supor(SZ:002032)2024-07-26 08:31Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6][7]. Core Insights - The company is expected to achieve a revenue of 10.965 billion yuan in H1 2024, representing a year-on-year growth of 10%. The net profit attributable to shareholders is projected to be approximately 941 million yuan, a 7% increase year-on-year [6]. - Domestic sales have outperformed the industry, with the company gaining market share in key categories despite an overall industry decline. The company’s innovative product offerings and focus on essential categories have contributed to this success [6][7]. - The external sales are benefiting from inventory destocking and a significant recovery in demand, with a projected transaction amount of 6.2 billion yuan with the SEB Group for 2024, indicating a target growth rate of around 3% [6][7]. - The company has demonstrated excellent cost control, with stable gross margins and effective management of expenses, particularly in R&D [7]. Financial Data and Profit Forecast - The company’s total revenue for 2024 is projected to be 22.915 billion yuan, with a year-on-year growth rate of 7.6%. The net profit attributable to shareholders is expected to reach 2.315 billion yuan, reflecting a growth of 6.2% [8]. - The earnings per share (EPS) for 2024 is estimated at 2.89 yuan, with a price-to-earnings (PE) ratio of 17 [8]. - The gross margin is expected to stabilize at 26.3% for 2024, with a return on equity (ROE) projected at 35.7% [8].