Group 1 - The company reported Q1 2025 revenue of 5.786 billion yuan, an 8% year-on-year increase, and a net profit attributable to shareholders of 497 million yuan, a 6% increase year-on-year [1] - The company benefited from the home appliance replacement policy, with core categories like rice cookers and microwaves included in the national subsidy program [1] - The external sales experienced rapid growth due to export demand influenced by U.S. tariff policies [1] Group 2 - In 2024, the cookware business generated revenue of 6.836 billion yuan, a 12.88% increase year-on-year, while the electrical appliances business achieved revenue of 15.3 billion yuan, a 2.25% increase year-on-year [2] - The company focused on product innovation in key categories, such as non-stick technology for iron pans and launched popular multifunctional products [2] - Domestic sales revenue was 14.757 billion yuan, a 1.20% decrease year-on-year, while external sales reached 7.411 billion yuan, a 21.28% increase year-on-year [2] Group 3 - The company is accelerating the integration of online and offline channels, maintaining growth in online sales despite intensified competition [3] - Collaborations with platforms like Meituan and JD Daojia are enhancing the offline store ecosystem [3] - The company expects a total amount of related transactions for 2025 to be 7.46 billion yuan, a 5% increase year-on-year, benefiting from the recovery in overseas demand [3] Group 4 - The profit forecast for 2025-2027 is set at 2.38 billion, 2.48 billion, and 2.61 billion yuan, representing year-on-year growth of 6.0%, 4.2%, and 5.4% respectively [4] - The company maintains a "buy" rating due to its strong market position in traditional small appliances and successful online channel transformation [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue performance exceeded expectations, with Q1 2025 revenue reaching 5.786 billion yuan, a year-on-year increase of 8%. The net profit attributable to the parent company was 497 million yuan, up 6% year-on-year [6] - The company is benefiting from the trend of replacing old home appliances, with core categories like rice cookers and microwave ovens included in the national subsidy program for replacements. The external sales have also seen rapid growth due to export demand [6] - The company is successfully integrating online and offline sales channels, optimizing product and store matrices, and enhancing marketing efficiency through live streaming on platforms like Douyin [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 22.427 billion yuan, with a year-on-year growth rate of 5.3%. For Q1 2025, revenue is expected to be 5.786 billion yuan, with a growth rate of 7.6% [5] - The net profit attributable to the parent company for 2025 is forecasted to be 2.380 billion yuan, representing a year-on-year growth of 6.0% [5] - The company maintains a gross profit margin of 25.8% for 2025, with a return on equity (ROE) of 36.3% [5]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue of 5.79 billion yuan in Q1 2025, representing a year-on-year increase of 7.6%. The net profit attributable to shareholders was 500 million yuan, up 5.8% year-on-year, while the net profit excluding non-recurring items was 480 million yuan, reflecting a 5.0% increase year-on-year [1]. - Core product categories showed positive growth, with online sales of rice cookers, pressure cookers, steamers, and health pots increasing by 0.43%, 7.91%, 6.66%, and 24.82% year-on-year, respectively. The company continues to implement a consumer-centric innovation strategy and product development strategy, leveraging big data to meet diverse consumer needs [1]. - The gross margin for Q1 2025 was 23.9%, a slight decrease of 0.5 percentage points year-on-year. The net profit margin was 8.6%, down 0.2 percentage points year-on-year [2]. Financial Projections - The company is projected to achieve net profits of 2.4 billion yuan, 2.55 billion yuan, and 2.7 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.9%, 6.1%, and 6.0% [2]. - Revenue is expected to grow from 21.3 billion yuan in 2023 to 26.95 billion yuan in 2027, with a compound annual growth rate of approximately 6.4% [3]. - The latest diluted EPS is projected to increase from 2.72 yuan in 2023 to 3.37 yuan in 2027 [3]. Market Position - The company operates in the small home appliance industry and has a total market capitalization of approximately 44.59 billion yuan, with a closing price of 55.64 yuan as of April 24, 2025 [4]. - The company has a total share capital of 801.36 million shares, with 99.88% being freely tradable [4].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue of 5.79 billion yuan in Q1 2025, representing a year-on-year increase of 7.6%. The net profit attributable to shareholders was 500 million yuan, up 5.8% year-on-year, while the net profit excluding non-recurring items was 480 million yuan, reflecting a 5.0% increase year-on-year [1]. - The core product categories showed positive growth, with online sales of rice cookers, pressure cookers, steamers, and health pots increasing by 0.43%, 7.91%, 6.66%, and 24.82% year-on-year, respectively. The company continues to implement a consumer-centric innovation strategy and product development strategy, leveraging big data to meet diverse consumer needs [1]. Financial Performance Summary - In Q1 2025, the company's gross margin was 23.9%, a decrease of 0.5 percentage points year-on-year. The net profit margin was 8.6%, down 0.2 percentage points year-on-year [2]. - The company forecasts net profits for 2025, 2026, and 2027 to be 2.4 billion, 2.55 billion, and 2.7 billion yuan, respectively, with year-on-year growth rates of 6.9%, 6.1%, and 6.0% [2]. - The projected revenue for 2025 is 23.823 billion yuan, with a year-on-year growth rate of 6.2% [3]. Stock Information - The company's market capitalization is approximately 44.59 billion yuan, with a closing price of 55.64 yuan as of April 24, 2025 [4]. - The company has a total share capital of 801.36 million shares, with 99.88% being freely tradable [4]. Valuation Metrics - The report provides a P/E ratio of 18.6 for 2025, which is expected to decrease to 16.5 by 2027. The P/B ratio is projected to decline from 6.5 in 2025 to 5.6 in 2027 [3]. - The latest diluted EPS is forecasted to be 2.99 yuan in 2025, increasing to 3.37 yuan by 2027 [3].

