PDF《苏泊尔（002032.SZ）》

2017 年10 月以自有资金 2.74 元收购控股股东 SEB 国际持有的上海赛 博100%股权.上海赛博主要从事电熨斗等家居生活电器产品的生产和出口业 务,2017 年上半年实现收入 1.54 亿元,实现净利润 564.42 万元.本次收购一 方面有助於整合公司及控股股东旗下在中国市场的业务布局,提升家居生活电 器产品的竞争力,同时被纳入合并报表后也有助於增厚整体业绩;

另一方面将 带动其他出口业务及内销业务的提升,助力外贸业务的持续扩张. 限制 限制 限制 限制性股权激励实施 性股权激励实施 性股权激励实施 性股权激励实施, , , ,叠加业绩考核 叠加业绩考核 叠加业绩考核 叠加业绩考核 公司近日公告限制性股票授予方案,将向

181 名激励对象授予 387.4 万股限制 性股票,涉及人员包括公司高管人员、中层管理人员及核心业务人员,同时对 激励对象设定业绩考核方案,一是在 2017-2020 年间公司每个考核年度的净资 产收益率不低於 18%,二是根谙杖爰澳谙道蟮耐瓿陕,确定激励 对象在各解除限售期可获得解除限售的限制性股票数量.本次激励计划将有效 激发团的积极性,提高经营效率,实现业绩的持续稳健增长. 风险提示 风险提示 风险提示 风险提示 宏观经济波动风险;

原材料价格上涨风险;

海外市场拓展风险;

汇率波动风 险;

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5 | PHILLISECURITIES (HK) RESEARCH SUPOR (002032.SZ) 公司 公司 公司 公司报 报报报报 报报报财务报告 财务报告 财务报告 财务报告 FYE FY14 FY15 FY16 FY17E FY18E Valuation Ratios Price Earnings(P/E) 39.0 30.0 24.8 26.7 22.4 Price to Book(P/B) 7.1 6.1 5.9 6.1 5.1 Per share data(RMB) EPS,Adjusted 1.09 1.42 1.71 1.59 1.90 Book Value Per Share 5.98 6.99 7.19 6.92 8.28 Growth &

Margins(%) Growth Revenue 13.7% 14.4% 9.5% 18.6% 16.0% Operating income 19.4% 26.4% 15.0% 18.7% 18.7% Net profit 17.2% 28.9% 21.2% 21.0% 19.4% Margins Gross profit margin 29.0% 29.0% 30.5% 30.1% 30.1% Operating profit margin 9.5% 10.5% 11.0% 11.0% 11.3% Net income margin 7.2% 8.1% 9.0% 9.2% 9.5% Key Ratios ROE(%) 18.2% 20.1% 23.7% 23.0% 22.9% ROA(%) 11.2% 12.7% 14.1% 15.1% 15.2% Income Statement(RMB mn) Revenue 9,535 10,910 11,947 14,171 16,438 - Cost of Goods Sold 6,767 7,749 8,300 9,910 11,490 Gross Income 2,768 3,160 3,647 4,261 4,948 - Operating Expenses 1,786 1,924 2,259 2,630 3,044 Operating Income

905 1,144 1,316 1,561 1,854 - Net Non-Operating Losses (Gains)

3 29

52 60

70 Pretax Income

908 1,174 1,367 1,621 1,924 - Income Tax Expense

143 187

234 268

317 Net profit

690 889 1,078 1,304 1,557 Source: Company, Phillip Securities (HK) Research Estimates (财务资料截至

1 月16 日) PHILL SUPOR (002032.SZ) 公公公公公 公公公公 公公公公 公公公PHILLIP RESEARCH STOCK SELECTION SYSTEMS We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock'

s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd ( Phillip Securities ). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the Research ) contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a financial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. This publication should not be relied upon as authoritative without further being subject to the recipient'