浙江苏泊尔股份有限公司 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 2025 年 3 月 27 日召 开的第八届董事会第十四次会议和第八届监事会第十四次会议审议通过《关于注销部分获授的股票期 权的议案》。鉴于公司《浙江苏泊尔股份有限公司 2024 年股票期权激励计划（草案）》（以下简称"2024 年股票期权激励计划"）中激励对象张国华、涂赟因个人原因发生离职，公司拟根据 2024 年股票期权 激励计划中的相关规定以及 2024 年第三次临时股东大会的授权，对上述 2 名离职激励对象获授的共 计 64,500 份股票期权予以注销。具体内容详见刊登于 2025 年 3 月 28 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《关于注销部分获授的股票期权的公告》（公 告编号：2025-024）。 经中国证券登记结算有限责任公司深圳分公司审核确认，上述股票期权的注销事项已于 2025 年 4 月 8 日办理完毕。 公司本次注销股票期权事项符合公司2024年股票期权激励计划、《上市公司股权激励管理办法》、 《深圳证券交易所上市 ...

Group 1: Financial Performance - The company reported a significant improvement in performance compared to industry peers, receiving positive feedback from investors [2] - The first quarter of 2025 earnings report is expected to be released on April 25, 2025 [1] Group 2: Market Strategy and Growth - The company aims to enhance its market position by focusing on innovation and quality, addressing niche demands such as small housing and aesthetic preferences [2] - The company is actively expanding its customer base in the export market and adopting new technologies [2] Group 3: Challenges and Opportunities - The company acknowledges potential challenges such as U.S. tariffs and increasing competition, but remains optimistic about market improvement due to government measures to boost consumption [2] - The company is undergoing a reassessment for high-tech enterprise certification, indicating ongoing commitment to innovation [2] Group 4: International Operations - The company has a joint venture in Indonesia, which accounts for a financial entry of 548,000 RMB in Indonesian Rupiah [2]

Core Viewpoint - The electric pressure cooker market in China is experiencing significant growth, with a projected sales revenue of 5.1 billion yuan in 2024, driven by rising living standards and the increasing demand for multifunctional kitchen appliances [1][13]. Industry Definition and Classification - Electric pressure cookers are electric heating devices that use temperature and pressure control to achieve rapid cooking, combining the advantages of traditional pressure cookers and rice cookers [2]. - They are characterized by high thermal efficiency (over 80%), time and energy savings, health benefits, convenience, and durability [2]. Industry Development History - The electric pressure cooker industry in China has evolved through several key stages, starting from its inception in the 1950s to the current era of smart and multifunctional products [6][7]. - The market has matured over the years, with brands like Midea and Supor leading through technological innovation and quality enhancement [7]. Industry Supply Chain Analysis - The supply chain consists of upstream raw material suppliers, midstream manufacturers, and downstream sales channels, all of which are interdependent and promote the healthy development of the electric pressure cooker industry [4]. - China is the largest producer of stainless steel, with a production of 39.44 million tons in 2024, which supports the electric pressure cooker industry by providing stable raw material supply [9]. - Aluminum alloy production is also on the rise, reaching 16.14 million tons in 2024, ensuring timely access to materials for manufacturers [11]. Current Industry Status - The electric pressure cooker market is increasingly favored by consumers due to its diverse cooking functions and growing quality expectations [13]. - Consumers are now looking for products that offer safety, durability, intelligence, and effective cooking results for various ingredients [13]. Key Companies Analysis - Midea Group leads the market with strong technological innovation and high market share, continuously launching advanced products [15][17]. - Supor is known for its high-quality products and strong brand reputation, focusing on both domestic and international markets [19]. - Joyoung leverages its experience in kitchen appliances to innovate and meet diverse consumer needs [15]. - Other notable companies include Boss Electric, Double Happiness, and Bear Electric, each with unique market strategies and product offerings [15][17]. Future Development Trends - The industry is moving towards deeper integration of smart technology, allowing for remote control and enhanced safety features in electric pressure cookers [21]. - There is a growing trend towards multifunctionality, with products designed to perform various cooking tasks, catering to diverse consumer needs [22]. - Aesthetic design is becoming increasingly important, with manufacturers offering a variety of styles and colors to meet consumer preferences [23].

Core Insights - The company reported a revenue of 22.43 billion yuan for 2024, representing a year-on-year growth of 5.3% [1] - The net profit attributable to shareholders reached 2.24 billion yuan, with a year-on-year increase of 3% [1] - The company declared a cash dividend of 2.24 billion yuan, achieving a payout ratio of 99.7% [2] Revenue Breakdown - Revenue from cooking appliances, food preparation appliances, cookware and utensils, and other home appliances were 8.66 billion yuan, 3.8 billion yuan, 6.84 billion yuan, and 3.13 billion yuan respectively, with year-on-year changes of -2.6%, +9.1%, +12.9%, and +8.9% [2] - Domestic and overseas sales generated revenues of 14.93 billion yuan and 7.5 billion yuan respectively, with year-on-year growth rates of -1.2% and +21.1% [2] - Revenue from direct sales, distribution, and export OEM were 2.97 billion yuan, 11.96 billion yuan, and 7.5 billion yuan respectively, with year-on-year changes of +19.1%, -5.3%, and +21.2% [2] Profitability Metrics - The overall gross margin decreased by 1.7 percentage points to 24.7%, with specific margins for cooking appliances, food preparation appliances, cookware and utensils, and other home appliances at 24.3%, 21.5%, 27%, and 24.4% respectively [3] - The net profit margin for 2024 was 10%, showing a slight decline of 0.2 percentage points [3] - The company maintained a stable net profit margin despite a decrease in gross margin, indicating effective cost management [3] Market Position and Strategy - The company achieved the highest market share in both online and offline markets for kitchen small appliances and cookware in 2024 [3] - The company leverages its strong brand, mature product lines, and established distribution channels to maintain competitive advantages in a challenging market [3] - The company is focused on continuous innovation and collaboration with external resources to enhance its growth potential [4] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.00 yuan, 3.25 yuan, and 3.52 yuan respectively [4] - The company maintains a "hold" rating based on its growth prospects and market position [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 22.43 billion yuan in 2024, representing a year-on-year growth of 5.27%. The net profit attributable to shareholders was 2.24 billion yuan, up 2.97% year-on-year, while the net profit after deducting non-recurring items was 2.07 billion yuan, an increase of 3.52% year-on-year. In Q4 2024, the company reported a revenue of 5.92 billion yuan, a slight decline of 0.37% year-on-year, with a net profit of 0.81 billion yuan, down 0.73% year-on-year [2][9]. Summary by Sections Financial Performance - The company’s gross profit margin for 2024 was 24.65%, with a slight decline of 0.63 percentage points due to accounting policy changes. The net profit margin was 10.01%, down 0.22 percentage points year-on-year. The company maintained a high dividend payout ratio, proposing a cash dividend of 28.10 yuan per 10 shares, totaling 2.24 billion yuan, which corresponds to a dividend rate of 99.74% [2][9]. Sales and Market Position - The company’s domestic sales experienced a slight decline of 1.21% year-on-year, attributed to overall pressure on domestic demand. However, the company maintained a leading market share in both online and offline cooking utensils and kitchen appliances. In contrast, external sales grew significantly by 21.07% year-on-year, driven by increased orders from major external clients [9]. Future Outlook - The company is expected to continue its stable growth trajectory, with projected net profits of 2.40 billion yuan, 2.62 billion yuan, and 2.86 billion yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings (PE) ratios are estimated to be 18.53, 16.98, and 15.55 times [9].

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]