Core Viewpoint - The report from Zheshang Securities indicates that the small home appliance industry is expected to see a recovery in growth for most categories by 2025, driven by national subsidies and an increase in demand for essential and long-tail products like health pots [1][2] Group 1: National Subsidy Expansion - The national subsidy for small home appliances is expanding, with JD.com increasing its subsidy coverage to include a wider range of products, adding 36 new categories as of April 22 [1] - Tmall and Taobao are implementing region-specific policies, with 16 regions covered by the subsidy, particularly in provinces like Zhejiang, Guangdong, Hubei, Hunan, and Shaanxi [1] Group 2: Beneficiary Companies - Three types of companies are expected to benefit from the expanded national subsidies: 1. Companies with a high proportion of essential products positioned in the mid-to-high price range [2] 2. Companies with a significant share of long-tail products like health pots and power appliances, which have shown noticeable stimulation effects from the subsidies [2] 3. Companies with a high proportion of sales through JD.com, benefiting from substantial headquarters subsidies and extensive subsidiary layouts [2] Group 3: Market Outlook - The overall expectation is that domestic sales for various companies will accelerate due to the expansion of national subsidies in the small home appliance category [1]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 66.05 CNY for the next six months [5]. Core Insights - The company reported a Q1 revenue of 5.79 billion CNY, representing a year-over-year increase of 7.6%, and a net profit attributable to shareholders of 500 million CNY, up 5.8% year-over-year [1][2]. - The growth in external sales and the recovery in domestic sales, driven by national subsidies, indicate a stable operational performance for the quarter [1]. - The company is expected to benefit from ongoing national policies promoting small appliance consumption, particularly through trade-in programs [1]. Financial Performance Summary - Q1 net profit margin was 8.6%, a slight decrease of 0.1 percentage points year-over-year [2]. - The gross sales margin increased by 0.4 percentage points year-over-year, reflecting effective cost management and improved marketing efficiency [2]. - Operating cash flow decreased by 44.0% year-over-year to 580 million CNY, primarily due to a 7.0% decline in cash received from sales [2]. - The company’s contract liabilities increased by 43.9% year-over-year to 950 million CNY, indicating strong demand from downstream customers [2]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 3.00 CNY, 3.38 CNY, and 3.84 CNY for the years 2025, 2026, and 2027 respectively [2][4]. - The expected revenue for 2025 is 24.49 billion CNY, with a net profit forecast of 2.41 billion CNY [4][15]. Market Position - The company is recognized as a leading player in the kitchen small appliance sector in China, maintaining a strong brand influence [2]. - The ongoing optimization of product structure and sales channels, along with the benefits from the parent company SEB Group's global order transfers, are expected to drive rapid revenue and performance growth [2].

