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研报掘金丨海通证券：苏泊尔内销稳健，外销恢复性增长，予“优于大市”评级

Research Report | Haitong Securities: Supor's domestic sales are steady, and export sales are recovering, giving it a “superior to the market” rating

Gelonghui Finance ·  Feb 26 03:46

According to the Haitong Securities Research Report, looking ahead to 2024, it is believed that export sales of Supor (002032.SZ) are still expected to grow in the context of a high base. Domestic sales will continue to grow through category expansion, reducing costs and increasing efficiency to increase profitability. The company is expected to achieve EPS of 2.70 yuan, 2.90 yuan, and 3.09 yuan in 2023-2025, with year-on-year increases of 5%, 7%, and 6%. Considering that the company has continued to expand categories to achieve steady growth and has maintained high dividends for many years, referring to comparable company valuation levels, the company was given a PE valuation of 20-22 times in 2024, corresponding to a reasonable value range of 58-63.8 yuan, which is “superior to the market” rating.

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