研报掘金丨中金：维持苏泊尔“跑赢行业”评级，下调目标价9%至60.45元

Core Viewpoint - The report indicates that Supor's performance in 2025 is expected to show a year-on-year decline of 6.6% in net profit attributable to shareholders, primarily due to pressure on export business and increased expenses [1] Group 1: Performance Overview - The company's performance in 2025 is below expectations, with domestic sales outperforming exports [1] - For 2026, the company is expected to demonstrate resilience, particularly in domestic sales despite the reduction of national subsidies for small appliances [1] Group 2: Future Outlook - The company plans to sell goods worth 7.28 billion yuan to its affiliate SEB Group in 2026, which is anticipated to achieve a single-digit steady increase compared to the actual level in 2025 [1] - The current stock price corresponds to a P/E ratio of 16.3x for 2026 and 15.6x for 2027 [1] Group 3: Rating and Target Price - The rating is maintained at "outperform the industry," with a target price adjustment down by 9% to 60.45 yuan, considering profit forecast adjustments and cross-year valuation switching [1]