yukun@essence.com.cn 公司快报 2024 年 10 月 25 日 苏泊尔(002032.SZ) Q3 经营稳健，调增外销关联交易指引 事件：苏泊尔公布 2024 年三季报。公司 2024 年前三季度实现 收入165.1亿元，YoY+7.5%，实现归母净利润14.3亿元，YoY+5.2%； 经折算，公司 2024Q3 实现收入 55.5 亿元，YoY+3.0%，实现归母 净利润 4.9 亿元，YoY+2.2%。我们认为，Q3 苏泊尔外销持续增长， 内销表现平稳，单季经营较为稳健。 Q3 单季收入稳健增长：分区域来看，1）据久谦数据显示，Q3 苏 泊尔线上（天猫+京东+抖音）销售额 YoY+1.4%。我们推断 Q3 苏 泊尔内销收入表现平稳。2）欧美小家电消费景气较好，Q3 苏泊尔 外销收入同比持续提升。公司公告增加向 SEB 集团出售商品的全 年关联交易额度至 68.5 亿元，较年初预计金额增加 12.1%，预计 外销收入有望保持增长态势。展望后续，各地以旧换新政策持续 发力，部分省市补贴政策增加电饭煲、蒸烤箱、微波炉等小家电 品类，苏泊尔作为国内小家电行业优势品牌，有望充分受益于以 旧换新 ...

浙江苏泊尔股份有限公司 2024 年第三季度报告 证券代码：002032 证券简称：苏 泊 尔 公告编号：2024-055 浙江苏泊尔股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度报告是否经过审计 □是 否 1 浙江苏泊尔股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------------------|-------------------------|----------- ...

Investment Rating - The report assigns a "Buy" rating to Supor (002032) for the first time [5] Core Views - Supor is a model of steady operation in the domestic small home appliance market, with high-quality financial statements and a balance between growth and operational quality [3] - The company has consistently increased its dividend payout to ensure shareholder returns, enhancing its investment stability [3] - Supor's future growth is expected to be driven by its strong domestic sales capabilities, synergy with its parent company SEB, and long-term governance mechanisms [3] Financial Performance and Valuation - Revenue is projected to grow by 7%, 9%, and 9% in 2024, 2025, and 2026, respectively, with net profit growth of 8%, 11%, and 11% over the same period [7] - The 3-year compound growth rate for revenue and net profit is expected to be 8% and 10%, respectively [7] - The dividend yield is estimated to reach 5.5% assuming a 100% payout ratio [7] Domestic Sales - Supor has been a leader in the Chinese kitchen small appliance market for 30 years, with a strong brand and channel presence [7] - The company's domestic sales are supported by a broad market space for kitchen small appliances and its ability to expand product categories through synergy with SEB [7] - Supor's core products, such as rice cookers and electric pressure cookers, account for nearly 60% of its retail sales, ensuring a stable revenue base [7] Export Sales - Supor's export business has grown significantly due to its collaboration with SEB, contributing nearly 30% of its revenue [7] - The company's export business has a gross margin of around 18%, with strong net profit performance expected [7] - SEB's global leadership and Supor's manufacturing capabilities in Asia position the company for continued growth in export markets [7] Product and Channel Strategy - Supor has diversified its product portfolio, expanding from kitchen appliances to home living and personal care products [12] - The company has adjusted its channel strategy to improve e-commerce efficiency, including integrating logistics and increasing direct sales [43] - Supor has successfully leveraged new e-commerce platforms like Douyin (TikTok) to capture growth opportunities [43] Historical Performance - Supor's revenue grew from 5 billion yuan in 1994 to 21 billion yuan in 2006, establishing itself as a leader in the Chinese cookware market [14] - From 2007 to 2019, Supor's revenue grew from 21 billion yuan to 199 billion yuan, with a compound annual growth rate (CAGR) of 19% [14] - The company's domestic and export sales grew at CAGRs of 20% and 17%, respectively, during this period [14] Research and Development - Supor has invested heavily in R&D, with its R&D expenditure surpassing that of competitors like Joyoung and Bear [33] - The company has filed a significant number of patents, with 6,878 patent applications from 2021 to 2023, including 816 invention patents [33] Dividend and Shareholder Returns - Supor has consistently increased its dividend payout ratio, reaching 100% in 2023, with a cumulative cash dividend of 7.2 billion yuan from 2021 to 2023 [21] - The company's dividend yield has risen significantly since 2020, reflecting its commitment to shareholder returns [21]

