、47,404 股及 16,339 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 0.0166%。 截至本公告日，公司拟减持董事、高级管理人员持股情况如下： | 名称 | 职务 | 持股数量（股） | 占公司总股本的比例 | | --- | --- | --- | --- | | 苏显泽 | 董事 | 273,451 | 0.0343% | | 徐波 | 财务总监 | 189,615 | 0.0238% | | 叶继德 | 副总经理、董事会秘书 | 65,357 | 0.0082% | | | 合 ...

[Table_Page] 季报点评|家用电器 证券研究报告 [苏Table_泊Title] 尔（002032.SZ） [公Tab司le_I评nves级t] 买入 当前价格 59.30元 24Q1 收入、利润实现稳健增长 合理价值 62.26元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-25  24Q1收入、利润稳健增长。公司披露2024年一季报，2024Q1收入 相[Ta对ble市_Pi场cQu表ote现] 53.8亿元（YoY+8.4%），归母净利4.7亿元（YoY+7.2%），毛利率24.4% （YoY-0.8pct），净利率8.7%（YoY-0.1pct），销售/管理/财务/研发费用 22% 率分别同比-0.1pct/-0.2pct/-0.2pct/+0.1pct。 14%  外销预计保持较快增长，内销表现稳健。24Q1收入实现稳健增长，主 5% 要原因：（1）23Q1海外品牌以及渠道去库存，外销需求较弱，所以对 -3%04/23 06/23 08/23 10/23 12/23 02/24 04/24 于24Q1而言，收入基数较低，随着外销去库存结 ...