First Read: Zhejiang Supor "2Q26 preliminary result: earnings dragged by..."

研报英文原文证据摘录

First Read: Zhejiang Supor "2Q26 preliminary result: earnings dragged by..."

Global Research

24 July 2026abc

First Read

EquitiesZhejiang Supor

2Q26 preliminary result: earnings dragged by China

weak export sales and rising material cost Household Products, Durable

12-month rating Neutral

12m price target Rmb44.60

Q: How did the results compare vs expectations?

Prior : Rmb46.90

Supor hosted a post-result investor call on July 24. 1H26 preliminary results: revenue/ net

profit -1%/-8% YoY, implying 2Q26 of -3%/-18% YoY. The results were below market Price (24 Jul 2026) Rmb42.93

expectations, which we think were mainly dragged by declining export orders and rising RIC: 002032.SZ BBG: 002032 CS

raw material costs, in addition to rising selling & marketing expense and lower return on

Trading data and key metrics

cash.

52-wk range Rmb52.66-39.60

Q: What were the most noteworthy areas in the results? Market cap. Rmb34.3b/US$5.07b

A: 1) 2Q26 topline was supported by stable domestic sales (+0-LSD% YoY, UBS-S Shares o/s 800m (ORDA)

estimates) with share gains on core categories, while exports declined YoY (2Q26 -9% Free float 18%

YoY, UBS-S estimates) due to reduced orders from key client Groupe SEB (SEB) for Avg. daily volume ('000) 2,020

inventory management under relatively conservative demand outlook. Supor has Avg. daily value (m) Rmb90.9

actively cooperated with SEB to provide competitive products for overseas market. 2) Common s/h equity (12/26E) Rmb6.50b

GPM: Despite rising costs on stainless steel and oil-based products, 2Q domestic GPM P/BV (12/26E) 5.3x

continued to increase due to new products that passed though incremental costs. Net debt to EBITDA (12/26E) NM

Meanwhile, export GPM was impacted by rising costs under a relatively fixed pricing

EPS (UBS, diluted) (Rmb)