supor(SZ:002032) Guoxin Securities·2026-02-27 07:33Investment Rating - The investment rating for Supor (002032.SZ) is "Outperform the Market" [5] Core Views - Supor's 2025 performance shows stable revenue growth with a slight decline in profit due to increased expenses. The company achieved a revenue of 22.77 billion yuan, a year-on-year increase of 1.5%, while net profit decreased by 6.6% to 2.1 billion yuan [1][3] - The company maintains a strong market position in domestic sales, with a 2.7% growth in the Chinese market, supported by innovation and competitive channel advantages [1] - External sales faced slight pressure, with a decrease in orders from major clients, leading to a minor decline in external revenue. The company is expected to benefit from SEB's mid-term goal of returning to a 5% annual growth rate [2][3] Summary by Sections Financial Performance - In 2025, Supor's revenue is projected at 22.77 billion yuan, with a net profit of 2.1 billion yuan, reflecting a decline in profit margins due to increased marketing and R&D expenses [3][4] - The company's gross profit margin has slightly improved, while the net profit margin decreased by 0.8 percentage points to 9.2% [3][4] Sales Performance - Domestic sales showed resilience with a 2.7% growth in 2025, while external sales were impacted by a decrease in orders, particularly in North America and South America [2][3] - The company expects to maintain stable growth in domestic sales through innovation and strong market presence [1][2] Profit Forecast - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 2.1 billion, 2.25 billion, and 2.37 billion yuan respectively, reflecting a growth rate of -7%, +8%, and +5% [3][4]