supor(SZ:002032) Guolian Minsheng Securities·2026-02-25 04:25Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company achieved a stable revenue performance in 2025, with total revenue reaching 227.72 billion yuan, a year-on-year increase of 1.54%. However, the net profit attributable to shareholders decreased by 6.58% to 20.97 billion yuan [6] - Domestic sales showed resilience due to continuous innovation and strong channel competitiveness, while overseas sales faced pressure from fluctuating demand [6] - The company plans to sell goods worth 7.28 billion yuan to its parent company SEB Group in 2026, which is expected to contribute to stable growth [6] Financial Performance Summary - Revenue projections for 2024 to 2027 are as follows: 22,427 million yuan (2024), 22,772 million yuan (2025), 23,722 million yuan (2026), and 24,717 million yuan (2027) with growth rates of 5.3%, 1.5%, 4.2%, and 4.2% respectively [2][7] - Net profit attributable to shareholders is projected to be 2,244 million yuan (2024), 2,097 million yuan (2025), 2,197 million yuan (2026), and 2,281 million yuan (2027), reflecting a growth rate of 3.0%, -6.6%, 4.8%, and 3.8% respectively [2][7] - The company’s gross margin is expected to remain stable around 24.7% to 24.8% from 2024 to 2027 [7] Dividend and Valuation - The expected dividend yield for 2025 is 5.8%, which is considered attractive [6] - The price-to-earnings (P/E) ratio is projected to be 16 for 2024 and 2027, and 17 for 2025, indicating a stable valuation outlook [2][7]