中国银河：给予苏泊尔买入评级

Core Viewpoint - The report indicates that Supor (002032) is rated as a "buy" due to its stable long-term performance, although short-term exports are impacted by U.S. tariffs [1] Financial Performance - In the first half of 2025, Supor reported revenue of 11.48 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 940 million yuan, a slight decrease of 0.1% [1] - The net profit margin for the first half of 2025 was 8.2%, down 0.4 percentage points year-on-year [1] - Revenue for Q1 and Q2 of 2025 was 5.79 billion yuan and 5.69 billion yuan respectively, with year-on-year growth rates of 7.6% and 1.9% [1] - The net profit for Q1 and Q2 was 500 million yuan and 440 million yuan respectively, with year-on-year changes of +5.8% and -5.9% [1] Domestic and International Sales - Domestic sales in the first half of 2025 reached 7.76 billion yuan, up 3.4% year-on-year, supported by national subsidy policies [2] - The gross margin for domestic sales improved to 27.7%, an increase of 0.6 percentage points year-on-year [2] - International sales in the first half of 2025 were 3.72 billion yuan, a year-on-year increase of 7.6%, but Q2 growth slowed due to U.S. tariff changes [2] - The gross margin for international sales was 15%, down 1.5 percentage points year-on-year [2] Product Performance - In the first half of 2025, revenue from cooking appliances, cookware, food processing appliances, and other appliances was 4.7 billion yuan, 3.16 billion yuan, 1.95 billion yuan, and 1.67 billion yuan respectively, with year-on-year growth rates of +1.2%, +7.5%, +2.4%, and +13% [3] - The gross margins for these product categories were 23.5%, 25.5%, 20.3%, and 24.1% respectively, with year-on-year changes of +0.6, -1.1, +0.2, and -1.5 percentage points [3] Investment Recommendations - The company is expected to maintain stable earnings, high return on equity (ROE), and high dividends, with projected net profits for 2025-2027 at 2.3 billion yuan, 2.38 billion yuan, and 2.49 billion yuan respectively [3] - Earnings per share (EPS) are forecasted to be 2.87 yuan, 2.96 yuan, and 3.1 yuan for the same period, corresponding to price-to-earnings (PE) ratios of 17.9, 17.3, and 16.5 times [3]