supor(002032) Changjiang Securities·2025-05-04 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 5.786 billion yuan in Q1 2025, representing a year-on-year growth of 7.59%. The net profit attributable to the parent company was 497 million yuan, with a year-on-year increase of 5.82%. The net profit after deducting non-recurring items was 484 million yuan, reflecting a year-on-year growth of 4.98% [2][5]. Summary by Sections Revenue Growth - The company experienced growth in both domestic and international sales. The domestic small kitchen appliance market saw a total sales revenue increase of 2.50% year-on-year in Q1 2025, with rice cookers specifically growing by 4.90%. The company maintains a leading position in several segments, ranking in the top three for sales in categories such as rice cookers and stewing pots [11]. Profitability - The company's gross margin decreased by 0.10 percentage points to 23.91% in Q1 2025, attributed to a structural factor where faster revenue growth in international sales, which typically have lower margins, impacted overall profitability. The operating profit margin fell by 0.08 percentage points to 10.06%, and the net profit margin decreased by 0.14 percentage points to 8.59% [11]. Cash Flow - The net operating cash flow for Q1 2025 was 584 million yuan, a significant decline of 44.03% year-on-year, primarily due to a decrease in cash received from sales of goods and services [11]. Future Outlook - The company is expected to benefit from product innovation and channel optimization, maintaining a leading market share in domestic sales. The projected net profits for 2025, 2026, and 2027 are 2.399 billion yuan, 2.618 billion yuan, and 2.859 billion yuan, respectively, with corresponding PE ratios of 18.62, 17.06, and 15.63 [11].