苏泊尔（002032）：2025年一季报点评：营收业绩稳健增长

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 63 CNY, while the current price is 56.21 CNY [6][10]. Core Views - The company reported a steady revenue growth of 7.59% year-on-year, achieving a total revenue of 5.786 billion CNY in Q1 2025. The net profit attributable to shareholders was 497 million CNY, reflecting a year-on-year increase of 5.82% [2][10]. - The company is positioned as a leading player in the small home appliance sector, with significant improvements in channel transformation and continuous product innovation to meet diverse consumer needs. Despite short-term challenges from weak domestic demand and tariff disruptions, the long-term growth potential remains strong [10][11]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: - 2024: 22.427 billion CNY (growth of 5.3%) - 2025: 24.236 billion CNY (growth of 8.1%) - 2026: 25.884 billion CNY (growth of 6.8%) - 2027: 27.453 billion CNY (growth of 6.1%) [5][11] - Net profit forecasts are: - 2024: 2.244 billion CNY (growth of 3.0%) - 2025: 2.446 billion CNY (growth of 9.0%) - 2026: 2.613 billion CNY (growth of 6.8%) - 2027: 2.786 billion CNY (growth of 6.6%) [5][11] - Earnings per share (EPS) are projected to increase from 2.80 CNY in 2024 to 3.48 CNY in 2027 [5][11]. Market and Operational Insights - The company benefits from a strong domestic market presence, bolstered by government subsidies and ongoing product innovation. The market share in core categories remains leading [10][11]. - The external sales growth in Q1 2025 exceeded expectations due to the impact of tariffs, leading to some orders being exported ahead of schedule. The collaboration with SEB Group continues to provide stable support for the company's external sales [10][11]. - The company has received multiple design awards for its innovative products, indicating a strong commitment to product development and market responsiveness [10][11].