Investment Rating - The report maintains a "Buy" rating for Supor (002032 SZ) with a current price of 50 16 RMB [1] Core Views - Supor's export growth exceeded expectations and the company launched a 2024 incentive plan [1] - The company achieved revenue of 10 96 billion RMB in H1 2024 a YoY increase of 9 8% and net profit attributable to the parent company of 940 million RMB a YoY increase of 6 8% [4] - In Q2 2024 revenue reached 5 59 billion RMB a YoY increase of 11 3% and net profit attributable to the parent company was 470 million RMB a YoY increase of 6 4% [4] - The company's export business grew significantly with a 39 3% YoY increase in H1 2024 driven by the recovery of demand in European and American markets and the synergy with SEB [5] - The company's gross margin in Q2 2024 was 24 4% a YoY decrease of 1 percentage point mainly due to changes in the structure of domestic and export sales and fluctuations in raw material prices [5] - The company's net cash in H1 2024 was 2 11 billion RMB a YoY decrease of 12 5% mainly due to dividend payments [5] - The company's accounts receivable increased by 44 7% YoY in H1 2024 mainly due to the increase in export business receivables [5] - The company's operating cash flow in H1 2024 was 549 million RMB a YoY decrease of 1 08% [5] Financial Forecasts and Valuation - The report maintains the forecast for the company's net profit attributable to the parent company for 2024-2026 at 2 37 billion 2 58 billion and 2 80 billion RMB respectively [5] - The current stock price corresponds to a PE ratio of 17 16 and 14 times for 2024-2026 [5] - The company's ROE (diluted) is expected to be 36 36% 38 35% and 40 34% for 2024-2026 [7] - The company's EPS is expected to be 2 93 3 19 and 3 47 RMB for 2024-2026 [7] - The company's revenue is expected to grow at a rate of 6 78% 7 60% and 8 20% for 2024-2026 [7] Business Performance - In H1 2024 the revenue from cookware products cooking appliances food processing appliances and other household appliances were 2 94 billion 4 64 billion 1 90 billion and 1 48 billion RMB respectively with YoY growth rates of 17 0% 3 3% 12 4% and 15 5% [5] - The domestic sales revenue in H1 2024 was 7 51 billion RMB a YoY increase of 0 1% while export sales revenue was 3 46 billion RMB a YoY increase of 39 3% [5] - The company's sales expense ratio in Q2 2024 was 9 85% a YoY decrease of 1 1 percentage points while the management expense ratio and R&D expense ratio were 1 8% and 2 0% respectively [5] Incentive Plan - The company plans to grant stock options to 57 middle and senior management personnel and core employees with a total of 1 131 million shares accounting for 0 141% of the company's total share capital [6] - The exercise price of the stock options is 37 89 RMB per share and the performance assessment target for 2024 2025 is a ROE of no less than 26% [6]

证券研究报告 公司点评 苏泊尔(002032.SZ) 家用电器｜ 小家电 外销高增，内销保持稳定，整体经营稳健 2024 年 09 月 03 日 评级 买入 | --- | --- | |-----------------------|-------------| | 当前价格（元） | 50.26 | | 52 周价格区间（元） | 45.05-60.55 | | 总市值（百万） | 40285.33 | | 流通市值（百万） | 40177.30 | | 总股本（万股） | 80153.90 | | 流通股（万股） | 79938.80 | 涨跌幅比较 苏泊尔 小家电 -18% -8% 2% 12% 22% 32% 2023-09 2023-12 2024-03 2024-06 2024-09 % 1M 3M 12M 周心怡 分析师 执业证书编号:S0530524030001 zhouxinyi67@hnchasing.com 相关报告 苏泊尔 2.15 -5.29 10.63 小家电 3.80 -18.59 -10.56 1 苏泊尔（002032.SZ）三季报点评：外销收入 承压，盈利有所修复 2022 ...

