Investment Rating - The investment rating for the company is "Buy-A" with a target price of 54.63 CNY for the next 6 months [4]. Core Views - The company reported a revenue of 1.32 billion CNY in Q1 2025, representing a year-over-year increase of 10.6%, while the net profit attributable to shareholders was 130 million CNY, down 14.0% year-over-year. The outlook remains positive as the company continues to expand its product categories and overseas markets, which are expected to drive revenue growth [1][2]. - The demand for kitchen small appliances has been boosted by the domestic appliance replacement policy, with online sales increasing by 22% year-over-year in Q1. Key product categories such as coffee machines, soybean milk machines, and blenders have seen rapid sales growth [1][2]. - The company is enhancing its overseas product development and marketing capabilities, actively expanding its international channels, which is expected to contribute to growth. Additionally, the consolidation of Roman Smart in July 2024 is anticipated to provide incremental revenue [1]. Financial Summary - In Q1 2025, the company's gross profit margin increased by 0.9 percentage points year-over-year, but the net profit margin decreased by 2.8 percentage points due to increased R&D and management expenses, as well as a reduction in tax benefits [2]. - The operating cash flow for Q1 2025 increased by 170 million CNY year-over-year, primarily due to revenue growth, with cash received from sales increasing by 200 million CNY [2]. - The company is positioned as a leading online small appliance company, capturing significant market share in the long-tail small appliance market. It is actively moving towards product refinement and enhancing brand strength, with expectations of improved profitability as consumer demand in the small appliance sector recovers [2][4]. Financial Projections - The projected earnings per share (EPS) for the company from 2025 to 2027 are 1.95 CNY, 2.14 CNY, and 2.37 CNY, respectively. The estimated price-to-earnings (P/E) ratio for 2025 is 28 times [2][9]. - The company's revenue is expected to grow from 52.3 billion CNY in 2025 to 60.7 billion CNY in 2027, with net profit projected to increase from 3.1 billion CNY to 3.7 billion CNY over the same period [9][14].

Core Viewpoint - The company reported significant growth in its first-quarter 2025 performance, driven primarily by the strong demand and price increase of refrigerant products, despite challenges in other chemical product segments [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 5.8 billion yuan, a year-on-year increase of 6.05% but a quarter-on-quarter decrease of 11.52% [1]. - The net profit attributable to shareholders reached 809 million yuan, marking a year-on-year increase of 160.64% and a quarter-on-quarter increase of 15.22% [1]. - The company's non-recurring net profit was 789 million yuan, reflecting a year-on-year increase of 173.94% and a quarter-on-quarter increase of 9.71% [1]. Group 2: Refrigerant Product Performance - The average selling price and external sales volume of refrigerants in Q1 2025 were 37,500 yuan/ton and 69,800 tons, respectively, representing year-on-year increases of 58.08% and 4.14% [1]. - The company’s refrigerant business saw substantial profit growth, which significantly improved the overall revenue and profit structure [1]. Group 3: Industry Trends - The refrigerant market is experiencing an upward trend in prices, supported by supply constraints due to quota systems and improved industry competition [2]. - As of April 28, 2025, the average domestic market prices for key refrigerants (R22, R32, R125, R134a) increased by 9.1%, 12.8%, 7.1%, and 10.6% respectively since January 2, 2025 [2]. - The export prices for refrigerant R32 showed a gradual alignment with domestic prices, enhancing the company's performance certainty [2]. Group 4: Investment Outlook - The company is positioned favorably within the fluorochemical industry, benefiting from the upward cycle of second and third-generation refrigerants [3]. - Future net profits for 2025-2027 are projected to be 4.908 billion, 5.660 billion, and 6.656 billion yuan, with year-on-year growth rates of 150.47%, 15.32%, and 17.60% respectively [3]. - The company maintains a strong recommendation for investment, highlighting its cost advantages and strategic capacity expansion [3].

Core Viewpoint - Supor (002032.SZ) reported mixed results in its Q1 earnings, with revenue and net profit growth but a significant decline in operating cash flow by 44%, raising concerns among investors [1][2]. Financial Performance - In Q1 2025, Supor achieved total revenue of 5.79 billion yuan, a year-on-year increase of 7.59%. The net profit attributable to shareholders was 496.85 million yuan, up 5.82%, while the net profit excluding non-recurring items was 484.66 million yuan, growing by 4.98% [2][4]. - The net cash flow from operating activities was 583.80 million yuan, a decrease of 44.03% compared to the previous year, attributed to a reduction in cash received from sales of goods and services [2][4]. - The cash received from sales in Q1 was 4.89 billion yuan, down approximately 7% from 5.26 billion yuan in Q1 2024 [2]. Management Actions - Three key executives, including the CFO and board secretary, plan to continue reducing their holdings in the company, which has raised investor concerns due to their history of significant sell-offs, particularly at high stock price points [1][5]. - In 2024, these executives also engaged in substantial stock sales, with specific figures indicating a pattern of ongoing divestment [5]. Industry Outlook - The domestic kitchenware and small appliance industry faces both challenges and opportunities in 2025, transitioning from a pure growth phase to one where both growth and market saturation coexist [3]. - Supor aims to upgrade its product structure and explore new categories and scenarios for growth, supported by government policies promoting appliance upgrades [3]. - The company is expected to maintain steady growth in its export business, collaborating with foreign trade clients to enhance product development and competitiveness [3]. Production and Supply Chain - Supor operates seven manufacturing bases in China and Vietnam, focusing on cost reduction through automation and supply chain optimization [7]. - Future growth in the export business will depend on the organic growth of key foreign clients, with the company leveraging its manufacturing scale and responsiveness to provide competitively priced products [7].

