supor(002032) 申万宏源·2024-10-25 06:56Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company's revenue performance is in line with expectations, achieving a total revenue of 16.512 billion yuan in Q1-3 2024, representing a year-on-year growth of 7% [7]. - The company has shown strong domestic sales performance, outperforming the industry in the kitchen small appliances market, with significant market share gains in both online and offline channels [7]. - The company has increased its expected daily related transaction amount with SEB Group for 2024 to 6.95 billion yuan, a 17% increase compared to 2023, indicating confidence in overseas sales recovery [7]. Financial Summary - Total revenue for 2023 is reported at 21.304 billion yuan, with projected revenues of 22.915 billion yuan for 2024, 24.743 billion yuan for 2025, and 26.406 billion yuan for 2026 [10]. - The net profit attributable to the parent company for 2023 is 2.180 billion yuan, with forecasts of 2.315 billion yuan for 2024, 2.543 billion yuan for 2025, and 2.663 billion yuan for 2026 [10]. - The company maintains a stable gross margin of 26.3% for 2024, with a return on equity (ROE) projected to be 35.7% [6][7].