supor(002032) 申万宏源·2025-02-28 08:16Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a total revenue of 224.3 billion yuan in 2024, representing a year-on-year growth of 5.3%. The net profit attributable to the parent company is projected to be 22.4 billion yuan, with a growth of 3.0% [7] - The company has shown resilience in the domestic market despite a weak consumption environment, with a slight decline in domestic sales revenue. However, it has managed to increase market share in core categories through continuous innovation and strong channel competitiveness [7] - The company is benefiting from a significant increase in orders from its main client, SEB, leading to good growth in export revenue. The implementation of the "old-for-new" policy is expected to further boost sales in 2025 [7] Financial Data and Profit Forecast - Total revenue and profit forecasts for the company are as follows: - 2023: Total revenue of 21,304 million yuan, net profit of 2,180 million yuan - 2024E: Total revenue of 22,427 million yuan, net profit of 2,244 million yuan - 2025E: Total revenue of 23,939 million yuan, net profit of 2,380 million yuan - 2026E: Total revenue of 25,600 million yuan, net profit of 2,479 million yuan [6][8] - The company’s gross margin is expected to stabilize around 26% from 2024 to 2026, with a return on equity (ROE) projected to increase from 35.0% in 2024 to 37.3% in 2026 [6][8]