研报掘金丨国盛证券：维持苏泊尔“买入”评级，核心品类稳健增长

Core Viewpoint - Guosheng Securities report indicates that Supor's net profit attributable to shareholders for H1 2025 is 940 million yuan, a year-on-year decrease of 0.1%, with Q2 2025 net profit at 440 million yuan, down 5.9% year-on-year [1] Financial Performance - Revenue shows steady growth, but profit growth has slowed down, with core categories maintaining stable growth [1] - For H1 2025, domestic and overseas sales revenue reached 7.76 billion yuan and 3.72 billion yuan, respectively, representing year-on-year increases of 3.4% and 7.6% [1] - Gross profit margins for domestic and overseas sales increased by 0.6 percentage points and decreased by 1.5 percentage points to 27.7% and 15.0%, respectively [1] Product Performance - In H1 2025, revenue from cookware, cooking appliances, food processing appliances, and other appliances were 3.2 billion yuan, 4.7 billion yuan, 1.9 billion yuan, and 1.7 billion yuan, respectively, with year-on-year growth rates of 7.5%, 1.2%, 2.4%, and 13.0% [1] Future Outlook - The company is expected to achieve net profits attributable to shareholders of 2.29 billion yuan, 2.44 billion yuan, and 2.60 billion yuan for 2025-2027, reflecting year-on-year growth rates of 2.0%, 6.7%, and 6.3% [1] - The rating is maintained at "Buy" [1]