Investment Rating - The report maintains an "Accumulate" rating for the company [4][12]. Core Views - The company's external sales continue to grow, while internal sales remain stable. The performance is expected to stabilize with product structure improvements and new channels contributing to growth [2][3]. - The earnings forecast for 2024-2026 has been adjusted downwards, with expected EPS of 2.82, 3.04, and 3.29 yuan, reflecting a year-on-year growth of 4%, 8%, and 8% respectively [3][12]. - The target price has been raised to 64.3 yuan, based on a 23x PE for 2024, considering improved market sentiment and the impact of the old-for-new policy [3][12]. Summary by Sections 1. Performance Overview - For Q3 2024, the company achieved a revenue of 16.512 billion yuan, a year-on-year increase of 7.45%, and a net profit attributable to the parent company of 1.433 billion yuan, up 5.19% year-on-year [14]. - The Q3 revenue from domestic sales was 5.548 billion yuan, with a year-on-year growth of 3.03%, and a net profit of 492 million yuan, up 2.22% year-on-year [14]. 2. Domestic and External Sales Performance - Domestic sales are in a slow recovery phase, with weak demand in July and August for small kitchen appliances and cookware. However, a boost is expected in September due to the old-for-new policy [15]. - External sales are projected to grow by 8% to 10% year-on-year, with a 15% increase in related transactions expected with the parent company SEB [15]. 3. Profitability Metrics - The gross margin for Q3 2024 was 24.47%, down 0.93 percentage points year-on-year, while the net margin was 8.67%, down 0.19 percentage points year-on-year [16]. - The company’s expense ratios for sales, management, R&D, and financial costs were 10.1%, 1.78%, 1.98%, and -0.29% respectively, with slight year-on-year changes [16]. 4. Financial Health - As of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 2.636 billion yuan, a decrease of 272 million yuan year-on-year [17]. - The company reported a healthy cash flow from operating activities of 1.12 billion yuan for Q3 2024, with total cash inflow from sales of goods and services at 4.904 billion yuan, an increase of 674 million yuan year-on-year [18].

千源证券 家用电器/小家电 公 司 研 究 苏泊尔（002032.SZ） 2024 年 10 月 28 日 2024Q3 业绩稳健，静待内需改善 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|--------------------------------------------------------------|---------------------------------------------------------------------------------------|------------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/10/28 | 吕明（分析师） \nlvming@kysec.cn 证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn 证书编号： S0790522030 ...

Group 1 - The core viewpoint is that Supor is benefiting from the continuous improvement and promotion of the old-for-new policy by local governments, which is expanding the categories of home appliance subsidies and optimizing the subsidy methods and processes [1] - The kitchen and bathroom appliance industry, where the company operates, is the first to benefit and has already shown preliminary results, with the small home appliance industry expected to gradually benefit as the range of subsidized categories increases [1] - For this year's Double Eleven shopping festival, the company has extended the duration of promotions compared to previous years and plans to allocate marketing resources effectively to enhance marketing efficiency during the event [1] Group 2 - The implementation of the old-for-new policy is expected to bring additional sales growth during the promotional period [1]

证券代码：002032 证券简称：苏泊尔 浙江苏泊尔股份有限公司投资者关系活动记录表 编号：2024010 | --- | --- | --- | --- | --- | |----------------|------------------------------------------------------|--------------------------------------------|--------|------------------| | | | | | | | 投资者关系活动 | □特定对象调研 □分析师会议 | | | | | 类别 | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | √其他 （电话会议） | | | | | 参与单位名称及 | 中金公司何伟 & | 汤胄樱子、上银基金管理蒋纯文、嘉实基金 | | | | 人员姓名 | 管理蔡丞丰、汇丰晋信基金管理费馨涵 | & | | 许廷全、中英人寿 | | | 保险黄翊鸣、上海东方证券资产管理陈太中、上海明河投资 | | | | | | ...

