Zhejiang Supor - A: A reset in earnings and dividend; downgrade to Neutral

研报英文原文证据摘录

Zhejiang Supor - A: A reset in earnings and dividend; downgrade to Neutral

J P M O R G A N Asia Pacific Equity Research

28 July 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory

of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Zhejiang Supor - A ▼Neutral

Previous: Overweight

A reset in earnings and dividend; downgrade to Neutral 002032.SZ, 002032 CH

Price (27 Jul 26):Rmb42.83

▼Price Target (Jun-27):Rmb45.00

Prior (Jun-27):Rmb55.00

We downgrade Supor to Neutral as we are less confident in its ability to cushion Co-Head of Asia Pacific Consumer

cost inflation via captive OEM export demand. Supor’s preliminary 2Q results (our Research and Head of Asia Gaming/

first take) came as a disappointment, and the analyst briefing gave us little Leisure Research

confidence in the company’s near-term earnings recovery. After the revision, our DS Kim AC

FY26-27E EPS suggests 6-9% downside to consensus; the bigger risk, in our view, (852) 2800-8597

is dividend disappointment, where we see 20% downside to Street DPS ds.kim@jpmorgan.com

expectations - our FY26E DPS is Rmb2.01 or 4.7% yield, vs. consensus at Yibo Wu

Rmb2.51 or 5.8%. We cut our target multiple to 16x, placing it near 1 STD below (852) 2800-8559

yibo.wu@jpmorgan.com

historical average (old: 19x, in line with historical average), producing a Jun-27 J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

price target of Rmb45 that only suggests 5% potential upside. Downgrade to Morgan Broking (Hong Kong) Limited

Neutral.

• Downside to 2H revenue expectations. Revenue turned to negative 3% YoY Key Changes (FYE Dec)