业绩回顾 1Q25 业绩符合我们预期 公司公布1Q25 业绩：营业收入57.86 亿元，同比+7.59%；归母净利润4.97 亿元，同比+5.82%；扣非后 归母净利润4.84 亿元，同比+4.98%。公司业绩符合我们预期。 外销延续增长，内销稳步改善。1Q25 公司收入同比+7.59%，我们预计内销环比有所改善，整体恢复增 长；外销则延续去年的增长趋势，增速表现好于内销：1）国内厨小电整体需求呈现改善趋势，市场竞 争回归良性发展，根据AVC，1Q25 小家电线上零售额/均价同比+8.3%/+12.7%，公司龙头竞争优势明 显，在行业向好时表现优秀。2）公司外销主要来自SEB 关联交易，海外部分地区需求较好带来SEB 的 增长，进而带动公司2024 年外销收入同比+18.6%，其中1H24/2H24 分别+16.5%/+20.4%。考虑到当前出 口景气度较好，海关总署数据显示1Q25 家电整体出口额同比+8%（美元口径），我们估计1Q25 公司外 销增长仍保持较好趋势。 财务分析：1Q25 公司毛利率23.9%，同比-0.5ppt，我们预计主要来自业务结构的影响，毛利率偏低的外 销业务收入占比提升。1Q25 ...

第八届监事会第十五次会议决议公告 本公司及监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"）第八届监事会第十五 次会议通知已于2025年4月14日以电子邮件方式发出，会议于2025年4月24日以通讯表决的方式召开。 公司本次监事会应参与表决监事3名，实际参与表决监事3名。会议符合《公司法》和《公司章程》的 有关规定，会议由公司监事会主席Philippe SUMEIRE先生召集。 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：2025-036 浙江苏泊尔股份有限公司 经监事投票表决，以 3 票同意、0 票反对、0 票弃权、0 票回避的表决结果予以审议通过。 监事会发表如下审核意见： 经审核，监事会认为董事会编制和审核浙江苏泊尔股份有限公司 2025 年第一季度报告的程序符 合法律、行政法规和中国证监会、深圳证券交易所的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司《2025 年第一季度报告全文》详见 2025 年 ...

证券代码：002032 证券简称：苏泊尔 公告编号：2025-035 浙江苏泊尔股份有限公司 第八届董事会第十五次会议决议公告 浙江苏泊尔股份有限公司 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"）第八届董事会第十五 次会议通知已于 2025 年 4 月 14 日以电子邮件形式发出，会议于 2025 年 4 月 24 日以通讯表决的方 式召开。公司本次董事会应参加表决董事 9 人，实际参加表决董事 9 人。会议符合《公司法》和《公 司章程》的有关规定，会议由董事长 Thierry de LA TOUR D'ARTAISE 先生召集。 经与会董事认真审议，形成以下决议： 一、 审议通过《关于公司 2025 年第一季度报告的议案》 经董事投票表决，以 9 票同意、0 票反对、0 票弃权、0 票回避的表决结果予以审议通过。 公司《2025 年第一季度报告全文》详见 2025 年 4 月 25 日《证券时报》、《中国证券报》、《证券 日报》和巨潮资讯网 http://www.cninfo.com.cn ...

苏泊尔公告，2025年第一季度实现营业收入57.86亿元，同比增长7.59%；归属于上市公司股东的净利润 4.97亿元，同比增长5.82%。 ...