[Table_StockInfo] 持有 2024年 04月 01日 （维持） 证券研究报告•2023年年报点评 当前价： 58.53元 苏 泊 尔（002032） 家用电器 目标价： ——元（6个月） 外销增幅明显，盈利能力保持稳定 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司m发ar布y] 2023年年报，2023年公司实现营收213亿元，同比增长5.6%； [分Ta析bl师e_：Au龚th梦or泓] 实现归母净利润21.8亿元，同比增长5.4%；实现扣非净利润19.9亿元，同比 执业证号：S1250518090001 增长 5.6%。单季度来看，Q4公司实现营收 59.4亿元，同比增长14.4％；实现 电话：023-63786049 归母净利润 8.2亿元，同比增长 7.8%；实现扣非后归母净利润 6.6亿，同比增 邮箱：gmh@swsc.com.cn 长 6.8%。2023年公司实现现金分红21.8亿元，业绩分红率达到99.8%。 联系人：方建钊  外销增幅明显。分产品来看，公司烹饪电器/食物料理电器/炊具及用具/其他家用 电话：18428374714 邮箱：fjz@swsc. ...

[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）公司年报点评 2024年04月03日 [Table_InvestInfo] 投资评级 优于大市 维持 内销持续稳健，外销恢复性增长 股票数据 [Table_Summary] 0[4Ta月b0le2_日S收to盘ck价（In元fo）] 57.55 投资要点： 52周股价波动（元） 44.30-59.47 总股本/流通A股（百万股） 807/805 总市值/流通市值（百万元） 46426/46303  苏泊尔发布2023年年报。公司23年实现收入213.04亿元，同比5.62%， 相关研究 归母净利润21.80亿元，同比5.42%。其中23Q4实现收入59.37亿元，同 [《Ta内b销le稳_R健e，p外or销tI恢nf复o]性 增长》2024.02.25 比 14.40%，实现归母净利润 8.18 亿元，同比 7.75%，对应归母净利率为 13.77%。同时，公司公告每10股派现27.3元，对应股息率4.7%。 《内销稳健，外销大幅恢复，上调全年关联交 易指引》2023.11.03 内销稳健，外销恢复性增 ...

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：2024-024 浙江苏泊尔股份有限公司 关于回购公司股份的进展公告 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"）第七届董事会第十九 次会议及2022年年度股东大会审议通过了《关于回购部分社会公众股份方案的议案》。为有效维护 广大股东利益，增强投资者信心，综合考虑公司的财务状况，公司拟使用自有资金回购公司股份， 用于注销减少注册资本及实施股权激励。公司将采用集中竞价交易的方式从二级市场回购公司股 份，本次回购股份的最高价不超过63.95元/股（经2022年度权益分派后现调整至60.93元/股），回购 股份数量不低于8,067,087股（含）且不超过16,134,174股（含），具体回购股份的数量以回购期满时 实际回购的股份数量为准。本次回购股份的期限为自股东大会审议通过方案起不超过十二个月。 本次股份回购事项已经2023年4月25日召开的公司2022年年度股东大会审议通过并于2023年4 月26日披露《关于回购部分社 ...

公司研 究 证 券研究 报 告 小家电Ⅲ 2024年04月02日 苏 泊尔（002032）2023年报点评 推 荐 （维持） 目标价：63元 小家电龙头经营稳健，多品类表现亮眼 当前价：58.53元 事项： 华创证券研究所  公司发布23年年报，实现营业收入213亿元，同比+5.6%；实现归母净利21.8 证券分析师：秦一超 亿元，同比+5.4%；拆分单季度来看，23Q4 实现营业收入 59.4 亿元，同比 +14.4%；实现归母净利 8.2 亿元，同比+7.8%。23 年公司合计派发现金股利 邮箱：qinyichao@hcyjs.com 21.76亿元、占净利润比例99.8%，维持高分红比例。 执业编号：S0360520100002 评论： 联系人：杨家琛  23年经营稳健收官，产品品类份额表现优异。23Q4实现营业收入59.4亿元， 邮箱： yangjiachen@hcyjs.com 同比+14.4%，延续三季度营收稳健增长表现，我们预计主要系外销增长贡献； 23H2公司外销、内销收入增速分别为60%、1%；23Q3开始，母公司SEB库 公司基本数据 存去化结束释放补库需求，驱动公司外销业务景气度修复 ...

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]