网友提问,关于小白店行业的市场需求 市场的规模是有一个不到11个点不等的萎缩因为疫情期间的一些网红品类像这个空气炸锅的降幅甚至达到了30%确实这个小店行业还是需求单比较低但是我们也看到公司肯定是取得了超越百余比例的一个增速在整个厨房小店市场整体的增速还是优于行业无论是线上和线下的份额还是保持一个行业第一的地位这个市场作用还是在持续提升的 我们觉得就是一方面是受益于公司产品端的实际无量的创新另外一方面也确实得益于公司渠道端的这个多元化尤其是对这个新型的这个石油电商这种加速的一个融合我们根据一些单方数据类似于像9000这种我们也看到公司在三季度整个线上的增速包括总移渠道的增速都是平均超于行业的这个平均水平也是显得优于主要的一些竞争者然后同时在昨天晚上三季状里面我们也公布了这个关于交易的这个预增的公告这个也是 上修的幅度是非常大,年初的时候其实给我们的指引是4%,那么这次是上修到了,就是整个SED销售额的增速吧,从今年年初4.2%加每个预期上修到了最新的17%,整个发展的幅度也是非常超出了大家的预期的。 应该说公司整个内外交市场并保持一个比较良好的态势尤其是最近国内这个消费已经发生政策落地以后我们看到很多地区也是打 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [3][11]. Core Views - The company achieved a revenue of 16.512 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 7.45%, and a net profit attributable to the parent company of 1.433 billion yuan, up 5.19% year-on-year [1]. - The company has increased its annual related transaction amount with SEB to 6.85 billion yuan, which is an increase of 740 million yuan from the initial estimate and a 15% increase compared to the actual related transaction amount in 2023 [1]. - The gross profit margin for the first three quarters of 2024 was 24.47%, a decrease of 0.93 percentage points year-on-year, while the net profit margin was 8.67%, down 0.19 percentage points year-on-year [2]. - The company has adjusted its revenue forecasts for both domestic and foreign sales, expecting net profits attributable to the parent company for 2024, 2025, and 2026 to be 2.26 billion, 2.41 billion, and 2.59 billion yuan respectively [2]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 5.548 billion yuan, a year-on-year increase of 3.03%, and a net profit of 492 million yuan, up 2.22% year-on-year [1]. - The company’s gross profit margin for Q3 2024 was 24.62%, a decrease of 0.76 percentage points year-on-year, while the net profit margin was 8.87%, down 0.09 percentage points year-on-year [2]. Sales and Expenses - The sales expense ratio for the first three quarters of 2024 was 10.1%, a decrease of 0.73 percentage points year-on-year, attributed to the increase in foreign sales [2]. - The company’s total revenue for 2024 is projected to be 22.47 billion yuan, with a growth rate of 5.47% [4]. Valuation Metrics - The dynamic price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 19.0x, 17.8x, and 16.6x respectively [2]. - The company’s total market capitalization is approximately 42.87 billion yuan [3].

