supor(SZ:002032) ZHONGTAI SECURITIES·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][10] Core Views - The company reported a strong dividend, with a payout of 27.30 CNY per 10 shares, achieving a dividend rate of 100%, resulting in a dividend yield of 4.63% [4][5] - The company's revenue for 2023 was 21.304 billion CNY, reflecting a year-on-year growth of 6%, while net profit reached 2.180 billion CNY, up 5% year-on-year [4][5] - The company is expected to maintain steady growth in 2024, with a projected revenue of 22.604 billion CNY and net profit of 2.281 billion CNY, both showing a growth rate of 6% [2][8] Summary by Sections Financial Performance - In 2023, the company's total revenue was 21.304 billion CNY, with a net profit of 2.180 billion CNY, marking a growth of 6% and 5% respectively compared to 2022 [2][4] - The company achieved a gross margin of 20.5% in 2023, an increase of 2 percentage points from previous periods [5] - The earnings per share (EPS) for 2023 was 2.70 CNY, with projections of 2.83 CNY for 2024 and 3.08 CNY for 2025 [8] Market Position - The company has a total share capital of 807 million shares, with a market price of 58.20 CNY, resulting in a market capitalization of 47 billion CNY [3] - The company outperformed the kitchen small appliance industry, which saw a retail sales decline of 9.6% in 2023, due to its strong product categories and effective channel strategies [5] Future Outlook - For 2024, the company anticipates a return to a normal growth level of 3% for its related transactions, with a focus on maintaining competitive advantages through cost control and innovation [6][7] - The company is expected to continue emphasizing research and development to enhance product value and expand into new categories such as coffee machines and cleaning products [6]