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].

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 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]

浙江苏泊尔股份有限公司 2、本次聘任不涉及变更会计师事务所； 3、公司审计委员会、董事会对本次拟续聘会计师事务所不存在异议。 关于续聘 2024 年度审计机构的公告 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。 证券代码：002032 证券简称：苏泊尔 公告编号：2024-015 特别提示： 浙江苏泊尔股份有限公司 1、公司 2023 年度审计报告的审计意见为标准无保留意见； 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）第八届董事会第七次会 议审议通过《关于续聘 2024 年度审计机构的议案》，公司拟续聘毕马威华振会计师事务所（特殊普 通合伙）（以下简称"毕马威华振"）为公司 2024 年度审计机构。详细情况公告如下： 一、拟续聘会计师事务所事项的情况说明 鉴于毕马威华振会计师事务所（特殊普通合伙）具有较高的业务水平和良好的服务素质，在 2023 年度的审计过程中坚持独立审计原则，客观、公允地反映本公司财务状况，切实履行了审计机构应 尽职责，从专业角度维护了公司及股东的合法权益。基于履职评估的结果和相应的续聘程序，经公 司董事会审计委员 ...

浙江苏泊尔股份有限公司 2023年度内部控制自我评价报告 浙江苏泊尔股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求 （以下简称"企业内部控制规范体系"），结合浙江苏泊尔股份有限公司（以下简称 "公司"））内部控制制度和评价办法，在内部控制日常监督和专项监督的基础上， 我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一、重要声明 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准日， 不存在财务报告内部控制重大缺陷，董事会认为，公司已按照企业内部控制规范体 系和相关规定的要求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准日， 公司未发现非财务报告内部控制重大缺陷。 自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内部 控制有效性评价结论的因素。 三、内部控制评价工作情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风险 领域。纳入评价范围的单位包括母公司以及全部纳入合并范围的子公司，纳入 ...

苏泊尔回购注销部分限制性股票之法律意见书 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 2021 年、2022 年限制性股票激励计划回购注销 本所是依法注册具有执业资格的律师事务所，有资格就中国法律、法规、规 范性文件的理解和适用出具法律意见。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法 律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤 勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实 真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性 陈述或者重大遗漏，并承担相应法律责任。 部分限制性股票的 法律意见书 致：浙江苏泊尔股份有限公司 国浩律师（杭州）事务所作为浙江苏泊尔股份有限公司（以下简称"苏泊尔" 或"公司"）聘请的为其实施 2021 年、2022 年限制性股票激励计划事项提供法 律服务的律师，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股权激励管理办法》等有关法律、法规及规范性文件的规定，按照律师 ...

浙江苏泊尔股份有限公司 章 程 浙江苏泊尔股份有限公司 二〇二四年三月 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知和公告 第一节 通知 第二节 公告 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 1 目 录 第五章 董事会 第一节 监事 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会 第三节 股东大会提案 第四节 股东大会决议 第一节 董事 第二节 独立董事 第三节 董事会 第四节 专门委员会 第五节 董事会秘书 第六章 总经理 第七章 监事会 第二节 监事会 第三节 监事会决议 3 第一章 总 则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为，根 据《中华人民共和国公司法》(以下简称《公司法》)和其他有关规定，制订本章程。 第二条 本公司系依照《中华人民共和国公司法》和其他有关规定成立的股份 有限公司(以下 ...

浙江苏泊尔股份有限公司 浙江苏泊尔股份有限公司 2023 年度监事会工作报告 2023 年度，公司监事会全体监事严格按照《公司法》、《证券法》及其他法律、法规、规 章和《公司章程》及《监事会议事规则》的规定，本着勤勉尽责的工作态度以及对全体股东 负责的精神，认真履行有关法律、法规赋予的职权，积极有效地开展工作，对公司依法运作 情况和公司董事、高级管理人员履行职责情况进行监督，维护了公司及股东的合法权益。现 将 2023 年主要工作报告如下： 一、2023 年度监事会召开会议情况： 3、2023 年 3 月 29 日，第七届监事会第十八次会议以现场表决的方式召开，该次会议 审议通过了《2022 年度监事会工作报告的议案》、《2022 年年度报告及其摘要的议案》、《2022 年度财务决算报告的议案》、《2022 年度利润分配的议案》、《关于 2022 年度内部控制自我评 价报告的议案》、《关于利用自有闲置流动资金购买短期理财产品的议案》、《关于公司对全资 子公司提供担保及全资子公司之间互相担保的议案》、《关于对部分获授的限制性股票回购注 销的议案》、《关于终止回购部分社会公众股份方案的议案》、《关于回购部分社会公 ...

1 关于本报告 CEO 致辞 关键绩效 奖项与荣誉 关于我们 公司治理 产品与服务 可持续供应链 环境责任 以人为本 社会贡献 附录 | 关于本报告 | 01 | | --- | --- | | CEO致辞 | 02 | | 关键绩效 | 03 | | 奖项与荣誉 _ | 04 | | 1 关于我们 | 05 | | 1.1 公司概览 | 06 | | 1.2 ESG管理 | 06 | | 田大臣分 | 101 (0) | | 2.1 组织架构 | 09 | | --- | --- | | 2.2 风险管控 | 09 | | 2.3 商业道德与廉洁生态 | 10 | | 2.4 网络、信息安全与个人信息保护 | 12 | | 2.5 知识产权 _ | 15 | | 3 产品与服务 _ | 17 | | --- | --- | | 3.1 质量管理 | 18 | | 3.2 创新驱动 _ | 21 | | 3.3 责任营销 _ | 22 | | 3.4 优质服务 | 24 | | 4 可持续供应链 | 26 | | --- | --- | | 4.1 稳定供应 | 27 | | 4.2 准入、监测与淘汰 | 2 ...