supor(SZ:002032) Huachuang Securities·2025-10-24 15:22Investment Rating - The report maintains a "Recommended" rating for Supor (002032) with a target price of 54.1 CNY [2][8]. Core Insights - Supor's Q3 2025 revenue reached 5.42 billion CNY, showing a year-over-year decline of 2.3%, primarily due to pressure on overseas sales, while domestic sales remained stable [8]. - The company's gross margin for Q3 2025 was 23.9%, unchanged from the previous year, indicating resilience in maintaining profitability despite competitive pressures [8]. - The net profit margin decreased to 7.9%, down 1.0 percentage points year-over-year, mainly due to increased marketing expenses [8]. Financial Performance Summary - Revenue Forecasts: - 2024A: 22,427 million CNY - 2025E: 23,127 million CNY (growth of 3.1%) - 2026E: 24,275 million CNY (growth of 5.0%) - 2027E: 26,181 million CNY (growth of 7.9%) [4][9] - Net Profit Forecasts: - 2024A: 2,244 million CNY - 2025E: 2,239 million CNY (decline of 0.3%) - 2026E: 2,389 million CNY (growth of 6.7%) - 2027E: 2,637 million CNY (growth of 10.4%) [4][9] - Earnings Per Share (EPS): - 2024A: 2.80 CNY - 2025E: 2.79 CNY - 2026E: 2.98 CNY - 2027E: 3.29 CNY [4][9] - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2025E: 17 times - Price-to-Book (P/B) ratio for 2025E: 6.0 times [4][9] Market Performance - The report highlights that Supor's domestic sales of key products such as woks and pressure cookers showed positive growth, with sales increasing by 11.1% and 0.5% respectively in Q3 2025 [8]. - The company is positioned as a leading player in the small home appliance sector, benefiting from effective channel transformations and continuous product innovation [8].