Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [2][11]. Core Insights - In Q1 2024, the company achieved a revenue of 5.378 billion yuan, representing a year-on-year increase of 8.38%, and a net profit attributable to shareholders of 470 million yuan, up 7.23% year-on-year [1]. - The company's gross margin for Q1 2024 was 24.42%, a decrease of 0.8 percentage points year-on-year, while the net margin was 8.73%, down 0.08 percentage points year-on-year [1]. - The report highlights strong performance in core categories, particularly in domestic sales channels, with online sales of essential products like electric kettles and rice cookers growing by 4.4% and 1.9% respectively [1]. Financial Performance Summary - The company’s revenue is projected to grow from 21.30 billion yuan in 2023 to 26.76 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 7.87% [4]. - The net profit attributable to shareholders is expected to increase from 2.18 billion yuan in 2023 to 2.81 billion yuan in 2026, reflecting a CAGR of about 7.95% [4]. - The report forecasts earnings per share (EPS) to rise from 2.70 yuan in 2023 to 3.48 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 21.95 to 17.04 over the same period [4][7]. Balance Sheet Overview - As of Q1 2024, the company reported cash and cash equivalents plus trading financial assets of 4.871 billion yuan, a year-on-year increase of 6.6% [1]. - Inventory stood at 1.982 billion yuan, down 5.59% year-on-year, while accounts receivable increased by 27.74% to 2.309 billion yuan [1]. - The total assets are projected to grow from 13.11 billion yuan in 2023 to 16.95 billion yuan by 2026 [5]. Cash Flow Analysis - The net cash flow from operating activities for Q1 2024 was 1.043 billion yuan, a significant increase of 38.51% year-on-year, with cash inflow from sales of goods and services reaching 5.262 billion yuan, up 22.86% [1][6]. - The report indicates a positive trend in cash flow management, with expectations for improved cash flow generation in the coming years [6].

上 市 公 司 家用电器 2024 年04月 26 日 苏泊尔 (002032) 公 司 研 究 ——2024 年一季报点评：内销跑赢行业，外销持续稳健 公 司 增长 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持）  收入业绩符合预期，增长延续。苏泊尔2024年Q1单季度实现营收53.78亿元，同比增 证 长8%；实现归母净利润4.70亿元，同比增长7%；实现扣非归母净利润4.61亿元，同比 券 研 市场数据： 2024年04月25日 增长8%。公司此前已公布分红方案，每10股派现金红利27.30元（含税），合计派发现 究 收盘价（元） 59.3 金股利21.76亿元，分红率为99.8%。 报 一年内最高/最低（元） 61.6/44.3 告 市净率 7.0  内销跑赢行业，外销稳健增长。分地区来看，公司内销线上线下渠道均取得不错的增长， 息率（分红/股价） - 流通A股市值（百万元） 47709 线上市场与竞争对手进一步拉开差距。公司内销表现持续跑赢行业，根据奥维云网数据， 上证指数/深证成指 3052.90/9264.48 2023年苏泊尔炊具线上市场份额同比增长24%，领先第二品牌4 ...

一季报的情况，我们在销售方面增长了 8.38，利润我们增长了 7.23%，大家可以看到我们销 售已经回到了 2021 年更高的一个水平，利润跟 2020 年还稍微有一些差距。在同行业的对 比方面，其实我们目前已经发布的公告，我们可以看到我们行业里的一些一些竞争对手，他 们有些的情况还不错，大多数其实还是面临比较大的压力，我们也希望我们 q 一的业绩能 优于行业的一个表现。 在市场份额方面，我们在看到厨电方面有小幅的增长，但是因为从去年 q4 开始，美的他们 在线上加大了非常大的投入，所以他们的份额在 q 一有比较大的增长，所以他们现在回到 了一的水平，我们线下获得了不错的增长，所以我们现在线下的厨电的市场份额成为了第在 炊具方面我们依然是保持绝对的领先地位，无论是线上还是线下，我们的份额都在持续增长， 跟线上的竞争对手进一步拉开了差距，我们的份额达到了 5 倍以上的差距，在大家电方面我 们有小幅的增长，总体还是比较稳定的，我们在第二阵营在清洁电器方面我们有一个小幅的 下降。 这里我们顺便提一下赛博的一季报的情况，从赛博的一季报情况来看，他们的消费者业务和 专业业务都有一定的增长，尤其在专业业务方面，他们依然保 ...

