supor(SZ:002032) GF SECURITIES·2024-07-25 02:31Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 51.57 RMB per share based on a 2024 PE of 18x [4][2]. Core Views - In Q2 2024, the company experienced accelerated revenue growth, achieving 5.59 billion RMB in revenue, a year-on-year increase of 11.3%, and a net profit of 470 million RMB, up 6.4% year-on-year [2][3]. - The company demonstrated resilience in a weak domestic demand environment, with revenue growth accelerating by 2.9 percentage points quarter-on-quarter, attributed to increased market share in core product categories and a recovery in external sales as inventory depletion ended for major clients [2][3]. - The company is expected to maintain steady growth in revenue and profits, driven by robust overseas demand and an increasing domestic market share in kitchen appliances [2][3]. Financial Summary - For 2024, the company is projected to achieve a revenue of 22.665 billion RMB, with a growth rate of 6.4% [3]. - The net profit for 2024 is estimated at 2.297 billion RMB, reflecting a growth rate of 5.4% [3]. - The earnings per share (EPS) is forecasted to be 2.87 RMB for 2024, with a PE ratio of 16.18x [3][4]. - The company’s return on equity (ROE) is expected to be 29.0% in 2024, indicating strong profitability [3].