Sales Performance - The company's domestic sales showed slight growth compared to the same period last year, driven by continuous innovation and strong channel competitiveness [3] - Online competition remains intense, but the company has maintained stable growth on traditional e-commerce platforms like Tmall and JD, while also experiencing growth on emerging platforms like Douyin [3] - For external sales, there was a significant increase in orders from major overseas clients as demand rebounded after destocking in the previous year [3] Financial Outlook - The company aims to achieve a target of 6.2 billion CNY for daily related transactions in 2024, with adjustments based on actual order execution [3] - The company has implemented a relatively high cash dividend policy since 2021, based on accumulated undistributed profits, but future dividends will depend on capital expenditure and operating cash flow [3] Market Strategy - The company plans to continue focusing on product innovation and R&D as core strategies to maintain a steady and sustainable development trend [4] - The company holds a leading market share in both online and offline channels for cookware and small appliances, with ongoing efforts to enhance product categories and competitiveness [4] Profitability - Despite a challenging market environment, the company has managed to maintain a relatively stable profit margin through improved marketing efficiency and strict cost control [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported H1 2024 performance exceeding market expectations, with revenue of 10.965 billion (up 9.84%) and net profit attributable to the parent company of 941 million (up 6.81%) [1] - Q2 revenue was 5.586 billion (up 11.29%), with net profit of 471 million (up 6.40%) [1] - The growth in revenue was primarily driven by strong export performance, with Q2 exports estimated at 2.069 billion (up 35%) due to overseas clients reducing inventory and a low base effect [1] - The company is preparing to expand its brand internationally, differentiating itself from competitors [1] Revenue Analysis - Q2 domestic sales are expected to be approximately 3.517 billion, with a year-on-year growth of 1%, outperforming the industry due to increased market share in key product categories [1] - The company anticipates a total of 6.2 billion in related transactions for 2024, with a growth forecast of 4.5% [1] Profit Analysis - Q2 gross margin is expected to be under pressure, with a net profit margin of 8.43%, down 0.37 percentage points year-on-year and 0.30 percentage points quarter-on-quarter [1] - The company aims to focus on efficiency improvements and product innovation to balance costs [1] Earnings Forecast - The revenue forecast for 2024-2026 has been adjusted upwards, with expected revenues of 22.9 billion (previously 22.6 billion), 24.4 billion (previously 23.9 billion), and 25.7 billion respectively, reflecting year-on-year growth rates of 7.5%, 6.4%, and 5.3% [1][2] - Net profit attributable to the parent company is projected to be 2.387 billion (previously 2.387 billion), 2.599 billion (previously 2.599 billion), and 2.801 billion, with year-on-year growth rates of 9.5%, 8.9%, and 7.7% [2][3] Financial Metrics - Key financial metrics for 2024E include a revenue of 22.894 billion, net profit of 2.387 billion, and a gross margin of 26.3% [2][3] - The company maintains a strong return on equity (ROE) of 35.1% for 2024E [2][5]

