supor(002032) Guotou Securities·2024-03-29 16:00Investment Rating - The investment rating for the company is "Buy-A" with a target price of 67.13 yuan for the next six months [2]. Core Views - The company reported a revenue of 21.3 billion yuan in 2023, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 2.18 billion yuan, up 5.4% year-on-year. The fourth quarter saw a significant improvement in both export and domestic sales [1][2]. - The company maintains a high dividend payout ratio of 99.8%, with a cash dividend of 27.30 yuan per 10 shares, resulting in a dividend yield of 4.7% based on the closing price on March 29, 2024 [2][3]. Financial Performance Summary - Revenue and Profit: In Q4, the company achieved a revenue of 5.94 billion yuan, a year-on-year increase of 14.4%, and a net profit of 820 million yuan, up 7.8% year-on-year [1]. - Gross Margin: The gross margin for Q4 was 28.6%, an increase of 2.6 percentage points year-on-year, attributed to improved product mix and cost efficiency [1]. - Net Profit Margin: The net profit margin for Q4 was 13.8%, a slight decrease of 0.8 percentage points year-on-year, mainly due to a one-time tax adjustment in the previous year [1]. - Cash Flow: The operating cash flow for Q4 was 870 million yuan, down 23.1% year-on-year, primarily due to increased procurement expenses [2]. - Future Earnings Estimates: The expected EPS for 2024, 2025, and 2026 are 3.05, 3.52, and 3.95 yuan respectively [2][9]. Market Position and Outlook - The company is a leading player in the kitchen small appliance sector in China, benefiting from a strong brand influence and continuous optimization of product structure and sales channels [2]. - The company is expected to continue benefiting from global order transfers from its parent company, SEB Group, leading to sustained revenue and performance growth [2].