苏泊尔：2024年中报点评：外销高增内销稳健

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 63 yuan, while the current price is 50.63 yuan [2]. Core Insights - The company achieved a revenue of 10.96 billion yuan in the first half of 2024, representing a year-on-year increase of 9.8%. The net profit attributable to shareholders was 940 million yuan, up 6.8% year-on-year. In Q2 2024, revenue reached 5.59 billion yuan, with a year-on-year growth of 11.3%, and net profit of 470 million yuan, increasing by 6.4% year-on-year [2][3]. - The growth in revenue is primarily driven by a significant increase in exports, which grew by 39.3% in the first half of 2024, while domestic sales remained stable with a growth of only 0.1%. The recovery in overseas demand for small home appliances has contributed to this growth, as major export clients have completed inventory destocking and entered a replenishment phase [3]. - The company maintains a strong market position in essential categories, with innovative product launches such as titanium-coated non-stick frying pans and core kitchen appliances like rice cookers and pressure cookers. The company has also expanded into personal care categories, enhancing its growth trajectory [3]. - The gross margin in Q2 2024 was 24.4%, down 1.2 percentage points year-on-year, primarily due to the lower gross margin from the high-growth export business, which was 16.5%, compared to 28% for domestic sales. However, the efficiency of operating expenses improved, leading to a net profit margin of 8.4% in Q2 2024, a slight decrease of 0.4 percentage points year-on-year [3]. - The company is adapting to changes in the retail landscape by optimizing its product matrix in traditional e-commerce channels and increasing the sales proportion of mid-to-high-end products. It is also enhancing profitability in interest-based e-commerce channels and expanding its presence in offline markets [3]. Financial Summary - For 2024, the company is projected to achieve a revenue of 23.21 billion yuan, with a year-on-year growth rate of 9.0%. The net profit is expected to reach 2.37 billion yuan, reflecting an 8.7% increase year-on-year. The earnings per share (EPS) is forecasted to be 2.95 yuan, with a price-to-earnings (P/E) ratio of 17 times [4].