supor(002032)2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for Supor (002032) [5][6] Core Views - Supor achieved revenue of 21.304 billion yuan in 2023, a year-on-year increase of 6%, with net profit attributable to shareholders of 2.18 billion yuan, up 5% year-on-year [5] - Q4 revenue reached 5.937 billion yuan, a 14% year-on-year increase, with net profit attributable to shareholders of 818 million yuan, up 8% year-on-year [5] - The company's export business grew significantly, with export revenue reaching 6.196 billion yuan, a 19.28% year-on-year increase, while domestic sales revenue was 15.108 billion yuan, up 0.88% year-on-year [6] - Supor's gross margin improved by 0.52 percentage points to 26.30% in 2023, with stable expense control [6] - The company's dividend payout ratio reached 99.8%, with a cash dividend of 27.30 yuan per 10 shares [5] Market Performance - Supor's closing price on March 29, 2024, was 58.2 yuan, with a price-to-book ratio of 7.4 [3] - The company's market capitalization was 46.826 billion yuan, with a total share capital of 807 million shares [3][4] Financial Summary - Supor's total assets and liabilities ratio was 51.31% as of December 31, 2023 [4] - The company's operating income is expected to grow to 22.915 billion yuan in 2024, 24.743 billion yuan in 2025, and 26.406 billion yuan in 2026 [7][8] - Net profit attributable to shareholders is forecasted to be 2.315 billion yuan in 2024, 2.542 billion yuan in 2025, and 2.662 billion yuan in 2026 [7][8] - The company's ROE is expected to increase from 34.4% in 2023 to 39.0% in 2026 [7] Product and Market Share - Supor's market share in cookware online sales increased by 24% in 2023, leading the second brand by more than four times [6] - The company's offline market share in cookware reached nearly 50%, maintaining its industry-leading position [6] - Supor's sales in cooking appliances, food processing appliances, and other products grew by 4.53%, 12.87%, and 16.94% year-on-year, respectively [6] - The company holds the top position in traditional e-commerce and TikTok channels for kitchen appliances [6]