内销业务稳健增长。上半年公司内销业务实现收入75.09 亿元，同比增长0.10%。上半年国内厨房小家电行业需求整体承压，根据奥维云网全渠道推总数据，1-6 月国内厨房小家电零售量同比微涨0.4%，但受均价下行影响零售额同比下降5.4%，公司内销业务在行业承压背景下保持稳健趋势，彰显龙头经营韧性。On August 29, Supor released its 2024 annual report.
Supor released its 2024 mid-year report. 2024H achieved operating income of 10.965 billion yuan, up 9.84% year on year, net profit to mother of 0.941 billion yuan, up 6.81% year on year, net profit after deducting 0.923 billion yuan, up 7.61% year on year; single Q2 company's operating income was 5.586 billion yuan, up 11.29% year on year, net profit to mother of 0.471 billion yuan, up 6.40% year on year, and revenue growth accelerated from month to month.
The export business continues to increase rapidly. The company achieved revenue of 3.45 billion yuan in the first half of the year, an increase of 39% over the previous year. According to SEB Group's announcement, SEB Group's revenue increased 2.3% year on year in the second quarter. Among them, professional coffee machine business revenue increased 4.9% year on year and consumer business increased 2.9% year on year. According to the LFL scale, the consumer business achieved positive growth of more than 5% for five consecutive quarters since 2023Q2. SEB Group's steady performance also built a solid foundation for the company's strong export sales business.
Domestic sales business is growing steadily. The company's domestic sales business achieved revenue of 7.509 billion yuan in the first half of the year, an increase of 0.10% over the previous year. Demand in the domestic small kitchen appliance industry was under pressure in the first half of the year. According to Aowei Cloud's omni-channel summary data, retail sales of small kitchen appliances rose slightly by 0.4% year on year in January-June, but retail sales fell 5.4% year on year due to falling average prices. The company's domestic sales business maintained a steady trend in the context of industry pressure, demonstrating the resilience of leading businesses.
Profit side. The company's gross margin fell 1.02 pct to 24.40% year on year in the first half of the year. Among them, the gross margin for single Q2 fell 1.24 pct year on year to 24.38%, mainly due to the structural impact of the share of revenue from export sales.
Looking at the breakdown, the gross margin of domestic and foreign sales of 2024H changed year-on-year by -0.37pct/ +0.08pct, respectively, and remained relatively stable. On the cost side, the cost rate for the Q2 Supor period was 13.17%, down 1.00pct year on year. Among them, sales/management/ R&D/finance cost ratios were -1.08pct/ -0.04pct/+0.16pct/ -0.03pct, respectively. The decline in sales expenses was mainly affected by the increase in the dilution effect brought about by the year-on-year increase in revenue. Taken together, the company's Q2 net margin fell slightly by 0.4 pct to 8.4% year over year. In terms of cash flow, Q2's net operating cash flow was -0.495 billion yuan, mainly affected by a 3.79% year-on-year decrease in cash received from sales of goods and services. We estimate that it is mainly due to the increase in average account period due to the rapid growth of Q2's export business, which is expected to gradually improve in the second half of the year.
Release the draft 2024 Stock Options Incentive Plan. The current incentive plan plans to grant 57 incentive recipients a total of 1.131 million shares of options, accounting for 0.141% of the company's total share capital. The exercise price is 37.89 yuan/share, a 25% discount rate compared to the closing price on August 29. The plan's company-level performance assessment target is not less than 26% of the 2024/2025 ROE, respectively. It is estimated that a total unpaid expenses of 13.8 million yuan will be generated, of which 319/ 914/ 1.46 million yuan will be amortized in 2024/2025/2026, respectively.
Profit forecasting and investment ratings. We expect the company's revenue for 2024-2026 to be 22.6 billion yuan, 24.2 billion yuan and 26.1 billion yuan, respectively, up 6%, 7%, and 8% year-on-year net profit, which is estimated to be 2.38 billion yuan, 2.51 billion yuan and 2.72 billion yuan, respectively, up 9%, 6% and 8% year-on-year respectively, corresponding PE is 16.8 times, 15.9 times and 14.7 times, respectively, maintaining the “Highly Recommended” investment rating.
Risk warning: Market demand falls short of expectations, industry competition intensifies
