supor(SZ:002032) Chang Jiang Shang Bao·2025-03-31 00:24Core Viewpoint - Supor's operating performance shows signs of fatigue, with revenue and net profit growth slowing down significantly in recent years [1][3][6]. Financial Performance - In 2024, Supor achieved revenue of 22.427 billion yuan, a year-on-year increase of 5.27%, and a net profit attributable to shareholders of 2.244 billion yuan, up 2.97% year-on-year [1][3]. - From 2019 to 2024, Supor's revenue and net profit grew by 13.29% and 16.88% respectively, indicating a slowdown in growth rates [1][3]. - Quarterly data for 2024 shows stable revenue but a decline in net profit in Q4, with revenue of 5.915 billion yuan and net profit of 0.812 billion yuan [4][5]. Market Position - Supor claims to hold the number one market share in domestic cookware, with continuous growth in online market share for cookware and leading positions in small kitchen appliances [5][6]. - In 2024, sales to the major shareholder amounted to 7.046 billion yuan, a year-on-year increase of 20.51%, accounting for 31.42% of total revenue [5]. Dividend Policy - Supor has a high cash dividend payout, distributing 2.239 billion yuan in 2024, which is 99.74% of its net profit [1][10]. - Over the past three years, the total dividends paid amount to 7.863 billion yuan, while the total net profit during the same period was 6.492 billion yuan [1][10]. Marketing and R&D - Supor's marketing expenses have been increasing, with 2024 marketing costs reaching 1.691 billion yuan, which is 77.48% of total sales expenses [7]. - In contrast, R&D expenses have remained relatively low, with 2024 R&D spending at 0.470 billion yuan, indicating a heavy reliance on marketing over product development [7]. Quality Issues - Supor has faced multiple complaints regarding product quality, including issues with electric cookers and cookware, which may impact brand reputation [8][9].