苏泊尔：全年平稳收官，期待政策催化

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 224.27 billion yuan in 2024, representing a year-on-year growth of 5.27%. The net profit attributable to shareholders is projected to be between 2.23 billion and 2.26 billion yuan, with a year-on-year increase of 2.30% to 3.68% [3] - The company anticipates stable growth in external sales and a slight decline in domestic sales for Q4 2024. The expected sales amount to SEB is 7.047 billion yuan, with a year-on-year growth rate of approximately 19.0% [3] - The resignation of the general manager is considered a normal internal personnel change, with limited substantive impact on the company [3] - The company is positioned as a leading brand in kitchen small appliances, benefiting from national subsidy policies and the expansion of product categories [3] Financial Summary - Total revenue for 2023 is reported at 21.304 billion yuan, with projections of 22.427 billion yuan for 2024, 23.896 billion yuan for 2025, and 25.500 billion yuan for 2026, reflecting growth rates of 5.6%, 5.3%, 6.6%, and 6.7% respectively [3][5] - The net profit attributable to shareholders for 2023 is 2.180 billion yuan, with forecasts of 2.254 billion yuan for 2024, 2.409 billion yuan for 2025, and 2.601 billion yuan for 2026, indicating growth rates of 5.4%, 3.4%, 6.9%, and 8.0% respectively [3][5] - The company's gross margin is projected to be 26.3% in 2023, slightly decreasing to 25.7% by 2026 [3][5] - The return on equity (ROE) is expected to increase from 34.4% in 2023 to 41.0% in 2026 [3][5] Earnings Forecast - The earnings per share (EPS) is estimated to be 2.81 yuan for 2024, 3.01 yuan for 2025, and 3.25 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 18.8, 17.6, and 16.3 [3][5]