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。 ...

Investment Rating - The report maintains a "Buy" rating for Supor (stock code: 002032) [2][56] Core Views - The company focuses on stability and high dividend payouts, with a dividend payout ratio of 99.74% in 2024 [5] - The company has shown consistent revenue growth, with a projected revenue of 22.979 billion yuan in 2025, reflecting a growth rate of 2.46% [2][56] - The company's return on equity (ROE) remains high, projected at 36.13% in 2025, indicating strong profitability [56] Financial Performance Summary - **Revenue Forecasts**: - Total revenue for 2024 is expected to be 22.427 billion yuan, with a growth rate of 5.27% [2][56] - Projected revenues for 2025, 2026, and 2027 are 22.979 billion yuan, 23.686 billion yuan, and 24.573 billion yuan respectively [2][56] - **Net Profit Forecasts**: - The net profit attributable to the parent company for 2024 is forecasted at 2.244 billion yuan, with a growth rate of 2.97% [2][56] - Expected net profits for 2025, 2026, and 2027 are 2.328 billion yuan, 2.398 billion yuan, and 2.490 billion yuan respectively [2][56] - **Earnings Per Share (EPS)**: - The diluted EPS for 2024 is projected to be 2.80 yuan, with forecasts of 2.90 yuan, 2.99 yuan, and 3.11 yuan for the following years [2][56] - **Price-to-Earnings (P/E) Ratio**: - The P/E ratio is expected to be 19.10x in 2025, decreasing to 17.86x by 2027, indicating a potential for valuation improvement [2][56] Business Segmentation - **Revenue by Segment**: - The electrical appliances segment generated 15.3 billion yuan in 2024, while the cookware segment contributed 6.836 billion yuan [6] - **Sales Performance**: - Domestic sales in 2024 are projected at 14.925 billion yuan, with a slight decline of 1.2% year-on-year [7] - Export sales are expected to reach 7.502 billion yuan in 2024, reflecting a significant increase [7] Market Trends - The small home appliance market is experiencing weak demand, particularly in kitchen appliances, while cleaning and personal care appliances are performing better [5] - The company has improved its marketing efficiency on platforms like Douyin to boost sales [5] - The export market is recovering, with significant growth in orders from SEB, projected to reach 73.69 billion yuan in 2025, a 4.6% increase from 2024 [5][7]

Investment Rating - Investment rating is maintained as "Buy" [3] Core Views - The company is expected to benefit from domestic sales recovery driven by national subsidies in 2025, while international sales are anticipated to maintain steady growth due to SEB's global expansion. The focus on product innovation and supply chain efficiency is likely to enhance profitability [8] - Revenue forecasts for 2025-2027 are projected at 23.86 billion, 25.20 billion, and 26.49 billion yuan, reflecting year-on-year growth of 6.4%, 5.6%, and 5.1% respectively. Net profit attributable to the parent company is expected to be 2.42 billion, 2.57 billion, and 2.73 billion yuan, with year-on-year growth of 7.6%, 6.6%, and 6.1% respectively [8] Revenue Analysis - In 2024, the company reported revenue of 22.43 billion yuan, a year-on-year increase of 5.3%. The net profit attributable to the parent company was 2.24 billion yuan, up 3.0% year-on-year [10] - Domestic sales in 2024 saw a slight decline of 1%, but are expected to recover in 2025 with the inclusion of rice cookers and water purifiers in national subsidies [10] - International sales in 2024 increased by 21%, with a projected slight growth in Q4 despite high base effects. The sales from SEB-related transactions reached 7.05 billion yuan, a 19% increase [10] Profitability Analysis - The gross margin for Q4 was 25.2%, with year-on-year and quarter-on-quarter changes of -3.5 and +0.5 percentage points respectively. The annual gross margin for 2024 was 24.7%, down 1.7 percentage points year-on-year [10] - The net profit margin for Q4 and 2024 was down by 0.1 and 0.2 percentage points year-on-year respectively, with the sales expense ratio contributing positively [10] Financial Forecasts - Key financial metrics for 2024A to 2027E include: - Revenue: 22.43 billion, 23.86 billion, 25.20 billion, 26.49 billion yuan - Net profit: 2.24 billion, 2.42 billion, 2.57 billion, 2.73 billion yuan - Gross margin: 24.7%, 25.1%, 25.2%, 25.3% - Return on equity (ROE): 34.9%, 40.9%, 42.0%, 42.3% [13][14]

Investment Rating - Investment rating is maintained as "Buy" [3] Core Views - The company is expected to benefit from domestic sales recovery driven by national subsidies in 2025, while international sales are anticipated to maintain steady growth through SEB's global expansion. The focus on product innovation and supply chain efficiency is likely to enhance profitability [8] - Revenue forecasts for 2025-2027 are projected at 238.6 billion, 252.0 billion, and 264.9 billion yuan, reflecting year-on-year growth of 6.4%, 5.6%, and 5.1% respectively. Net profit attributable to the parent company is expected to be 24.2 billion, 25.7 billion, and 27.3 billion yuan, with year-on-year growth of 7.6%, 6.6%, and 6.1% respectively [8] Revenue Analysis - In 2024, the company reported revenue of 224.3 billion yuan, a year-on-year increase of 5.3%. The net profit attributable to the parent company was 22.4 billion yuan, up 3.0% year-on-year [10] - Domestic sales in 2024 saw a decline of 1%, but are expected to recover in 2025 with the inclusion of rice cookers and water purifiers in national subsidies [10] - International sales in 2024 increased by 21%, with a projected slight growth in Q4 despite high base effects. The sales from SEB-related transactions reached 7.05 billion yuan, a 19% increase [10] Profitability Analysis - The gross margin for Q4 was 25.2%, with year-on-year and quarter-on-quarter changes of -3.5 and +0.5 percentage points respectively. The annual gross margin for 2024 was 24.7%, down 1.7 percentage points year-on-year [10] - The net profit margin for Q4 and 2024 was down by 0.1 and 0.2 percentage points year-on-year respectively [10] Financial Projections - Key financial metrics for 2024A include operating revenue of 22,427 million yuan, net profit of 2,244 million yuan, and a gross margin of 24.7% [13] - Projections for 2025E include operating revenue of 23,856 million yuan, net profit of 2,415 million yuan, and a gross margin of 25.1% [13]