supor(SZ:002032) KAIYUAN SECURITIES·2024-04-28 14:30Investment Rating - The investment rating for the company is "Buy" (maintained) as of April 26, 2024 [2]. Core Views - The report indicates that the company's external sales continue to recover, while internal sales remain stable and outperform the industry [2][3]. - The company achieved a revenue of 5.378 billion yuan in Q1 2024, representing a year-on-year increase of 8.38%, with a net profit attributable to the parent company of 470 million yuan, up by 7.23% [2]. - The report maintains a positive outlook on the company's steady operations and high dividend payout ratio for the long term [2][3]. Summary by Sections Sales Performance - In Q1 2024, external sales are expected to maintain a high growth trend, with significant contributions from major clients like SEB Group, which reported a revenue of 1.635 billion euros, a 5.8% increase year-on-year [3]. - The internal sales in China are projected to remain stable or slightly increase, supported by ongoing efforts in the OTO market [3]. Profitability Metrics - The gross margin for Q1 2024 was 24.42%, a decrease of 0.8 percentage points, attributed to a higher growth rate in low-margin external sales compared to internal sales [4]. - The net profit margin for Q1 2024 was 8.73%, down by 0.09 percentage points, while the net profit excluding non-recurring items was 8.57%, a decrease of 0.03 percentage points [4]. Financial Forecasts - The company is projected to achieve revenues of 23.081 billion yuan in 2024, with a year-on-year growth of 8.3% [5]. - The net profit attributable to the parent company is expected to reach 2.422 billion yuan in 2024, reflecting an 11.1% increase compared to the previous year [5]. - The report forecasts a steady increase in earnings per share (EPS), estimating it to be 3.00 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 19.4 [5].