Investment Rating - The report maintains an "Accumulate" rating for Supor (002032.SZ) [1][2] Core Views - The company's revenue and profit have shown steady growth in Q3 2024, with a year-on-year revenue increase of 7.5% to RMB 16.51 billion and a net profit increase of 5.2% to RMB 1.43 billion [1][2] - Domestic small home appliance market demand remains weak, but there are signs of recovery due to the implementation of the old-for-new policy, with online retail sales in September showing a year-on-year increase of 6.5% [1] - The company is expected to benefit from ongoing domestic subsidy policies, maintaining its position as a leading brand in the kitchen small appliance sector, with strong product and brand competitive advantages [2] Summary by Sections Performance Overview - For Q1-Q3 2024, the company achieved revenue of RMB 16.51 billion, a year-on-year increase of 7.5%, and a net profit of RMB 1.43 billion, up 5.2% year-on-year [1] - Q3 alone saw revenue of RMB 5.55 billion, a 3% increase year-on-year, and a net profit of RMB 490 million, up 2.2% year-on-year [1] Operational Analysis - The company has effectively controlled costs and expenses, with a Q3 gross margin of 24.6%, down 0.8 percentage points year-on-year [1] - The sales expense ratio has decreased from 10.9% to 9.5% in 2024, indicating improved cost management [1] - The company plans to increase its transactions with SEB Group, with expected transaction amounts rising from RMB 6.2 billion to RMB 6.95 billion [1] Financial Forecast - The report forecasts EPS for 2022, 2023, and 2024 to be RMB 2.9, RMB 3.0, and RMB 3.3 respectively, with corresponding PE ratios of 19.1, 18.0, and 16.6 [2] - Revenue is projected to grow from RMB 21.3 billion in 2023 to RMB 23.1 billion in 2024, reflecting an 8.65% growth rate [4]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported stable revenue and profit growth, with a year-on-year increase in revenue of 7.45% to 16.512 billion RMB and a net profit increase of 5.19% to 1.433 billion RMB for the first three quarters of 2024 [1]. - The gross margin and profitability showed slight declines, with gross margins at 24.47% for Q1-Q3 2024, down 0.93 percentage points year-on-year [1]. - The company has raised its expected annual related party transaction amount with its parent company SEB from an initial estimate of 6.11 billion RMB to 6.85 billion RMB, reflecting a 17.2% increase compared to the actual amount in 2023 [1]. - Profit forecasts for the company are projected to be 2.3 billion RMB, 2.48 billion RMB, and 2.66 billion RMB for 2024, 2025, and 2026 respectively, indicating growth rates of 5.6%, 7.9%, and 7.0% [1]. Financial Summary - For the fiscal year 2024, the company is expected to achieve a revenue of 22.815 billion RMB, with a year-on-year growth rate of 7.1% [2]. - The projected net profit for 2024 is 2.302 billion RMB, reflecting a growth rate of 5.6% [2]. - The earnings per share (EPS) is expected to be 2.87 RMB for 2024, with a net asset return rate of 36.3% [2]. - The price-to-earnings (P/E) ratio is projected to be 19.1 for 2024, indicating a favorable valuation compared to historical performance [2].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company's revenue performance is in line with expectations, achieving a total revenue of 16.512 billion yuan in Q1-3 2024, representing a year-on-year growth of 7% [7]. - The company has shown strong domestic sales performance, outperforming the industry in the kitchen small appliances market, with significant market share gains in both online and offline channels [7]. - The company has increased its expected daily related transaction amount with SEB Group for 2024 to 6.95 billion yuan, a 17% increase compared to 2023, indicating confidence in overseas sales recovery [7]. Financial Summary - Total revenue for 2023 is reported at 21.304 billion yuan, with projected revenues of 22.915 billion yuan for 2024, 24.743 billion yuan for 2025, and 26.406 billion yuan for 2026 [10]. - The net profit attributable to the parent company for 2023 is 2.180 billion yuan, with forecasts of 2.315 billion yuan for 2024, 2.543 billion yuan for 2025, and 2.663 billion yuan for 2026 [10]. - The company maintains a stable gross margin of 26.3% for 2024, with a return on equity (ROE) projected to be 35.7% [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q3 2024 results with revenue of 5.548 billion yuan (up 3.03% year-on-year) and a net profit attributable to shareholders of 0.492 billion yuan (up 2.22%) [1] - For the first three quarters, revenue reached 16.512 billion yuan (up 7.45% year-on-year) and net profit attributable to shareholders was 1.433 billion yuan (up 5.19%) [1] - The report indicates that the decline in growth rate is primarily due to the rising base of external sales [1] - The company has revised its 2024 related transaction guidance from 6.2 billion yuan to 6.95 billion yuan, indicating a cautious approach [1] Revenue Analysis - Domestic sales are expected to remain flat or slightly decrease, while external sales are projected to grow at a low double-digit rate, reflecting a slowdown compared to Q2 2024 [1] - The company’s performance in domestic sales is expected to outperform peers despite industry challenges [1] Profit Analysis - Q3 gross margin was 24.62%, with a year-on-year increase of 0.24 percentage points and a quarter-on-quarter decrease of 0.76 percentage points [1] - The net profit margin for Q3 was 8.87%, with a year-on-year increase of 0.44 percentage points [1] - The report highlights the company's effective marketing and cost control measures, which have contributed to stable profitability [1] Earnings Forecast - The company’s revenue is projected to reach 22.820 billion yuan in 2024, 24.280 billion yuan in 2025, and 25.567 billion yuan in 2026, with year-on-year growth rates of 7.1%, 6.4%, and 5.3% respectively [2][4] - Net profit attributable to shareholders is expected to be 2.319 billion yuan in 2024, 2.483 billion yuan in 2025, and 2.610 billion yuan in 2026, with corresponding growth rates of 6.4%, 7.1%, and 5.1% [2][4] Financial Ratios - The projected gross margin for 2024 is 26.1%, with a return on equity (ROE) of 37.1% [2][4] - The price-to-earnings (P/E) ratio is expected to decrease from 19.50 in 2024 to 16.81 in 2026 [2][4]