Investment Rating - The investment rating for the company is "Buy-A" with a target price of 67.13 yuan for the next six months [4]. Core Views - The company reported a revenue of 21.3 billion yuan in 2023, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 2.18 billion yuan, up 5.4% year-on-year. The fourth quarter showed a significant improvement in both domestic and foreign sales [4][5]. - The company maintains a high dividend payout ratio of 99.8%, with a cash dividend of 27.30 yuan per 10 shares, resulting in a dividend yield of 4.7% based on the closing price on March 29, 2024 [4][5]. Financial Performance Summary - **Revenue and Profit Growth**: In Q4, the company achieved a revenue of 5.94 billion yuan, a year-on-year increase of 14.4%, and a net profit of 820 million yuan, up 7.8% year-on-year. The overall revenue for 2023 was 21.3 billion yuan, with a net profit of 2.18 billion yuan [4][8]. - **Sales Performance**: Domestic sales showed steady performance, while foreign sales experienced significant growth, particularly due to increased transactions with SEB, which raised its purchase limit to 5.92 billion yuan, a 26.7% increase from the previous year [4][8]. - **Gross Margin Improvement**: The gross margin for Q4 was 28.6%, an increase of 2.6 percentage points year-on-year, attributed to improved product mix and cost efficiency [4][8]. - **Net Profit Margin**: The net profit margin for Q4 was 13.8%, a slight decrease of 0.8 percentage points year-on-year, primarily due to a one-time tax adjustment in the previous year [4][8]. - **Cash Flow**: The operating cash flow for Q4 was 870 million yuan, a year-on-year decrease of 23.1%, mainly due to increased procurement expenses [4][8]. Future Outlook - The company is expected to benefit from ongoing optimization of its product structure and sales channels, as well as the global order transfer from its parent company, SEB. The projected earnings per share (EPS) for 2024, 2025, and 2026 are 3.05, 3.52, and 3.95 yuan, respectively [4][8].

分红优异，稳中求胜 ——苏泊尔2023年报点评 苏泊尔（002032）/家电 证券研究报告/公司点评 2024年03月29日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：58.20元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 20,171 21,304 22,604 24,295 26,120 分析师：姚玮 增长率yoy% -7% 6% 6% 7% 8% 执业证书编号：S0740522080001 净利润（百万元） 2,068 2,180 2,281 2,487 2,687 Email：yaowei@zts.com.cn 增长率yoy% 6% 5% 5% 9% 8% 每股收益（元） 2.56 2.70 2.83 3.08 3.33 每股现金流量 3.92 2.52 3.26 3.73 3.89 净资产收益率 29% 34% 37% 40% 41% P/E 22.7 21.5 20.6 18.9 17.5 备 注：截至2024/3/29收盘 投资要点  公司披露202 ...

证券研究报告 | 年报点评报告 2024年03月30日 苏泊尔（002032.SZ） 外销收入高增，AIoT 应用增强用户粘性 事件：公司发布2023年年报。公司2023年实现营业收入213.04亿元， 买入（维持） 同比增长5.62%；实现归母净利润21.8亿元，同比增长5.42%。其中， 股票信息 2023Q4 单季营业收入为 59.37 亿元，同比增长 14.40%；归母净利润为 行业 小家电 8.18亿元，同比增长7.75%。公司每10股派现27元，现金分红占归母 前次评级 买入 净利润比例99.8%，股息率4.7%。 3月29日收盘价(元) 58.20 总市值(百万元) 46,950.44 外销收入高增，内销收入稳健。分业务看，电器类收入增幅较快，2023年 总股本(百万股) 806.71 公司炊具/电器分别实现收入60.56/149.63亿元，同比-1.07%/+8.40%。 其中自由流通股(%) 99.73 分产品看，食物料理电器收入高增，2023年公司烹饪电器/食物料理电器 30日日均成交量(百万股) 2.40 / 炊 具 及 用 具 分 别 实 现 收 入 88.92/34.84/60.56 ...

