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苏泊尔(002032):2025年半年报点评:各项业务营收实现增长,盈利能力有所承压
Huachuang Securities· 2025-09-20 07:56
Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 55.0 yuan [2][10]. Core Views - The company achieved a revenue of 11.48 billion yuan in H1 2025, representing a year-on-year increase of 4.7%. The net profit attributable to shareholders was 0.94 billion yuan, showing a slight decrease of 0.1% year-on-year [2][10]. - The revenue for Q2 2025 was 5.69 billion yuan, with a year-on-year growth of 1.9%, while the net profit for the same period was 0.44 billion yuan, down 5.9% year-on-year [2][10]. - The company's gross margin in H1 2025 was 23.6%, a decrease of 0.8 percentage points year-on-year, primarily due to fluctuations in overseas tariffs [10]. - The net profit margin for H1 2025 was 8.2%, down 0.4 percentage points year-on-year, influenced by the decline in gross margin [10]. Financial Summary - The company is projected to have total revenue of 22.43 billion yuan in 2024, with a growth rate of 5.3%. The estimated revenue for 2025 is 23.40 billion yuan, reflecting a growth rate of 4.3% [5]. - The net profit attributable to shareholders is expected to be 2.24 billion yuan in 2024, with a growth rate of 3.0%, and 2.26 billion yuan in 2025, with a growth rate of 0.5% [5]. - The earnings per share (EPS) for 2025 is estimated at 2.82 yuan, with a price-to-earnings (P/E) ratio of 18 times [5][10]. - The company’s total assets are projected to reach 13.55 billion yuan by 2025, with a debt-to-equity ratio of 5.0% [11].
苏泊尔(002032):内销稳健增长,外销、投资收益影响盈利
Changjiang Securities· 2025-09-03 14:42
Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company reported a revenue of 11.478 billion yuan for the first half of 2025, representing a year-on-year growth of 4.68%. However, the net profit attributable to shareholders was 940 million yuan, a slight decline of 0.07% year-on-year [2][5]. - The company is actively promoting product innovation and optimizing channel layouts, maintaining a leading market share in domestic sales. It is expected to benefit from national subsidies for high-priced products, with strong growth in external orders [7]. - The company has maintained a considerable dividend rate in recent years, with projected net profits attributable to shareholders of 2.258 billion, 2.523 billion, and 2.758 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE valuations of 18.32, 16.39, and 15.00 times [7]. Summary by Sections Financial Performance - In the second quarter of 2025, the company achieved a revenue of 5.691 billion yuan, a year-on-year increase of 1.87%, while the net profit attributable to shareholders was 443 million yuan, down 5.94% year-on-year [2][5]. - The gross profit margin for the first half of 2025 was 23.61%, with a slight decline compared to the previous year. The company’s net profit margin for the first half was 8.19%, down 0.39 percentage points year-on-year [12]. Sales Breakdown - For the first half of 2025, the company's revenue from domestic sales grew by 3.36%, while external sales increased by 7.55%. The domestic market accounted for 67.62% of total revenue [12]. - The company launched innovative products, such as a handheld garment steamer, which achieved the highest online market share in the first half of 2025 [12]. Future Projections - The company is expected to maintain steady growth in scale while optimizing profitability efficiency. The projected net profits for 2025-2027 indicate a positive outlook for the company's financial performance [7].
研报掘金丨国盛证券:维持苏泊尔“买入”评级,核心品类稳健增长
Ge Long Hui A P P· 2025-08-29 07:45
Core Viewpoint - Guosheng Securities report indicates that Supor's net profit attributable to shareholders for H1 2025 is 940 million yuan, a year-on-year decrease of 0.1%, with Q2 2025 net profit at 440 million yuan, down 5.9% year-on-year [1] Financial Performance - Revenue shows steady growth, but profit growth has slowed down, with core categories maintaining stable growth [1] - For H1 2025, domestic and overseas sales revenue reached 7.76 billion yuan and 3.72 billion yuan, respectively, representing year-on-year increases of 3.4% and 7.6% [1] - Gross profit margins for domestic and overseas sales increased by 0.6 percentage points and decreased by 1.5 percentage points to 27.7% and 15.0%, respectively [1] Product Performance - In H1 2025, revenue from cookware, cooking appliances, food processing appliances, and other appliances were 3.2 billion yuan, 4.7 billion yuan, 1.9 billion yuan, and 1.7 billion yuan, respectively, with year-on-year growth rates of 7.5%, 1.2%, 2.4%, and 13.0% [1] Future Outlook - The company is expected to achieve net profits attributable to shareholders of 2.29 billion yuan, 2.44 billion yuan, and 2.60 billion yuan for 2025-2027, reflecting year-on-year growth rates of 2.0%, 6.7%, and 6.3% [1] - The rating is maintained at "Buy" [1]
苏泊尔(002032):营收稳健增长,利润增速有所放缓
GOLDEN SUN SECURITIES· 2025-08-29 02:30
Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 11.48 billion yuan in H1 2025, representing a year-on-year increase of 4.7%, while the net profit attributable to shareholders was 0.94 billion yuan, a slight decrease of 0.1% year-on-year [1] - The core product categories showed steady growth, with domestic and international sales reaching 7.76 billion yuan and 3.72 billion yuan respectively in H1 2025, reflecting increases of 3.4% and 7.6% year-on-year [1] - The report forecasts net profits for 2025-2027 to be 2.29 billion yuan, 2.44 billion yuan, and 2.60 billion yuan respectively, with growth rates of 2.0%, 6.7%, and 6.3% [2] Financial Performance Summary - H1 2025 gross margin was 23.6%, down 0.8 percentage points year-on-year, while Q2 2025 gross margin was 23.3%, down 1.1 percentage points year-on-year [2] - The company’s operating expenses for H1 2025 included a sales expense ratio of 10.0%, a management expense ratio of 1.7%, a research and development expense ratio of 1.8%, and a financial expense ratio of -0.1% [2] - The projected revenue for 2025 is 23.6 billion yuan, with a year-on-year growth rate of 5.2% [4]
苏泊尔(002032):内销趋稳,外销收入增速良好
HUAXI Securities· 2025-04-29 07:38
Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 22.43 billion yuan in 2024, a year-on-year increase of 5.27%, and a net profit attributable to shareholders of 2.24 billion yuan, up 2.97% year-on-year [2] - The company plans to distribute a cash dividend of 28.10 yuan per 10 shares, totaling 2.24 billion yuan, with a cash dividend payout ratio of 99.74% [2] - For Q1 2025, the company reported a revenue of 5.79 billion yuan, a year-on-year increase of 7.59%, and a net profit of 497 million yuan, up 5.82% year-on-year [2] Summary by Sections Sales Performance - Domestic sales remained stable with a revenue of 14.93 billion yuan in 2024, a slight decline of 1.21% year-on-year, while external sales grew significantly to 7.50 billion yuan, an increase of 21.07% year-on-year [3] - In Q1 2025, the kitchen small appliances sector saw online sales growth in various categories, including rice cookers and health pots, with increases ranging from 4.9% to 26.6% [3] Profitability and Cost Control - The company's gross margin for 2024 was 24.65%, a decrease of 0.63 percentage points year-on-year, with domestic gross margin at 27.69% and external gross margin at 18.62% [4] - The net profit margin for 2024 was 10.01%, down 0.22 percentage points year-on-year, while Q1 2025 net profit margin was 8.56%, a decrease of 0.18 percentage points year-on-year [4] Financial Forecast and Valuation - The company is expected to achieve revenues of 23.64 billion yuan, 24.72 billion yuan, and 25.66 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.38 billion yuan, 2.51 billion yuan, and 2.64 billion yuan [5] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.97 yuan, 3.13 yuan, and 3.29 yuan respectively, with a price-to-earnings (PE) ratio of 19, 18, and 17 times [5]
苏泊尔(002032):龙头经营稳健 创新驱动成长
Xin Lang Cai Jing· 2025-04-03 04:37
Core Insights - The company reported a revenue of 22.43 billion yuan for 2024, representing a year-on-year growth of 5.3% [1] - The net profit attributable to shareholders reached 2.24 billion yuan, with a year-on-year increase of 3% [1] - The company declared a cash dividend of 2.24 billion yuan, achieving a payout ratio of 99.7% [2] Revenue Breakdown - Revenue from cooking appliances, food preparation appliances, cookware and utensils, and other home appliances were 8.66 billion yuan, 3.8 billion yuan, 6.84 billion yuan, and 3.13 billion yuan respectively, with year-on-year changes of -2.6%, +9.1%, +12.9%, and +8.9% [2] - Domestic and overseas sales generated revenues of 14.93 billion yuan and 7.5 billion yuan respectively, with year-on-year growth rates of -1.2% and +21.1% [2] - Revenue from direct sales, distribution, and export OEM were 2.97 billion yuan, 11.96 billion yuan, and 7.5 billion yuan respectively, with year-on-year changes of +19.1%, -5.3%, and +21.2% [2] Profitability Metrics - The overall gross margin decreased by 1.7 percentage points to 24.7%, with specific margins for cooking appliances, food preparation appliances, cookware and utensils, and other home appliances at 24.3%, 21.5%, 27%, and 24.4% respectively [3] - The net profit margin for 2024 was 10%, showing a slight decline of 0.2 percentage points [3] - The company maintained a stable net profit margin despite a decrease in gross margin, indicating effective cost management [3] Market Position and Strategy - The company achieved the highest market share in both online and offline markets for kitchen small appliances and cookware in 2024 [3] - The company leverages its strong brand, mature product lines, and established distribution channels to maintain competitive advantages in a challenging market [3] - The company is focused on continuous innovation and collaboration with external resources to enhance its growth potential [4] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.00 yuan, 3.25 yuan, and 3.52 yuan respectively [4] - The company maintains a "hold" rating based on its growth prospects and market position [4]