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研報掘金丨華安證券:蘇泊爾業績穩健彰顯韌性,維持“買入”評級
格隆匯 07-25 14:44
華安證券研報指出,蘇泊爾Q2收入56.9億(同比+1.9%),歸母淨利潤4.4億(同比-5.9%),Q2利潤下滑主因出口業務綜合影響+投資收益下降。內銷:預計Q2收入同比高個位數增長,相較Q1低個位數增長已有邊際提速,主因國補拉動下景氣抬升,參考奧維廚小零售額Q1/Q2各+2.5/+17.3%;外銷:預計Q2下滑,相較Q1同比雙位數增長降速較多,主因Q1提前出貨,Q2面臨關税和高基數壓力。內銷行業競爭+外銷關税擾動的雙重壓力下,公司業績穩健彰顯韌性。展望H2:內銷國補延續+創新驅動戰略,公司有望持續跑贏行業;外銷對美敞口較小且炊具已越南出貨,全年SEB關聯交易指引維持+5%。若分紅率參考歷史100%則股息率超5%,穩健高分紅標的,維持“買入”評級。
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