supor(SZ:002032) Shenwan Hongyuan Securities·2025-03-29 14:43Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 22.43 billion yuan in 2024, a year-on-year increase of 5%, and a net profit attributable to shareholders of 2.24 billion yuan, up 3% year-on-year [7] - The company plans to distribute a cash dividend of 28.10 yuan per 10 shares, totaling 2.24 billion yuan [7] - The company’s export sales grew significantly, with a 21.28% increase year-on-year, while domestic sales slightly declined by 1.20% [7] - The company is focusing on product innovation and differentiation to capture market trends, particularly in the small household appliance sector [7] - The company is enhancing its online and offline sales channels, leveraging partnerships with platforms like Meituan and JD to boost sales [7] - The company expects a total related party transaction amount of 7.46 billion yuan for 2025, a 5% increase year-on-year [7] - The profit forecast for 2025 is set at 2.38 billion yuan, reflecting a 6% year-on-year growth [7] Financial Data and Earnings Forecast - Total revenue forecast for 2025 is 23.98 billion yuan, with a year-on-year growth rate of 6.9% [6] - Net profit forecast for 2025 is 2.38 billion yuan, with a year-on-year growth rate of 6.0% [6] - Earnings per share for 2025 is projected to be 2.97 yuan [6] - The company maintains a high return on equity (ROE) of 36.3% for 2025 [6] - The price-to-earnings (PE) ratio is expected to be 20 for 2025 [6]