苏泊尔：利润率承压，外销恢复性增长明显

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55.29 RMB, down from a previous target of 65.78 RMB [2][8]. Core Insights - The company reported a revenue of 10.965 billion RMB for H1 2024, a year-on-year increase of 9.84%, and a net profit attributable to shareholders of 941 million RMB, up 6.81% year-on-year [2][3]. - The company has adjusted its EPS forecasts for 2024-2026 to 2.91, 3.24, and 3.61 RMB respectively, reflecting a slight downward revision due to a complex consumer environment [2][3]. - The company is positioned as a leader in the small home appliance sector, leveraging continuous innovation to expand its product line and market share [2][3]. Revenue Performance - In H1 2024, the company's revenue growth was driven by a 11.29% increase in Q2, compared to a 8.38% increase in Q1 [3]. - Domestic sales outperformed the industry average despite a decline in the overall small appliance market, with the company achieving growth through new product innovations and channel advantages [3][4]. - The external sales segment showed significant recovery, benefiting from inventory destocking and increased orders from major clients [3]. Profitability Analysis - The company's net profit growth slowed to 6.40% in Q2 2024, down from 7.23% in Q1, primarily due to a decline in product prices in a competitive market [4]. - The average price of small appliances in the domestic market fell by 5.7% year-on-year, impacting the company's gross margin [4]. - To maintain profitability, the company has implemented cost control measures and improved marketing efficiency [4]. Consumer Trends and Innovation - Consumer demand has shifted towards rational spending, particularly for non-essential appliances, with a retail sales growth of 3.70% in the first half of the year [5]. - The company has focused on innovation, launching new products such as infrared rice cookers and mini espresso machines, which are expected to enhance its competitive edge [5]. - The company aims to further increase its market share through innovative and cost-effective products [5].