家用电器/小家电 公 司 研 苏泊尔（002032.SZ） 2023Q4 内销稳健/外销持续恢复，全年维持高分红率 究 2024年03月31日 ——公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 周嘉乐（分析师） 林文隆（联系人） lvming@kysec.cn zhoujiale@kysec.cn linwenlong@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122070043 日期 2024/3/29 当前股价(元) 58.20  2023Q4经营稳健，全年维持高分红比率，维持“买入”评级 公 一年最高最低 (元) 59.47/44.30 2023 年公司实现营收 213 亿元（同比+5.62%，下同），归母净利润 21.8 亿元 司 （+5.42%），扣非归母净利润19.94亿元（+5.63%）。单季度看2023Q4营收59.37 信 总市值(亿元) 469.50 亿元（+14.4%），归母净利润 8.18 亿元（+7.75%），扣非归母净利润 6.6 亿元 息 流通市值(亿元) 468.26 （+6.78%）， ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 67.13 CNY for the next six months [4][6]. Core Views - The company reported a stable operating performance with a revenue of 21.3 billion CNY in 2023, reflecting a year-on-year increase of 5.6%. The net profit attributable to shareholders was 2.18 billion CNY, up 5.4% year-on-year. The fourth quarter showed significant improvement in export business and continued growth in domestic sales [2][3]. - The company maintains a high dividend payout ratio of 99.8%, with a cash dividend of 27.30 CNY per 10 shares, resulting in a dividend yield of 4.7% based on the closing price on March 29, 2024 [3][4]. Financial Performance Summary - **Revenue and Profit**: In Q4, the company achieved a revenue of 5.94 billion CNY, a year-on-year increase of 14.4%, and a net profit of 820 million CNY, up 7.8% year-on-year [2]. - **Gross Margin**: The gross margin for Q4 was 28.6%, an increase of 2.6 percentage points year-on-year, attributed to improved product mix and increased direct sales [2][8]. - **Net Profit Margin**: The net profit margin for Q4 was 13.8%, a slight decrease of 0.8 percentage points year-on-year, mainly due to a one-time tax adjustment in the previous year [2][8]. - **Cash Flow**: The operating cash flow for Q4 was 870 million CNY, down 23.1% year-on-year, primarily due to increased procurement expenses [2][8]. Future Earnings Estimates - The company is expected to see continued growth in revenue and net profit, with projected earnings per share (EPS) of 3.05 CNY, 3.52 CNY, and 3.95 CNY for 2024, 2025, and 2026 respectively [3][12]. - The projected revenue for 2024 is 22.97 billion CNY, with a net profit of 2.46 billion CNY, indicating a growth trajectory [7][12]. Market Position - The company is recognized as a leading player in the kitchen small appliance sector in China, benefiting from the global order transfer from its parent company, SEB Group, which is expected to support revenue and performance growth [3][4].