股 票 研 究 [Table_industryInfo] 家用电器业/可选消费品 [ Table_Main[苏ITnaf 泊bol]e 尔_Ti(tl0e]0 2032) [评Tab级le_：Inv est] 增持 上次评级： 增持 内外销基本盘稳定，业绩符合预期 目标价格： 69.90 上次预测： 69.90 公 ——2024Q1 季报点评 当前价格： 59.30 司 蔡雯娟(分析师) 樊夏俐(分析师) 李汉颖(研究助理) 2024.04.26 更 021-38031654 021-38676666 010-83939833 [交Ta易bl数e_M据a rket] 新 caiwenjuan024354@gtjas.c fanxiali@gtjas.com lihanying026725@gtjas.com 报 证书编号 oSm08 80521050002 S0880523090006 S0880122070046 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 44.50 4- 76 ,0 8. 355 8 告 本报告导读： 总股本/流通A股（百万股） 807/805 内外销基本盘稳定，增持。 流 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 5.378 billion yuan in Q1 2024, representing a year-on-year growth of 8.38%. The net profit attributable to the parent company was 470 million yuan, up 7.23% year-on-year [1]. - The cookware industry shows a clear recovery trend, with most categories experiencing year-on-year growth, particularly enameled pots and pressure cookers, which saw increases of 9.65% and 18.46% respectively [1]. - The company's gross margin decreased by 0.8 percentage points to 24.42% in Q1 2024, primarily due to rising raw material prices [1]. - The company is enhancing user engagement through AIoT applications, which have been implemented across 33 categories, improving customer experience [1]. Financial Summary - The company expects net profits attributable to the parent company for 2024, 2025, and 2026 to be 2.368 billion yuan, 2.611 billion yuan, and 2.902 billion yuan respectively, with growth rates of 8.6%, 10.3%, and 11.1% [1][2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.94 yuan, 3.24 yuan, and 3.60 yuan respectively [2]. - The company's net asset return rate is projected to be 27.0%, 25.8%, and 24.8% for the years 2024, 2025, and 2026 [2].

Investment Rating - The report maintains a Buy-A rating for Supor (002032 SZ) with a 6-month target price of RMB 76 30 [2][3] Core Views - Supor's Q1 2024 revenue reached RMB 5 38 billion, a YoY increase of 8 4%, with net profit attributable to shareholders of RMB 470 million, up 7 2% YoY [1] - Domestic sales remained stable, while overseas sales continued to recover, contributing to steady growth in Q1 performance [1] - The company's gross margin in Q1 was 24 4%, down 0 8 percentage points YoY, primarily due to the increased proportion of lower-margin overseas sales [1] - Net profit margin in Q1 was 8 7%, down 0 1 percentage points YoY, but the decline was smaller than the gross margin drop due to effective cost control and foreign exchange gains [1] - Operating cash flow improved significantly, with a net inflow of RMB 1 04 billion in Q1, up 38 5% YoY, driven by increased sales and improved cash collection efficiency [2] Regional Sales Performance - Domestic sales showed marginal improvement, with online sales declining 7 7% YoY in Q1 but recovering to a 1 5% YoY growth in March [1] - Overseas sales grew rapidly, supported by strong export performance in kitchen appliances such as electric water heaters, rice cookers, and ovens, with export values increasing by 30 3%, 2 2%, 10 4%, and 12 6% YoY respectively [1] Financial Projections - The report forecasts EPS for 2024-2026 at RMB 3 05, 3 45, and 3 85 respectively, with a 25x forward P/E ratio for 2024 [2] - Revenue is expected to grow from RMB 22 97 billion in 2024 to RMB 27 7 billion in 2026, with net profit increasing from RMB 2 46 billion to RMB 3 11 billion over the same period [7][10] Profitability and Valuation Metrics - Gross margin is projected to improve from 26 8% in 2024 to 27 3% in 2026, with net profit margin rising from 10 7% to 11 2% [10] - ROE is expected to remain strong, ranging from 30 5% in 2024 to 28 2% in 2026, while ROIC is forecasted to exceed 100% in all projected years [10] Cash Flow and Liquidity - Supor's cash position remains robust, with cash and cash equivalents plus short-term investments totaling RMB 4 87 billion at the end of Q1 2024, up 6 6% YoY [2] - The company's cash collection ratio improved to 97 8% in Q1, up 11 5 percentage points YoY, indicating strong cash flow management [2]

苏泊尔 2023 年度股东大会法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关于浙江苏泊尔股份有限公司 2023 年度股东大会之 法 律 意 见 书 致：浙江苏泊尔股份有限公司（"贵公司"） 国浩律师（杭州）事务所（以下简称"本所"）接受贵公司的委托，指派本所 律师出席贵公司于 2024 年 4 月 25 日在浙江省杭州市滨江区江晖路 1772 号苏泊 尔大厦 23 层会议室召开的 2023 年度股东大会（以下简称"本次股东大会"），并 依据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东大 会规则》（以下简称"《股东大会规则》"）、《深圳证券交易所上市公司股东 大会网络投票实施细则》（以下简称"《网络投票细则》"）等法律、行政法规、 规范性文件及《浙江苏泊尔股份有限公司章程》（以下简称"《公司章程》"） 的规定，出具本法律意见书。 为出具本法律意见书，本所律师对贵公司本次股东大会所涉及的有关事项 进行了审查，查阅了本所律师认为出具本法律意见书所必须查阅的文件，并对 有关问题进行了必要的核查和验证。 贵公司已向本所承诺：贵公司向本所律师所提供的文件和所作陈述及说明 是完整的、真 ...

