苏泊尔（002032）：公司信息更新报告：2024Q4业绩经营稳健，稳定高分红标的

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 224.27 billion yuan in 2024, representing a year-on-year increase of 5.27%. The net profit attributable to the parent company was 22.44 billion yuan, up by 2.97% [5] - The company is expected to benefit from policy-driven improvements in domestic demand in 2025, while maintaining stable operations and a high dividend payout ratio, with a 100% dividend rate in 2024 [5] - The report emphasizes the company's strong performance in external sales, with a 21.07% year-on-year increase, while internal sales faced a decline of 1.21% due to economic conditions [6] Financial Summary - The company’s total market capitalization is approximately 467.99 billion yuan, with a circulating market capitalization of 467.43 billion yuan [1] - The earnings per share (EPS) for 2025 is projected to be 3.05 yuan, with corresponding price-to-earnings (P/E) ratios of 19.1, 18.0, and 16.9 for 2025, 2026, and 2027 respectively [5][8] - The company’s gross profit margin for 2024 was 24.65%, a decrease of 1.65 percentage points, while the net profit margin was 10.01%, down by 0.22 percentage points [7][10] Revenue and Profit Forecast - Revenue is expected to grow from 23,895 million yuan in 2025 to 26,906 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 6.0% [8] - The net profit attributable to the parent company is forecasted to increase from 24.43 billion yuan in 2025 to 27.69 billion yuan in 2027, reflecting a steady growth trajectory [5][9] Operational Insights - The company’s external sales have shown resilience, with significant contributions from major clients, particularly in the EMEA and Americas regions, where revenue growth was recorded at 10.1% and 4.1% respectively in Q4 2024 [6] - The company has effectively managed its expenses, achieving a reduction in the expense ratio to 13.27% in 2024, down by 1.07 percentage points [7]