公司报告 | 年报点评报告 苏泊尔（002032） 证券研究报告 2024年03月 31日 投资评级 外销带动收入增长，降本增效提升利润水平 行业 家用电器/小家电 6个月评级 买入（维持评级） 当前价格 58.2元 事件：公司 2023年实现营业收入 213.04亿元，同比+5.62%，归母净利润 21.8亿 元，同比+5.42%；其中2023Q4实现营业收入59.37亿元，同比+14.4%，归母净利 目标价格 元 润8.18亿元，同比+7.75%。每 10股派发现金红利 27.30元（含税），分红率接近 100%。 基本数据 外销带动整体收入增长，电器品类表现更佳。分行业看，23年炊具/电器收入同比 A股总股本(百万股) 806.71 -1%/+8%，其中23H2同比+15.9%/+15%。分产品看，23年烹饪电器/食物料理电器 流通A股股本(百万股) 804.57 /炊具/其 他收 入同 比为+5%/+13%/-1%/+17% ，其 中 23H2 收入 同比为 A股总市值(百万元) 46,950.44 +12%/+18%/+16%/+17%。分内外销看，23年内/外销收入同比+1%/+19%，23H2收 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 67.13 yuan for the next six months [2]. Core Views - The company reported a revenue of 21.3 billion yuan in 2023, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 2.18 billion yuan, up 5.4% year-on-year. The fourth quarter saw a significant improvement in both export and domestic sales [1][2]. - The company maintains a high dividend payout ratio of 99.8%, with a cash dividend of 27.30 yuan per 10 shares, resulting in a dividend yield of 4.7% based on the closing price on March 29, 2024 [2][3]. Financial Performance Summary - **Revenue and Profit**: In Q4, the company achieved a revenue of 5.94 billion yuan, a year-on-year increase of 14.4%, and a net profit of 820 million yuan, up 7.8% year-on-year [1]. - **Gross Margin**: The gross margin for Q4 was 28.6%, an increase of 2.6 percentage points year-on-year, attributed to improved product mix and cost efficiency [1]. - **Net Profit Margin**: The net profit margin for Q4 was 13.8%, a slight decrease of 0.8 percentage points year-on-year, mainly due to a one-time tax adjustment in the previous year [1]. - **Cash Flow**: The operating cash flow for Q4 was 870 million yuan, down 23.1% year-on-year, primarily due to increased procurement expenses [2]. - **Future Earnings Estimates**: The expected EPS for 2024, 2025, and 2026 are 3.05, 3.52, and 3.95 yuan respectively [2][9]. Market Position and Outlook - The company is a leading player in the kitchen small appliance sector in China, benefiting from a strong brand influence and continuous optimization of product structure and sales channels [2]. - The company is expected to continue benefiting from global order transfers from its parent company, SEB Group, leading to sustained revenue and performance growth [2].

Financial Performance - The company's operating revenue for 2023 was CNY 21,303,948,642.66, representing a 5.62% increase compared to CNY 20,170,527,516.66 in 2022[16] - The net profit attributable to shareholders for 2023 was CNY 2,179,798,147.27, up 5.42% from CNY 2,067,659,526.97 in 2022[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,994,465,695.85, reflecting a 5.63% increase from CNY 1,888,197,965.28 in 2022[16] - The basic earnings per share for 2023 was CNY 2.719, a 6.00% increase from CNY 2.565 in 2022[16] - The diluted earnings per share for 2023 was CNY 2.719, up 6.05% from CNY 2.564 in 2022[16] - The weighted average return on equity increased to 34.62%, up 6.73 percentage points from 27.89% in 2022[16] - The total revenue for the fourth quarter reached approximately ¥5.94 billion, with a net profit attributable to shareholders of approximately ¥817.60 million[20] - The company reported a net profit of approximately ¥1.38 billion for the entire year, reflecting resilience in a challenging market environment[20] Cash Flow and Assets - The net cash flow from operating activities decreased by 35.60% to CNY 2,034,909,336.20 from CNY 3,159,955,245.84 in 2022[16] - The total assets at the end of 2023 were CNY 13,106,703,607.00, a 1.19% increase from CNY 12,952,655,903.47 at the end of 2022[16] - The net assets attributable to shareholders decreased by 9.82% to CNY 6,345,333,020.11 from CNY 7,036,084,863.54 at the end of 2022[16] - The net cash flow from operating activities for the fourth quarter was approximately ¥873.16 million, indicating strong cash generation capabilities[20] Market Performance - In 2023, the company's online market share for cooking utensils increased by 24% year-on-year, significantly outperforming the second brand by over four times[26] - The company achieved first place in both traditional e-commerce and Douyin channels for kitchen small appliances, with overall market share improvements in both online and offline sectors[27] - The main business revenue from kitchenware was ¥6,056,346,176.44, a decline of 1.07% year-on-year, while the revenue from electrical appliances increased by 8.40% to ¥14,963,200,632.70[32] - Domestic sales revenue for the year was ¥14,937,286,741.50, up 0.95%, while foreign trade revenue grew by 18.63% to ¥6,110,174,972.63[32] Research and Development - The company has six major R&D and manufacturing bases located in China and Vietnam, enhancing its production capabilities and market reach[28] - Research and development expenses amounted to ¥431,288,536.29, reflecting a 3.61% increase from ¥416,259,356.99 in 2022[51] - The number of R&D personnel increased by 0.66% from 1,363 in 2022 to 1,372 in 2023, while the proportion of R&D personnel decreased from 13.33% to 12.76%[53] - The company’s innovative product design capabilities were recognized with the designation of its appliance design center as a "National Industrial Design Center" in 2023[29] Corporate Governance - The company has established a performance evaluation system and incentive mechanism for directors, supervisors, and senior management, enhancing transparency in remuneration[83] - The company has three independent directors, constituting one-third of the board, ensuring compliance with legal requirements[82] - The company has established a strategic committee, audit committee, and compensation and assessment committee to support prudent decision-making[83] - The company has maintained independence from its controlling shareholder in operations, assets, and financial matters, ensuring fair and reasonable related-party transactions[82] Environmental Responsibility - The total investment in environmental governance and protection during the reporting period was CNY 20.1388 million, with environmental protection tax paid amounting to CNY 54,900[151] - The company has established a reliable wastewater and waste gas treatment system, ensuring compliance with relevant laws and regulations, with no instances of exceeding discharge standards during the reporting period[150] - The company’s emissions of major pollutants, such as sulfur dioxide and nitrogen oxides, are within the prescribed limits, with no exceedances reported[148] - The company has built 28 Supor primary schools in remote areas of central and western China, with plans to increase this number in the future[153] Employee Development - The total number of employees at the end of the reporting period is 10,753, with 1,850 in the parent company and 8,903 in major subsidiaries[112] - The company provided a total of 38,762 hours of online training and 258,203 hours of offline training in 2023, with an average of 11.28 hours per person for online training and 26.06 hours per person for offline training[115] - The company emphasizes a performance-linked compensation system to attract and retain talent, providing competitive salaries and benefits[113] Shareholder Engagement - The company held 4 shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements[82] - The company published a total of 156 announcements and documents during the reporting period, ensuring timely and accurate information disclosure[86] - The company conducted online performance briefings and investor conference calls after the disclosure of regular reports, promoting effective communication with investors[86] Future Strategies - The company plans to focus on product innovation and premium strategies to meet diverse consumer demands in the small home appliance and kitchen sectors[71] - The company aims to strengthen brand coverage for specific demographics such as mothers and seniors, while exploring new business growth points[73] - The company plans to upgrade product structures to stimulate demand for traditional products and explore new categories and scenarios for growth in 2024[75]

