supor(002032) 国信证券·2025-04-01 14:45Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company demonstrated strong operational resilience with a revenue growth of 5.3% year-on-year, reaching 22.43 billion, and a net profit increase of 3.0%, totaling 2.24 billion in 2024. Despite a challenging domestic small appliance market, the company maintained stable revenue and profit growth [1][3] - The company's export revenue saw a significant increase of 21.1% year-on-year, amounting to 7.50 billion, with the first half of the year growing by 39.3% and the second half by 8.9%. The main customer, SEB, also reported a growth of 6.3% in the same period [1][2] - Domestic sales faced slight pressure, with a 1.2% decline to 14.93 billion. However, certain product categories like food preparation appliances grew by 9.1% to 3.80 billion, indicating a diversified product portfolio [2][3] Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 22.43 billion, reflecting a 5.3% increase, while the net profit reached 2.24 billion, up by 3.0%. The fourth quarter saw a slight decline in revenue by 0.4% to 5.91 billion and a net profit decrease of 0.7% to 0.81 billion [1][4] - The gross margin for the company was 24.7%, a decrease of 0.6 percentage points year-on-year, with domestic and export gross margins at 27.7% and 18.6%, respectively [3] Dividend Policy - The company proposed a cash dividend of 28.1 yuan per 10 shares, corresponding to a dividend yield of 5.1% based on the closing price on March 27 [1] Future Outlook - The company expects stable growth in export revenue, projecting a net profit of 2.40 billion, 2.55 billion, and 2.69 billion for 2025, 2026, and 2027, respectively, with growth rates of 7%, 6%, and 6% [4][5]