苏泊尔（002032）：增速有所放缓，静待需求恢复

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 16.9 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.3%. However, the net profit attributable to the parent company decreased by 4.7% to 1.37 billion yuan [1] - The revenue growth rate has slowed down, primarily due to the ongoing low demand in the domestic small home appliance industry and high export base from the previous year [1] - The gross margin for the first three quarters of 2025 was 23.7%, a decrease of 0.8 percentage points year-on-year, while the net profit margin decreased to 8.1% [2] Financial Summary - Revenue projections for 2025-2027 are estimated at 22.9 billion, 24.1 billion, and 25.3 billion yuan, with year-on-year growth rates of 2.1%, 5.1%, and 5.1% respectively [4] - The net profit attributable to the parent company is forecasted to be 2.25 billion, 2.38 billion, and 2.51 billion yuan for 2025-2027, with growth rates of 0.2%, 5.9%, and 5.5% respectively [4] - The latest diluted EPS is projected to be 2.81 yuan in 2025, increasing to 3.13 yuan by 2027 [4]