浙江苏泊尔股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开的第八届董事会第八次会议审议通过了《关于修订<公司章程>的议案》，公 司需要对《公司章程》的部分内容作以下修改： | 条 目 | 原 条 款 | 修 改 后 条 款 | | | --- | --- | --- | --- | | 第六条 | 公司注册资本为人民币 806,708,657 元。 | 公司注册资本为人民币 801,538,407 元。 | | | 第二十条 | 公司经批准发行的普通股总数 806,708,657 股，公司成立时发起 | 公司经批准发行的普通股总数 801,538,407 | 股。公司成立时发起 | | | 人股份为 6000 万股，…… | 人股份为 6000 万股，…… | | | 第二十一条 | 公司的股本结构为：普通股 806,708,657 股。 | 公司的股本结构为：普通股 801,538,407 股。 | | 浙江苏泊尔股份有限公司 2024 年 4 月 26 日 章程修订案 浙江苏泊尔股份有限公司 ...

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：2024-027 浙江苏泊尔股份有限公司 第八届董事会第八次会议决议公告 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"）第八届董事会第八次 会议通知已于 2024 年 4 月 15 日以电子邮件形式发出，会议于 2024 年 4 月 25 日以通讯表决的方式 召开。公司本次董事会应参加表决董事 9 人，实际参加表决董事 9 人。会议符合《公司法》和《公 司章程》的有关规定，会议由董事长 Thierry de LA TOUR D'ARTAISE 先生主持。 经与会董事认真审议，形成以下决议： 一、 审议通过《关于公司 2024 年第一季度报告的议案》 经董事投票表决，以 9 票同意、0 票反对、0 票弃权、0 票回避的表决结果予以审议通过。 1 公司《2024 年第一季度报告全文》详见 2024 年 4 月 26 日《证券时报》、《中国证券报》、《证券 日报》和巨潮资讯网 http://www.cninfo.com.cn ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥5,378,308,516.37, an increase of 8.38% compared to ¥4,962,675,878.22 in the same period last year[4] - The net profit attributable to shareholders for Q1 2024 was ¥469,544,886.20, reflecting a growth of 7.23% from ¥437,905,012.74 in the previous year[4] - Basic earnings per share rose to ¥0.589, an increase of 8.07% compared to ¥0.545 in the previous year[4] - Total operating revenue for Q1 2024 reached ¥5,378,308,516.37, an increase of 8.4% compared to ¥4,962,675,878.22 in Q1 2023[24] - Net profit for Q1 2024 was ¥469,791,694.38, representing a 7.7% increase from ¥437,469,766.93 in Q1 2023[26] Cash Flow - The net cash flow from operating activities increased by 38.51% to ¥1,043,028,242.95, up from ¥753,030,095.68 in the same quarter last year[4] - The company's cash flow from operating activities showed a positive trend, indicating improved liquidity management[27] - Total cash inflow from operating activities reached CNY 5,403,807,172.42, up from CNY 4,385,430,600.86, reflecting a growth of 23.2%[28] - Cash outflow for purchasing goods and services was CNY 2,639,812,026.07, compared to CNY 2,184,818,764.02, marking an increase of 20.8%[28] - The net cash flow from investment activities was CNY 204,925,842.28, a turnaround from a negative CNY 1,167,273,114.42 in the same quarter last year[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,951,948,394.27, a decrease of 1.18% from ¥13,106,703,607.00 at the end of the previous year[4] - Total liabilities decreased to ¥6,101,978,420.18 in Q1 2024 from ¥6,724,870,549.63 in Q1 2023, a reduction of 9.2%[22] - The total current assets amounted to approximately RMB 10.21 billion, slightly up from RMB 10.04 billion at the beginning of the period, indicating a growth of 1.7%[20] - The company’s non-current assets included fixed assets valued at approximately RMB 1.21 billion, down from RMB 1.24 billion, a decrease of 2.2%[20] Equity and Investments - The total equity attributable to shareholders increased by 7.37% to ¥6,813,264,210.34 from ¥6,345,333,020.11 at the end of the previous year[4] - The company reported a total cash balance of approximately RMB 4.62 billion at the end of the first quarter, up from RMB 3.55 billion at the beginning of the period, representing an increase of 30.3%[19] - The company’s long-term equity investments remained stable at approximately RMB 61.31 million, showing minimal change from the previous period[20] - The company received CNY 22,270,699.83 in investment income, a substantial increase from CNY 2,312,066.56 in the previous year[29] Operational Efficiency - Financial expenses decreased by 55.84% year-on-year, primarily due to exchange gains from fluctuations in the RMB/USD exchange rate[8] - The company experienced a 117.56% increase in net cash flow from investing activities, attributed to reduced cash outflows for investments in term deposits over three months[10] - Research and development expenses increased to ¥94,344,363.29 in Q1 2024, up from ¥83,228,848.66 in Q1 2023, highlighting a focus on innovation[25] Strategic Initiatives - The company is actively exploring market expansion strategies and new product development initiatives to enhance future growth prospects[16] - The company aims to expand its market presence and enhance product offerings in the upcoming quarters, focusing on strategic growth initiatives[27] - The company's total liabilities and equity structure will be further detailed in the upcoming financial disclosures, indicating a focus on transparency in financial reporting[18]