Investment Rating - The report maintains a "Buy" rating for Supor (002032) [5][6] Core Views - Supor achieved revenue of 21.304 billion yuan in 2023, a year-on-year increase of 6%, with net profit attributable to shareholders of 2.18 billion yuan, up 5% year-on-year [5] - Q4 revenue reached 5.937 billion yuan, a 14% year-on-year increase, with net profit attributable to shareholders of 818 million yuan, up 8% year-on-year [5] - The company's export business grew significantly, with export revenue reaching 6.196 billion yuan, a 19.28% year-on-year increase, while domestic sales revenue was 15.108 billion yuan, up 0.88% year-on-year [6] - Supor's gross margin improved by 0.52 percentage points to 26.30% in 2023, with stable expense control [6] - The company's dividend payout ratio reached 99.8%, with a cash dividend of 27.30 yuan per 10 shares [5] Market Performance - Supor's closing price on March 29, 2024, was 58.2 yuan, with a price-to-book ratio of 7.4 [3] - The company's market capitalization was 46.826 billion yuan, with a total share capital of 807 million shares [3][4] Financial Summary - Supor's total assets and liabilities ratio was 51.31% as of December 31, 2023 [4] - The company's operating income is expected to grow to 22.915 billion yuan in 2024, 24.743 billion yuan in 2025, and 26.406 billion yuan in 2026 [7][8] - Net profit attributable to shareholders is forecasted to be 2.315 billion yuan in 2024, 2.542 billion yuan in 2025, and 2.662 billion yuan in 2026 [7][8] - The company's ROE is expected to increase from 34.4% in 2023 to 39.0% in 2026 [7] Product and Market Share - Supor's market share in cookware online sales increased by 24% in 2023, leading the second brand by more than four times [6] - The company's offline market share in cookware reached nearly 50%, maintaining its industry-leading position [6] - Supor's sales in cooking appliances, food processing appliances, and other products grew by 4.53%, 12.87%, and 16.94% year-on-year, respectively [6] - The company holds the top position in traditional e-commerce and TikTok channels for kitchen appliances [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 69.90 CNY, up from the previous target of 63.50 CNY [1][9]. Core Views - The company's domestic sales revenue is steadily growing, while foreign sales orders are still in the recovery phase. The earnings per share (EPS) forecasts for 2024-2026 are projected at 3.02, 3.36, and 3.73 CNY, representing year-on-year growth of +12%, +11%, and +11% respectively [1][9]. Summary by Sections 1. Investment Recommendations - The company is expected to maintain stable growth in domestic sales, with foreign sales orders recovering. The report projects EPS for 2024-2026 and raises the target price to 69.90 CNY while maintaining a "Buy" rating [1][9]. 2. Financial Performance - In 2023, the company achieved a revenue of 213.04 billion CNY, a year-on-year increase of +5.62%, and a net profit of 21.8 billion CNY, up +5.42%. The fourth quarter saw revenues of 59.37 billion CNY, a +14.4% increase year-on-year [1][11]. 3. Sales Growth - Domestic sales reached 151.08 billion CNY in 2023, a +1% increase, while foreign sales grew by +19% to 61.96 billion CNY. The company benefits from brand advantages and e-commerce traffic, with expectations for continued growth in both domestic and foreign markets [1][12]. 4. Profitability Metrics - The company's gross margin improved to 26.3% in 2023, up +0.52 percentage points year-on-year, while the net profit margin was 10.23%. The fourth quarter saw a gross margin of 28.63%, reflecting a +2.56 percentage point increase [1][14]. 5. Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 20.35 billion CNY in 2023, despite a decrease of 11.25 billion CNY year-on-year. The cash and cash equivalents at the end of 2023 were 38.99 billion CNY [1][15][17]. 6. Dividend Policy - The company maintains a high dividend payout, distributing 27.30 CNY per 10 shares, totaling 21.76 billion CNY, with a payout ratio of 99.8% and a dividend yield of 4.6% [1][18].

