supor(SZ:002032) Guotai Junan Securities·2024-07-26 03:31Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price adjusted to 61.3 CNY, down from the previous 66.59 CNY [5][3]. Core Views - The company's external sales continue to grow significantly, with a projected increase of approximately 30% in Q2. Internal sales are expected to remain stable, supported by product structure improvements and new channels [3][4]. - The company has slightly lowered its earnings forecast for 2024-2026, with expected EPS of 2.92, 3.22, and 3.50 CNY, reflecting a year-on-year growth of 7%, 10%, and 9% respectively [3][4]. - The company is expected to maintain a high dividend yield and robust operational capabilities, which supports the investment rating [3][4]. Summary by Sections Sales Performance - The company achieved a revenue of 10.965 billion CNY in H1 2024, a year-on-year increase of 10%, with a net profit of 941 million CNY, up 6.81% [3][4]. - In Q2 alone, revenue reached 5.586 billion CNY, marking an 11% increase year-on-year, while net profit was 470 million CNY, up 6% [3][4]. Internal and External Sales - Internal sales are expected to see slight growth, while external sales are projected to grow rapidly due to the digestion of customer inventory [3][4]. - The report notes that despite industry challenges, the company's traditional kitchen appliance products are expected to perform better than the industry average due to their strong demand characteristics [3][4]. Financial Forecast - The financial summary indicates a steady increase in revenue from 20.171 billion CNY in 2022 to an expected 25.883 billion CNY in 2026, with net profit projected to rise from 2.068 billion CNY to 2.805 billion CNY over the same period [4][10]. - The company's net profit margin is expected to remain stable, with a projected return on equity (ROE) of 31.6% in 2024, increasing to 36.0% by 2026 [4][10].