丨证券研究报告丨 报告要点 [Table_Summary] 公司发布 2025 年半年报：2025 年上半年公司实现营收 114.78 元，同比增长 4.68%，实现归 母净利润 9.40 亿元，同比下滑 0.07%，实现扣非归母净利润 9.07 亿元，同比下滑 1.65%。单 二季度来看公司实现营业收入 56.91 亿元，同比增长 1.87%，实现归母净利润 4.43 亿元，同 比下滑 5.94%，实现扣非归母净利润 4.24 亿元，同比下滑 8.27%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公司研究丨点评报告丨苏泊尔（002032.SZ） [Table_Title] 内销稳健增长，外销&投资收益影响盈利 苏泊尔（002032.SZ） cjzqdt11111 [Table_Title2] 内销稳健增长，外销&投资收益影响盈利 [Table_Summary2] 事件描述 公司发布 2025 年半年报：2025 年上半年公司实现营收 114. ...

格隆汇8月29日｜国盛证券研报指出，苏泊尔25H1归母净利润9.4亿元，同比-0.1%，单25Q2归母净利润 4.4亿元，同比-5.9%。营收稳健增长，利润增速有所放缓，核心品类稳健增长。分地区来看，25H1内/ 外销收入分别实现77.6/37.2亿元，同比分别+3.4%/+7.6%。内/外销毛利率分别同比+0.6pct/-1.5pct至 27.7%/15.0%。分产品来看，25H1炊具/烹饪电器/食物料理电器/其他电器收入分别为32/47/19/17亿元， 同比分别+7.5%/1.2%/+2.4%/+13.0%。该行预计公司2025-2027年归母净利润分别为22.9/24.4/26.0亿元， 同比+2.0%/+6.7%/+6.3%，维持"买入"评级。 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 29 年 月 日 苏泊尔（002032.SZ） 营收稳健增长，利润增速有所放缓 事件：公司发布 2025 年半年报。25H1 实现营收 114.8 亿元，同 比+4.7%，归母净利润 9.4 亿元，同比-0.1%，扣非归母净利润 9.1 亿元，同比-1.7%；单 25Q2 营收 56.9 亿元，同比+1.9%，归母净 利润 4.4 亿元，同比-5.9%，扣非归母净利润 4.2 亿元，同比-8.3%。 核心品类稳健增长。分地区来看：25H1 内/外销收入分别实现 77.6/37.2 亿元，同比分别+3.4%/+7.6%。内/外销毛利率分别同比 +0.6pct/-1.5pct 至 27.7%/15.0%。 分产品来看：25H1 炊具/烹饪电器/食物料理电器/其他电器收入分 别为 32/47/19/17 亿元，同比分别+7.5%/1.2%/+2.4%/+13.0%。 炊具 /烹饪 电器/ 食物料理 电器 / 其他电器毛利率 分别同比 - 1.1pct/+0.6pct/+0.2pct/-1.5pct 至 25.5%/23.5%/20.3%/24. ...

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]

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]