苏泊尔（002032）：外销增幅明显，现金分红亮眼

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a total revenue of 22.43 billion yuan in 2024, representing a year-on-year increase of 5.3%, and a net profit attributable to shareholders of 2.24 billion yuan, up 3.0% year-on-year [1][2] - The company has shown strong growth in exports, with a year-on-year increase of 21.07% in export revenue, while domestic sales decreased by 1.21% [1] - The company has a high dividend payout ratio of 99.74%, with a total dividend amounting to 2.2387 billion yuan for the end of 2025, reflecting a commitment to shareholder returns [2] Financial Performance Summary - Revenue and Profit Forecast: The company is expected to achieve net profits of 2.40 billion yuan, 2.53 billion yuan, and 2.66 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 7.0%, 5.3%, and 5.2% [2] - Gross Margin: The gross margin for 2024 is reported at 24.7%, a decrease of 1.7 percentage points year-on-year [2] - Net Profit Margin: The net profit margin for 2024 is 10.0%, down 0.2 percentage points year-on-year [2] Product and Market Analysis - Product Performance: In 2024, the cooking appliances segment saw a decline of 2.57%, while food processing appliances, cookware, and other home appliances grew by 9.09%, 12.88%, and 8.89% respectively [1] - Market Share: The company has been able to increase its market share in core categories through continuous innovation and strong channel advantages [1] Regional Performance - Domestic vs. International Sales: Domestic sales decreased by 1.21%, while international sales increased significantly by 21.07%, indicating a shift towards stronger export performance [1]