supor(SZ:002032) EBSCN·2025-05-06 13:42Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 5.786 billion yuan for Q1 2025, representing a year-over-year increase of 7.59%. The net profit attributable to the parent company was 497 million yuan, up 5.82% year-over-year [5] - Domestic sales are recovering, while external sales continue to show growth. The company is expected to achieve a mid-single-digit growth in domestic sales for Q1 2025, driven by government subsidies covering new kitchen appliance categories [6] - The company has a strong strategic partnership with SEB Group, with expected sales to SEB reaching 7.37 billion yuan in 2025, a 4.6% increase from 2024 [6] Financial Performance - The gross profit margin for Q1 2025 was 23.9%, a slight increase of 0.1 percentage points year-over-year. The net profit margin was 8.6%, down 0.14 percentage points year-over-year, indicating stable profitability [7] - The company’s operating cash flow for Q1 2025 was 584 million yuan, a decrease of 44% year-over-year [7] - The company’s net cash at the end of Q1 2025 was 2.6 billion yuan, down 2.4 billion yuan year-over-year, but still representing 20% of total assets, indicating a solid financial position [7] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 2.39 billion yuan, 2.56 billion yuan, and 2.70 billion yuan respectively. The current price corresponds to a price-to-earnings ratio of 18, 17, and 16 for the respective years [8][10]