Supor (002032): Surpassing industry performance and maintaining good growth

Supor (002032): Surpassing industry performance and maintaining good growth
Core point of view: The company announced the 2019 performance report, and achieved good growth.Realized operating income of 198 in 2019.500 million (+11.2%) and a total profit of 22.700 million (+14 compared to the same period last year).7%), net profit attributable to mother 19.200 million (+15 compared with the same period last year).0%), gross margin 31.2% (+0 year-on-year.3pct), net interest rate 9.7% (+0 year-on-year.3pct).Q4 single-quarter operating income of 49.600 million (+11 year-on-year.2%) and a total profit of 6.600 million (+ 9% year-on-year.7%), net profit attributable to mother 6.700 million (+18.8%), gross profit margin 32.6% (0% YoY.2pct), net interest rate 13.5% (+0 year-on-year.9pct).Q4’s revenue has achieved steady growth. We expect that domestic and foreign sales will maintain a good growth; Q4’s net profit attributable to mothers will grow faster than profit growth. As a result: the subsidiary completed the improvement of the company’s identification and part of the restructuring was returned. The epidemic only affects short-term operations and does not change long-term growth.In the short term, due to the impact of the epidemic, domestic offline consumption is weakening, and the company’s production capacity in Wuhan is also under pressure.In the medium and long term, the epidemic situation will lead to an increase in home time, it will also generate more demand for small appliances, and accelerate consumption upgrades. As an industry leader, Supor has a clear competitive advantage and will benefit from consumption upgrades.At the same time, the company will continue to contribute to the company’s growth momentum in terms of category expansion and high-end brand layout. Profit forecast: We expect that the concentration of small kitchen appliances industry will continue to increase, while overseas markets are recovering, and overseas OEM orders will increase.Based on the above 杭州桑拿 assumptions, we expect the company’s net profit attributable to the parent to be 19 in 2019-21.2, 21.0, 24.800 million, an increase of 15 each year.0%, 9.4%, 17.9%. Considering that the company is the leader of small household appliance companies, it has benefited most from consumption upgrades. In the past six years, revenue and profits have maintained steady growth, and the performance stability is higher than other small household appliance companies. In the future, the performance is expected to continue to grow steadily and maintain a reasonableWorth 78.The judgment of RMB 4 per share remains unchanged, corresponding to 30 in 2020.6xPE, maintain “Buy” rating. Risk warning: rising raw material prices; lower-than-expected consumption upgrades; weak overseas markets; high-end business development not smooth; multi-category business development not smooth.