Investment Rating - The report maintains a "Buy" rating for the company [5][9]. Core Insights - The company is expected to experience a recovery in revenue driven by third-party channels, with projected net profits for 2025-2027 being 842 million, 948 million, and 1,028 million RMB respectively [2][9]. - The company is enhancing its valuation support through high dividend payouts, with a proposed dividend of 0.6775 RMB per share for 2024, reflecting a payout ratio of 94.5% [8]. - The company is expanding its international presence, particularly in Southeast Asia, with established production centers in Thailand and Malaysia, aiming to replicate domestic channel efficiencies [8]. Financial Forecasts - Revenue projections for 2023A to 2027E are as follows: 6,148 million, 6,540 million, 7,101 million, 7,715 million, and 8,297 million RMB, with growth rates of 0.0%, 6.4%, 8.6%, 8.7%, and 7.5% respectively [4]. - The company's operating profit is forecasted to be 1,195 million, 1,108 million, 1,201 million, 1,312 million, and 1,409 million RMB for the same period, with corresponding growth rates of 6.9%, -7.2%, 8.4%, 9.2%, and 7.4% [4]. - The net profit attributable to the parent company is expected to show fluctuations, with a notable decrease in 2024A, followed by a recovery in subsequent years [4]. Valuation Metrics - The target price for the company is set at 15.1 HKD for 2025, based on a price-to-earnings (PE) ratio of 17 times [2][9]. - The company's current market capitalization is approximately 14,410 million HKD [5]. Performance Analysis - The company's stock has shown a relative performance of 1.92% over the past week and 3.58% over the past month, indicating a positive trend compared to the Hang Seng Index [6].

Core Viewpoint - Supor's strong dividend policy reflects its commitment to shareholder interests and confidence in future growth, supported by robust profitability and market potential [2]. Financial Performance - In 2024, Supor achieved a revenue of 22.427 billion yuan, a year-on-year increase of 5.27% - The net profit attributable to shareholders was 2.244 billion yuan, up 2.97% year-on-year [1]. - The company proposed a cash dividend of 28.10 yuan per 10 shares, totaling 2.239 billion yuan, maintaining a nearly 100% cash dividend payout ratio [1]. Dividend History - Since its listing in 2004, Supor has distributed dividends 23 times, with a cumulative payout of 15.742 billion yuan [1]. - The dividend payout ratio has consistently remained above 80%, with rates of 80.22% in 2021, 166.75% in 2022, and 99.8% in 2023 [1]. - The dividend yield for the years 2021 to 2023 was 3.10%, 8.65%, and 5.15% respectively [1]. Business Segments - In the product business segment, the cookware division generated revenue of 6.836 billion yuan, a year-on-year increase of 12.88% - The electrical appliances segment achieved revenue of 15.300 billion yuan, up 2.25% year-on-year [2]. - Domestic sales faced challenges with a revenue of 14.925 billion yuan, down 1.21% year-on-year, while international sales grew significantly to 7.502 billion yuan, a 21.07% increase [2]. Market Position - Supor's market share in the cookware sector continues to grow, maintaining the top position in both online and offline markets [2]. - The company outperformed the industry average in the kitchen small appliances sector, with increased market shares in both online and offline channels [2]. Future Strategy - In 2025, the domestic kitchen cookware and small appliances industry will face both challenges and opportunities - The company plans to upgrade product structures to stimulate demand for traditional product replacements and explore new categories and scenarios for growth [3].