supor(002032) 国联证券·2025-01-25 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [6][16] Core Views - The company is expected to maintain stable operations in Q4 2024, outperforming the industry despite pressure on domestic sales and limited impact from national subsidies on the small home appliance sector. The company is actively controlling costs, ensuring relatively stable profitability, and is projected to achieve revenue of 22.4 billion, 24.4 billion, and 26.8 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of +3%, +9%, and +10% [3][16] Summary by Sections Financial Performance - The company forecasts a revenue of 22.43 billion yuan for 2024, representing a year-on-year increase of 5.27%. The net profit attributable to the parent company is expected to be between 2.23 billion and 2.26 billion yuan, reflecting a growth of 2.30% to 3.68% [12] - For Q4 2024, the company anticipates revenue of 5.915 billion yuan, a slight decline of 0.37% year-on-year, with net profit expected to be between 797 million and 827 million yuan, showing a year-on-year change of -2.50% to +1.17% [12][13] Market Dynamics - The report indicates that the national subsidy has limited impact on the small home appliance industry's overall market conditions. Domestic sales are under pressure, while external sales continue to grow. The company is expected to maintain a stable performance in the domestic market, significantly outperforming the industry due to its strong brand, channel, and product capabilities [13][15] Profitability and Cost Control - The company's net profit margin is expected to remain stable, with a slight year-on-year change of -0.29 percentage points to +0.21 percentage points. The pressure on profitability is mainly from domestic sales, where increased competition is expected to impact product sales prices and gross margins. The company is implementing measures to enhance marketing efficiency and strictly control expenses to maintain profitability [14][16] Future Projections - Revenue projections for 2024, 2025, and 2026 are 22.43 billion, 24.40 billion, and 26.64 billion yuan respectively, with growth rates of +5%, +9%, and +9%. The net profit attributable to the parent company is projected to be 2.24 billion, 2.44 billion, and 2.68 billion yuan, with corresponding growth rates of +3%, +9%, and +10% [3][16]