[Table_StockNameRptType] 苏泊尔（002032） 公司点评 外销超预期 ——苏泊尔 2024H1 业绩快报点评 主要观点： [⚫Table_Summary] 公司发布 2024H1 业绩快报： ➢ H1：收入 109.65 亿（+9.84%），归母 9.41 亿（+6.81%），扣非 9.23 亿（+7.62%）； ➢ Q2：收入 55.86 亿（+11.29%），归母 4.71 亿（+6.40%），扣非 4.62 亿（+7.18%）； ➢ 收入超市场预期。 ⚫ 收入分析：Q2 收入超预期来自外销部分 ➢ 我们预计 Q2 内销约 35.17 亿，同比增长 1%，增速优于行业，源于 优势品类份额上升； ➢ 我们预计 Q2 外销约 20.69 亿，同比增长 35%，源于同期海外客户去 库存，低基数下海外订单高增。24 年关联交易指引 62 亿+4.5%，拆 分 H1/H2 预计分别 32 亿/30 亿水平，23H2 外销收入 37 亿，我们预 期全年外销中枢将有上修。 ⚫ 利润分析：预计 Q2 毛利率有所承压 ➢ Q2 净利率 8.43%，同比-0.37pct、环比-0.30pct。预计主 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 51.57 RMB per share based on a 2024 PE of 18x [4][2]. Core Views - In Q2 2024, the company experienced accelerated revenue growth, achieving 5.59 billion RMB in revenue, a year-on-year increase of 11.3%, and a net profit of 470 million RMB, up 6.4% year-on-year [2][3]. - The company demonstrated resilience in a weak domestic demand environment, with revenue growth accelerating by 2.9 percentage points quarter-on-quarter, attributed to increased market share in core product categories and a recovery in external sales as inventory depletion ended for major clients [2][3]. - The company is expected to maintain steady growth in revenue and profits, driven by robust overseas demand and an increasing domestic market share in kitchen appliances [2][3]. Financial Summary - For 2024, the company is projected to achieve a revenue of 22.665 billion RMB, with a growth rate of 6.4% [3]. - The net profit for 2024 is estimated at 2.297 billion RMB, reflecting a growth rate of 5.4% [3]. - The earnings per share (EPS) is forecasted to be 2.87 RMB for 2024, with a PE ratio of 16.18x [3][4]. - The company’s return on equity (ROE) is expected to be 29.0% in 2024, indicating strong profitability [3].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [3]. Core Views - The company reported a revenue of 10.965 billion yuan for the first half of 2024, representing a year-on-year increase of 9.84%, and a net profit attributable to shareholders of 940 million yuan, up 6.81% year-on-year. In Q2 2024, revenue reached 5.59 billion yuan, a year-on-year increase of 11.3%, with a net profit of 470 million yuan, up 6.4% year-on-year [1]. - The company has seen rapid growth in exports while maintaining stable domestic sales. The domestic market has shown slight growth, supported by continuous innovation and strong channel competitiveness, leading to an increase in market share for core categories. The recovery in demand from major export clients in Europe and the US has significantly boosted export orders [1]. - The company is actively working on cost reduction and efficiency improvement, which has slightly impacted gross margins. Despite a competitive market environment, the company has managed to maintain stable growth through increased marketing efficiency and continued investment in R&D [1]. Financial Summary - Revenue projections for 2024-2026 are as follows: 22.88 billion yuan in 2024, 24.81 billion yuan in 2025, and 26.76 billion yuan in 2026, with growth rates of 7.42%, 8.43%, and 7.87% respectively [2][5]. - The net profit attributable to shareholders is projected to be 2.40 billion yuan in 2024, 2.60 billion yuan in 2025, and 2.81 billion yuan in 2026, with growth rates of 9.89%, 8.56%, and 7.95% respectively [2][5]. - The company’s earnings per share (EPS) are expected to be 2.99 yuan in 2024, 3.24 yuan in 2025, and 3.50 yuan in 2026 [2][5]. - The price-to-earnings (P/E) ratios for the next three years are projected to be 15.51x in 2024, 14.29x in 2025, and 13.24x in 2026 [2][5]. Market Position - The company has a total market capitalization of approximately 37.16 billion yuan, with a circulating market value of about 37.06 billion yuan [3]. - The company’s total assets are projected to reach 13.58 billion yuan by 2024, with a debt-to-asset ratio of 47.11% [6][7].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 07 月 25 日 苏泊尔(002032.SZ) Q2 外销快速增长，内销经营稳健 事件：苏泊尔公布 2024 年半年度业绩快报。公司 2024 年上半 年实现收入 109.6 亿元，YoY+9.8%，实现归母净利润 9.4 亿元， YoY+6.8%；经折算，公司 2024Q2 实现收入 55.9 亿元，YoY+11.3%， 实现归母净利润 4.7 亿元，YoY+6.4%。我们认为，Q2 苏泊尔内销 稳步增长，外销持续快速提升，单季经营表现稳健。 Q2 单季收入增速环比提速：Q2 苏泊尔单季收入 YoY+11.3%，增 速环比 Q1 增速提升 2.9pct，我们认为主要因为欧美市场去库存 后需求回升，苏泊尔主要外销客户订单同比明显增长，Q2 公司外 销收入同比快速提升。内销方面，我们推断，苏泊尔通过持续创 新和拓展 O2O 下沉市场等策略，实现 Q2 内销收入同比小幅增长。 随着展望后续，公司持续优化渠道布局，不断推出创意产品，收 入有望稳健提升。 