supor(002032) 光大证券·2025-03-02 01:14Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's revenue for 2024 is projected to be 22.4 billion yuan, reflecting a year-on-year increase of 3.0%, while the operating income is expected to reach 224.3 billion yuan, up 5.3% year-on-year [1][3]. - External sales are driven by the replenishment demand from the controlling shareholder SEB Group, leading to significant growth in external sales revenue, which is expected to reach 74.6 billion yuan in 2025, a 4.4% increase from 2024 [2][3]. - Domestic sales are facing stagnation in the industry, with a slight decline expected in 2024, but the company maintains its leading position through cost reduction and efficiency improvement [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 224.3 billion yuan, a 5.3% increase year-on-year, and a net profit attributable to shareholders of 22.4 billion yuan, up 3.0% year-on-year [1]. - The fourth quarter of 2024 saw an operating income of 59.1 billion yuan, a slight decline of 0.4% year-on-year, and a net profit of 8.1 billion yuan, down 0.7% year-on-year [1]. Sales and Market Position - External sales are significantly boosted by SEB Group's replenishment orders, with actual transactions between the company and SEB reaching 71.4 billion yuan in 2024, a 20.3% increase from 2023 [2]. - The domestic market is expected to see a slight decline in sales, with a retail sales drop of 0.8% in the small kitchen appliance sector, but the company continues to innovate and expand its product offerings [2]. Profitability and Valuation - The report adjusts the net profit forecasts for 2024-2026 to 22.4 billion, 23.6 billion, and 25.4 billion yuan respectively, reflecting a downward revision of 5%, 8%, and 9% [3]. - The current price-to-earnings (P/E) ratios are projected at 19, 18, and 17 for the years 2024, 2025, and 2026 respectively [3][4].