浙江苏泊尔股份有限公司 2、本次聘任不涉及变更会计师事务所； 3、公司审计委员会、董事会对本次拟续聘会计师事务所不存在异议。 关于续聘 2024 年度审计机构的公告 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。 证券代码：002032 证券简称：苏泊尔 公告编号：2024-015 特别提示： 浙江苏泊尔股份有限公司 1、公司 2023 年度审计报告的审计意见为标准无保留意见； 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）第八届董事会第七次会 议审议通过《关于续聘 2024 年度审计机构的议案》，公司拟续聘毕马威华振会计师事务所（特殊普 通合伙）（以下简称"毕马威华振"）为公司 2024 年度审计机构。详细情况公告如下： 一、拟续聘会计师事务所事项的情况说明 鉴于毕马威华振会计师事务所（特殊普通合伙）具有较高的业务水平和良好的服务素质，在 2023 年度的审计过程中坚持独立审计原则，客观、公允地反映本公司财务状况，切实履行了审计机构应 尽职责，从专业角度维护了公司及股东的合法权益。基于履职评估的结果和相应的续聘程序，经公 司董事会审计委员 ...

浙江苏泊尔股份有限公司 2023年度内部控制自我评价报告 浙江苏泊尔股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求 （以下简称"企业内部控制规范体系"），结合浙江苏泊尔股份有限公司（以下简称 "公司"））内部控制制度和评价办法，在内部控制日常监督和专项监督的基础上， 我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一、重要声明 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准日， 不存在财务报告内部控制重大缺陷，董事会认为，公司已按照企业内部控制规范体 系和相关规定的要求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准日， 公司未发现非财务报告内部控制重大缺陷。 自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内部 控制有效性评价结论的因素。 三、内部控制评价工作情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风险 领域。纳入评价范围的单位包括母公司以及全部纳入合并范围的子公司，纳入 ...