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][10] Core Views - The company reported a strong dividend, with a payout of 27.30 CNY per 10 shares, achieving a dividend rate of 100%, resulting in a dividend yield of 4.63% [4][5] - The company's revenue for 2023 was 21.304 billion CNY, reflecting a year-on-year growth of 6%, while net profit reached 2.180 billion CNY, up 5% year-on-year [4][5] - The company is expected to maintain steady growth in 2024, with a projected revenue of 22.604 billion CNY and net profit of 2.281 billion CNY, both showing a growth rate of 6% [2][8] Summary by Sections Financial Performance - In 2023, the company's total revenue was 21.304 billion CNY, with a net profit of 2.180 billion CNY, marking a growth of 6% and 5% respectively compared to 2022 [2][4] - The company achieved a gross margin of 20.5% in 2023, an increase of 2 percentage points from previous periods [5] - The earnings per share (EPS) for 2023 was 2.70 CNY, with projections of 2.83 CNY for 2024 and 3.08 CNY for 2025 [8] Market Position - The company has a total share capital of 807 million shares, with a market price of 58.20 CNY, resulting in a market capitalization of 47 billion CNY [3] - The company outperformed the kitchen small appliance industry, which saw a retail sales decline of 9.6% in 2023, due to its strong product categories and effective channel strategies [5] Future Outlook - For 2024, the company anticipates a return to a normal growth level of 3% for its related transactions, with a focus on maintaining competitive advantages through cost control and innovation [6][7] - The company is expected to continue emphasizing research and development to enhance product value and expand into new categories such as coffee machines and cleaning products [6]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 21.304 billion yuan in 2023, a year-on-year increase of 5.62%, and a net profit attributable to shareholders of 2.180 billion yuan, up 5.42% year-on-year. The fourth quarter of 2023 saw a revenue of 5.937 billion yuan, growing 14.40% year-on-year, and a net profit of 818 million yuan, increasing 7.75% year-on-year [1]. - The company experienced significant growth in export revenue, with a year-on-year increase of 19.28%, while domestic sales remained stable with a growth of 0.88%. The appliance segment showed a strong performance, with cooking appliances and food preparation appliances achieving revenue of 8.892 billion yuan and 3.484 billion yuan, respectively, marking increases of 4.53% and 12.87% year-on-year [1][2]. - The company's profitability remained stable, with a gross margin of 26.30% for 2023, up 0.52 percentage points year-on-year, attributed to improved product mix and lower raw material prices. The net profit margin for 2023 was 10.23%, slightly down by 0.01 percentage points year-on-year [1]. Financial Summary - The company is projected to achieve net profits of 2.368 billion yuan, 2.611 billion yuan, and 2.902 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 8.6%, 10.3%, and 11.1% [2][3]. - The earnings per share (EPS) for 2023 was 2.70 yuan, with projections of 2.94 yuan, 3.24 yuan, and 3.60 yuan for the following three years [3]. - The company's total revenue is expected to reach 23.160 billion yuan in 2024, with a growth rate of 8.7% year-on-year, and further increase to 25.508 billion yuan and 28.112 billion yuan in 2025 and 2026, respectively [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 21.3 billion yuan in 2023, representing a year-on-year increase of 5.62%. The net profit attributable to shareholders was 2.18 billion yuan, up 5.42% year-on-year. In Q4 2023, the revenue reached 5.937 billion yuan, with a growth of 14.4% [6][24] - The company maintains a high dividend payout ratio, with nearly 100% in 2023, and has implemented an employee incentive plan to enhance team motivation [22][24] Summary by Sections 1. Q4 2023 Revenue Growth and Sales Performance - In 2023, the company achieved a revenue of 213 billion yuan (+5.62% year-on-year) and a net profit of 21.8 billion yuan (+5.42%). In Q4 2023, the revenue was 59.37 billion yuan (+14.4%), and the net profit was 8.18 billion yuan (+7.75%) [6][13][24] 2. Improvement in Gross Margin and Cost Management - The overall gross margin for 2023 was 26.3% (+0.52 percentage points), with Q4 gross margin at 28.63% (+2.56 percentage points). The company maintained stable expense ratios across various categories, contributing to a net profit margin of 10.23% for the year [8][19][21] 3. High Dividend Payout and Employee Incentives - The company proposed a cash dividend of 27.3 yuan per 10 shares for 2023, maintaining a high dividend payout ratio. An employee incentive fund was established to reward 285 eligible employees, promoting motivation within the core team [22][24] 4. Profit Forecast and Investment Recommendations - The company forecasts net profits of 2.422 billion yuan, 2.688 billion yuan, and 2.935 billion yuan for 2024, 2025, and 2026, respectively. The corresponding earnings per share (EPS) are projected to be 3.00 yuan, 3.33 yuan, and 3.64 yuan, with current price-to-earnings (PE) ratios of 19.4, 17.5, and 16.0 times [6][24]

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 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].

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]