证 券 研 究 报 告 苏泊尔（002032）2024 年中报点评 推荐（维持） 外销高增内销稳健 目标价：63 元 当前价：50.63 元 事项： 公司发布 2024 年中报，实现营业收入 109.6 亿元，同比+9.8%；实现归母净利 9.4 亿元，同比+6.8%。拆分单季度来看，其中 24Q2 实现营业收入 55.9 亿元， 同比+11.3%；实现归母净利 4.7 亿元，同比+6.4%。 评论： 24H1 外销高增内销维稳，刚需品类行业领导地位稳固。24H1、24Q2 公司营 业收入增速分别为 9.8%、11.3%，24Q2 营收增速边际向上。拆分内外销来看， 24H1 内销、外销收入增速分别为 0.1%、39.3%，24H1 收入增长主要由外销增 长驱动，主要系海外小家电需求修复，公司主要外销客户库存去化结束、进入 补库阶段。内销市场方面行业受消费购买力影响下行压力较大，公司多个品类 实现优于行业的表现，明火炊具品类推新有钛无涂层铁不粘炒锅，电饭煲、电 压力锅等核心厨房小家电刚需品类进一步夯实行业领导地位，生活电器继续发 力清洁电器类目，吸尘器市场份额提升至本土品牌第一、行业第二。同时，公 司拓展高速 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨苏泊尔（002032.SZ） [Table_Title] 内销稳增跑赢行业，龙头地位更加稳固 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 苏泊尔（002032.SZ） cjzqdt11111 2024-09-04 相关研究 [Table_Title2] 内销稳增跑赢行业，龙头地位更加稳固公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司披露 2024 年半年报：公司 2024 年上半年实现营业收入 109.65 亿元，同比增加 9.84%， 实现归母净利润 9.41 亿元，同比增加 6.81%，实现归母扣非净利润 9.23 亿元，同比增加 7.61%；其中，2024Q2 公司实现营业收入 55.86 亿元，同比增加 11.29%，实现归母净利润 4.71 亿元，同比增加 6.40%，实现归母扣非净利 ...

[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 苏泊尔（002032）公司半年报点评 2024 年 09 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |------------------------------------------------------------| | 股票数据 | | 0 [ 9 Table_StockInfo 月 04 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《收入稳健增长，盈利能力稳定》 | | 《 内 销 持 续 稳 健 ， 外 销 恢 复 性 增 长 》 2024.04.03 | | 《内销稳健，外销恢复性增长》 市场表现 | 苏泊尔 海通综指 -16.61% -7.61% 1.39% 10.39% 19.39% 2023/9 2023/12 2024/3 2024/6 | --- | --- | --- | --- | |---- ...

F源证券 家用电器/小家电 公 司 研 究 苏泊尔（002032.SZ） 2024 年 09 月 03 日 2024Q2 业绩稳健，外销延续高增长态势 ——公司信息更新报告 投资评级：买入（维持） 日期 2024/9/3 | --- | --- | --- | |-------------------------------------------|----------------------------------------------|-----------------------------------------------| | | | | | 吕明（分析师） | 周嘉乐（分析师） | 林文隆（分析师） | | lvming@kysec.cn 证书编号： S0790520030002 | zhoujiale@kysec.cn 证书编号： S0790522030002 | linwenlong@kysec.cn 证书编号： S0790524070004 | 2024Q2 业绩稳健，内销维持平稳/外销延续高增长，维持"买入"评级 2024H1 公司实现营收 109.65 亿元（同比+9.84%，下同） ...

公司报告 | 半年报点评 外销增速亮眼，内销保持稳定 事件：公司 2024 年 H1 实现营业收入 109.65 亿元，同比+9.84%，归母净利润 9.41 亿元，同比+6.81%；其中 2024Q2 实现营业收入 55.86 亿元，同比+11.29%，归母净 利润 4.71 亿元，同比+6.4%。 苏泊尔（002032） 证券研究报告 2024 年 09 月 02 日 投资评级 行业 家用电器/小家电 6 个月评级 买入（维持评级） 当前价格 49.8 元 目标价格 元 外销增速亮眼，内销稳定增长。分品类看，24H1炊具/电器收入同比+16.95%/+7.24%， 炊具表现更好；分地区看，24H1 内外销收入同比+0.1%/+39.29%。内销业务，面对 复杂的市场环境与消费者更理性的市场需求，公司通过持续创新及强大的渠道竞争 优势实现了优于行业的表现，且核心品类的线上、线下市场占有率持续提升。外销 业务，去年同期公司主要外销客户处于去库存阶段，本期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较同期增长明显，营业收入实现了快速增长。 内销毛利率略有下滑。2024 年 H1 公司毛利率为 24.4 ...