苏泊尔（002032）：内销稳定增长，公司经营稳健

Investment Rating - The investment rating for the company is "Accumulate" [4][11]. Core Views - The company has shown stable growth in domestic sales, while exports are under short-term pressure but are expected to accelerate in the future. Overall, the company's operations are stable [11]. - The projected net profit for the company from 2025 to 2027 is estimated to be 22.96 billion, 24.26 billion, and 25.88 billion yuan respectively, with EPS of 2.87, 3.03, and 3.23 yuan, reflecting year-on-year growth of +2.3%, +5.7%, and +6.7% [11]. - The target price for the company is set at 66.01 yuan, based on a valuation of 23 times the estimated earnings for 2025 [11]. Financial Summary - Total revenue for 2023 is projected at 21,304 million yuan, with a growth rate of 5.6%. This is expected to increase to 22,427 million yuan in 2024, 23,600 million yuan in 2025, 24,620 million yuan in 2026, and 25,856 million yuan in 2027 [3][12]. - The net profit attributable to the parent company for 2023 is estimated at 2,180 million yuan, with a growth rate of 5.4%, and is expected to reach 2,244 million yuan in 2024, 2,296 million yuan in 2025, 2,426 million yuan in 2026, and 2,588 million yuan in 2027 [3][12]. - The company's net asset return rate is projected to increase from 34.4% in 2023 to 40.2% in 2027 [3][12]. Market Data - The company's market capitalization is 41,414 million yuan, with a total share capital of 801 million shares [5]. - The stock price has ranged between 48.15 yuan and 59.29 yuan over the past 52 weeks [5]. Operational Insights - The company reported a total revenue of 11,478 million yuan in the first half of 2025, reflecting a year-on-year increase of 4.68%. The second quarter revenue was 5,691 million yuan, up 1.9% year-on-year [11]. - The company has maintained a stable growth rate in domestic sales, with online sales in Q2 showing a year-on-year increase of 13.4% [11].