数据来源：国家统计局等 版式设计：蔡华伟 栾茂欣说："花洒头积了白花花一层水垢，更别提热水器的水管和储水箱了。" 水质不高，家电寿命受影响，随着乡亲们生活水平提高，希望用自来水的呼声越来越高。去年7月，西 夏区农水局为芦花台园林场社区二队接通自来水管网。"拧开水龙头，就流出来清亮、干净的自来水。 今年中央一号文件提出："推动农村消费品以旧换新，完善废旧家电等回收网络。"当自来水入户遇上家 电以旧换新，对促进农村消费会发生怎样的"化学反应"？换新过程中又遇到哪些问题？让我们跟随记 者，看看一个发生在宁夏农村的家电换新故事。 ——编 者 "现在换热水器合适，以旧换新有补贴" 用了15年的太阳能热水器，栾茂欣一直没舍得换。 这台锈迹斑斑的热水器，热水储量越来越小，"洗澡洗一半，热水就用光了。"栾茂欣住在宁夏银川市西 夏区芦花台园林场社区二队，她请过几次维修工，才发现是热水器的储水箱堵满水垢，很难清理。 问题就出在"水"上面。长期以来，村民用井水。芦花台园林场社区这一带地下水资源丰富，水井的水被 机泵抽送到水塔里，再送到各家各户。每户每年交100元水费就够了。 井水便宜，但卫生条件不比自来水，未经沉淀过滤和多重净化， ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly in the white goods sector, due to favorable policies and market conditions [2][3]. Core Insights - The report highlights the significant growth in the home appliance replacement program, with over 100 million units exchanged as of April 10, 2025, indicating strong consumer demand and government support [3][9]. - The white goods sector is characterized by low valuations, high dividends, and stable growth, making it an attractive investment opportunity [2]. - The report emphasizes the expected increase in production and sales in the white goods sector, driven by the "old-for-new" policy and rising copper prices, which are boosting market sentiment [2][3]. Summary by Sections A. White Goods Data - In March, air conditioner retail volume decreased by 5.0%, while retail revenue increased by 0.1%, with an average price of 4480 yuan, up 5.34% year-on-year [25][26]. - Refrigerator retail volume and revenue rose by 2.0% and 7.7%, respectively, with an average price of 7237 yuan, up 4.2% year-on-year [26]. - Washing machine retail revenue increased by 4.7%, while retail volume decreased by 2.1%, with an average price of 4586 yuan, up 5.8% year-on-year [26]. B. Kitchen Appliance Data - In March, the retail volume of range hoods increased by 27.1%, and sales revenue rose by 34.4%, with an average price of 4423 yuan, up 4.9% year-on-year [29][30]. - The retail volume and revenue of gas stoves increased by 18.5% and 31.5%, respectively, with an average price of 2308 yuan, up 9.9% year-on-year [29][31]. C. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with the home appliance index rising by 0.2% while the CSI 300 rose by 0.6% [4][6]. - Key companies such as Rongtai Health and Hisense Home Appliances showed significant gains, while others like Feike Electric and Ecovacs experienced declines [6][4]. D. Macro Economic Environment - As of April 18, 2025, the USD to RMB exchange rate was 7.2069, reflecting a 0.26% increase since the beginning of the year [32].

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 47.41 yuan for the next six months [5]. Core Insights - The company reported a revenue of 4.76 billion yuan for 2024, reflecting a year-over-year increase of 1.0%, while the net profit attributable to shareholders was 290 million yuan, down 35.4% year-over-year [2]. - In Q4 2024, the company achieved a revenue of 1.62 billion yuan, marking a year-over-year growth of 16.2%, and a net profit of 110 million yuan, which is a decrease of 17.0% year-over-year [2][3]. - The growth in Q4 revenue was driven by domestic appliance replacement policies that boosted demand in the kitchen small appliance sector, with online sales increasing by 9% year-over-year [2]. - The company is actively expanding its product categories and enhancing its overseas market presence, which is expected to sustain revenue growth [2]. Financial Summary - The company's revenue is projected to grow from 4.76 billion yuan in 2024 to 5.15 billion yuan in 2025, with a compound annual growth rate (CAGR) of 8.2% [4][13]. - Net profit is expected to recover slightly to 320 million yuan in 2025, with an estimated earnings per share (EPS) of 2.06 yuan [4][13]. - The net profit margin is projected to improve from 6.0% in 2024 to 6.3% in 2025 [4][13]. - The company’s return on equity (ROE) is expected to increase from 10.2% in 2024 to 10.9% in 2025 [4][13].

Macro Dynamics - The Ministry of Commerce launched the 2025 National Home Appliance Consumption Season, emphasizing the importance of old-for-new appliance exchanges to stimulate growth and transformation while benefiting people's livelihoods and the industry [1] - Beijing initiated a "Guarding Consumption" campaign to address consumer issues such as "ghost" takeout and e-commerce "bully clauses," focusing on nine key areas to protect consumer rights [3] - In Changsha County, a new policy allows homebuyers a "7-day no-reason cancellation" option, which has reportedly increased foot traffic to real estate developers [4] - The recent "Consumption Promotion Action Plan" aims to shift car consumption management from purchase to usage, benefiting carless families by issuing additional new energy vehicle quotas [8][9][10] Company Dynamics - Eli Lilly launched its diabetes and weight loss drug Mounjaro in India, surpassing competitor Novo Nordisk, as India faces rising obesity and diabetes rates [13] - The Twitter blue bird logo, removed during Elon Musk's rebranding of the platform to X, is being auctioned for approximately $35,000 [15]