998345873 Q2 盈利能力同比有所下降：Q2 苏泊尔归母净利率 8.4%，同 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55.29 RMB, down from a previous target of 65.78 RMB [2][8]. Core Insights - The company reported a revenue of 10.965 billion RMB for H1 2024, a year-on-year increase of 9.84%, and a net profit attributable to shareholders of 941 million RMB, up 6.81% year-on-year [2][3]. - The company has adjusted its EPS forecasts for 2024-2026 to 2.91, 3.24, and 3.61 RMB respectively, reflecting a slight downward revision due to a complex consumer environment [2][3]. - The company is positioned as a leader in the small home appliance sector, leveraging continuous innovation to expand its product line and market share [2][3]. Revenue Performance - In H1 2024, the company's revenue growth was driven by a 11.29% increase in Q2, compared to a 8.38% increase in Q1 [3]. - Domestic sales outperformed the industry average despite a decline in the overall small appliance market, with the company achieving growth through new product innovations and channel advantages [3][4]. - The external sales segment showed significant recovery, benefiting from inventory destocking and increased orders from major clients [3]. Profitability Analysis - The company's net profit growth slowed to 6.40% in Q2 2024, down from 7.23% in Q1, primarily due to a decline in product prices in a competitive market [4]. - The average price of small appliances in the domestic market fell by 5.7% year-on-year, impacting the company's gross margin [4]. - To maintain profitability, the company has implemented cost control measures and improved marketing efficiency [4]. Consumer Trends and Innovation - Consumer demand has shifted towards rational spending, particularly for non-essential appliances, with a retail sales growth of 3.70% in the first half of the year [5]. - The company has focused on innovation, launching new products such as infrared rice cookers and mini espresso machines, which are expected to enhance its competitive edge [5]. - The company aims to further increase its market share through innovative and cost-effective products [5].

Financial Performance - The total operating revenue for the first half of 2024 reached ¥10,964,777,968.45, an increase of 9.84% compared to the same period last year[4] - The total profit amounted to ¥1,171,229,382.78, reflecting a growth of 6.66% year-over-year[4] - The net profit attributable to shareholders was ¥940,593,117.65, up by 6.81% from the previous year[4] - Basic earnings per share increased by 7.66% to ¥1.181[3] - The weighted average return on equity rose by 2.16 percentage points to 15.45%[3] Market and Operational Challenges - The gross profit margin was impacted by a challenging market environment, but the company improved marketing efficiency and controlled expenses[4] - Total assets decreased by 15.26% to ¥11,107,102,449.31 compared to the beginning of the period[4] - Shareholders' equity fell by 19.52% to ¥5,106,521,012.48, primarily due to the implementation of the 2023 profit distribution plan[4] Strategic Initiatives - The company continued to invest in R&D and launched more competitive products to enhance its market position[4] - The company experienced significant growth in external sales orders as inventory levels normalized in the European and American markets[4]

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：2024-036 浙江苏泊尔股份有限公司 关于利用自有闲置流动资金购买短期理财产品的进展公告 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。 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 2024 年 4 月 25 日召开 2023 年年度股东大会审议通过《关于利用自有闲置流动资金购买短期理财产品的议案》，同意公司使用 总额不超过人民币四十亿元的自有闲置流动资金购买短期理财产品，具体公告内容可参见 2024 年 3 月 30 日披露于《证券时报》、《证券日报》、《中国证券报》及巨潮资讯网的《关于利用自有闲置流动资金购 买短期理财产品的公告》（公告编号：2024-016）。公司新增理财产品购买情况公告如下： | | | | | | | 认购金额 | | | 理财 | 预计年化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 | 管理人 | 理财产品 | 产品类型 ...

浙江苏泊尔股份有限公司 2、因公司于2024年4月30日将回购专用证券账户中5,150,000股股份进行了注销，公司最新总股 1、 本利润分配方案披露至分配实施期间，公司于2024年4月30日将回购专用证券账户中5,150,000 股股份进行了注销；公司最新总股本为801,558,657股，回购专用证券账户最新持有的股份为 4,667,500股。因此，公司本次实施的利润分配方案按公司总股本801,558,657股扣除公司回购专 用证券账户持有的4,667,500股后796,891,157股为基数进行利润分配，向全体股东每10股派现金 红利27.30元（含税），合计派发现金股利2,175,512,858.61元。 2、 因公司回购股份不参与分红，本次权益分派实施后，根据股票市值不变原则，实施权益分派前 后公司总股本保持不变，现金分红总额分摊到每一股的比例将减小，因此，本次权益分派实施 后除权除息价格计算时，每股现金红利应以2.7141031元/股计算（每股现金红利=现金分红总额 /总股本，即2.7141031元/股=2,175,512,858.61元÷801,558,657股）。 证券代码：002032 证券简 ...