苏泊尔：外销快速增长，内销保持平稳

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [3]. Core Views - The company reported a revenue of 10.965 billion yuan for the first half of 2024, representing a year-on-year increase of 9.84%, and a net profit attributable to shareholders of 940 million yuan, up 6.81% year-on-year. In Q2 2024, revenue reached 5.59 billion yuan, a year-on-year increase of 11.3%, with a net profit of 470 million yuan, up 6.4% year-on-year [1]. - The company has seen rapid growth in exports while maintaining stable domestic sales. The domestic market has shown slight growth, supported by continuous innovation and strong channel competitiveness, leading to an increase in market share for core categories. The recovery in demand from major export clients in Europe and the US has significantly boosted export orders [1]. - The company is actively working on cost reduction and efficiency improvement, which has slightly impacted gross margins. Despite a competitive market environment, the company has managed to maintain stable growth through increased marketing efficiency and continued investment in R&D [1]. Financial Summary - Revenue projections for 2024-2026 are as follows: 22.88 billion yuan in 2024, 24.81 billion yuan in 2025, and 26.76 billion yuan in 2026, with growth rates of 7.42%, 8.43%, and 7.87% respectively [2][5]. - The net profit attributable to shareholders is projected to be 2.40 billion yuan in 2024, 2.60 billion yuan in 2025, and 2.81 billion yuan in 2026, with growth rates of 9.89%, 8.56%, and 7.95% respectively [2][5]. - The company’s earnings per share (EPS) are expected to be 2.99 yuan in 2024, 3.24 yuan in 2025, and 3.50 yuan in 2026 [2][5]. - The price-to-earnings (P/E) ratios for the next three years are projected to be 15.51x in 2024, 14.29x in 2025, and 13.24x in 2026 [2][5]. Market Position - The company has a total market capitalization of approximately 37.16 billion yuan, with a circulating market value of about 37.06 billion yuan [3]. - The company’s total assets are projected to reach 13.58 billion yuan by 2024, with a debt-to-asset ratio of 47.11% [6][7].