苏泊尔（002032）：稳健增长，优质分红

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 22.43 billion yuan in 2024, representing a year-on-year growth of 5.27%. The net profit attributable to shareholders was 2.24 billion yuan, up 2.97% year-on-year, while the net profit after deducting non-recurring items was 2.07 billion yuan, an increase of 3.52% year-on-year. In Q4 2024, the company reported a revenue of 5.92 billion yuan, a slight decline of 0.37% year-on-year, with a net profit of 0.81 billion yuan, down 0.73% year-on-year [2][9]. Summary by Sections Financial Performance - The company’s gross profit margin for 2024 was 24.65%, with a slight decline of 0.63 percentage points due to accounting policy changes. The net profit margin was 10.01%, down 0.22 percentage points year-on-year. The company maintained a high dividend payout ratio, proposing a cash dividend of 28.10 yuan per 10 shares, totaling 2.24 billion yuan, which corresponds to a dividend rate of 99.74% [2][9]. Sales and Market Position - The company’s domestic sales experienced a slight decline of 1.21% year-on-year, attributed to overall pressure on domestic demand. However, the company maintained a leading market share in both online and offline cooking utensils and kitchen appliances. In contrast, external sales grew significantly by 21.07% year-on-year, driven by increased orders from major external clients [9]. Future Outlook - The company is expected to continue its stable growth trajectory, with projected net profits of 2.40 billion yuan, 2.62 billion yuan, and 2.86 billion yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings (PE) ratios are estimated to be 18.53, 16.98, and 15.55 times [9].