Supor (002032): Domestic and foreign sales steadily increase, market share increases

Supor (002032): Domestic and foreign sales steadily increase, market share increases
Performance summary: The company achieved 98 revenue in 2019H1.4 percent, an increase of 11 per year.2%; net profit attributable to mother 8.40,000 yuan, an increase of 13 in ten years.4%; net profit after deducting non-return to mother 8.2 ‰, an increase of 15 in ten years.4%. Q2 single quarter revenue reached 43.600 million, an increase of 10 in ten years.1%; net profit attributable to mother 3.2 ‰, an increase of 12 in ten years.6%.The company proposes to dispatch a discovery bonus2.58 yuan (including tax), combined cash dividends 2.1 ppm (including tax), the dividend amount is 25% of the reported multi-year net profit. Market share increased and domestic and foreign sales steadily increased.In terms of categories, the company’s cooking utensils and appliances revenue were 30 in the reporting period.700 million, 67.1 ppm, a ten-year increase of 8.5%, 12.5%.According to the data monitored by GFK and Zhongyikang, the company’s cookware business and small home appliance business accounted for the first and second market shares respectively in the first half of the year.In terms of different regions, domestic and foreign sales have achieved steady growth, and the company’s domestic sales revenue has reached 76.5 ppm, an increase of 11 years.2%; export revenue 21.800 million, an increase of 10 in ten years.8%.Thanks to the continued 杭州桑拿网 transfer of overseas SEB orders, the overall export business continued to maintain higher growth in the first half of the year. Expenses were properly controlled and profitability improved.The average is reported and the company’s gross profit margin is 30.8%, an annual increase of 0.6pp. Expenses have improved compared to last year, and the company’s selling expenses have decreased.8%, a decline of 0 per year.6pp. Reporting average, the company’s net margin is 8.5%, an annual increase of 0.2pp. The operating net cash flow decreased and the turnover rate increased.Reporting average, the company’s operating net cash flow is -0.300 million, even decreased significantly.Scale, the company’s purchase of goods, additional annual growth in cash paid for labor services; and, the company strengthened the expansion of e-commerce channels, affected by the repayment of e-commerce, the account receivable was 27.30,000 yuan, an increase of 20 per year.6%.The company controls its inventory reasonably and its inventory is reduced by 4 per year.5%, the company’s inventory turnover efficiency improved. The brand has a comprehensive layout, with “online and offline” dual drive.In addition to the SUPER brand, the company also retains high-end brands such as LAGOSTINA, KRUPS, WMF under the SEB Group, thereby completing the full coverage of mid-to-high-end brands in the kitchen field.The company continues to strengthen the development of e-commerce platforms and offline markets, and continues to improve the professional operation of e-commerce online. The market share of major categories has continued to increase, while the coverage of third- and fourth-tier markets has continued to improve, and the third- and fourth-tier markets have been improvedService system. Earnings forecasts and investment advice.We adjusted the EPS for 2019-2021 to 2.34 yuan, 2.72 yuan, 3.16 yuan, maintaining the “overweight” level. Risk Warning: The price of raw materials may fluctuate greatly, and the exchange rate may change.