Zhejiang Supor (SZSE:002032) - Share price, News & Analysis

Q: What is the Fair Price of 2032 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

002032 (CN¥45.25) is trading below our estimate of [[fair value]] (CN¥56.57)

2032 fundamental analysis
Snowflake Score
Valuation	6/6
Future Growth	2/6
Past Performance	3/6
Financial Health	5/6
Dividends	4/6

2032 Stock Overview

Zhejiang Supor Co., Ltd. researches, develops, manufactures, and sells cookware products and household appliances worldwide.

Rewards

Trading at 20% below our estimate of its fair value

Earnings are forecast to grow 13.15% per year

Risk Analysis

Dividend of 4.27% is not well covered by earnings

Zhejiang Supor Competitors

Beijing Roborock Technology

SHSE:688169

CN¥33.6b

Hangzhou Robam Appliances

SZSE:002508

CN¥25.2b

Hangzhou Greatstar Industrial

SZSE:002444

CN¥26.1b

Kingclean ElectricLtd

SHSE:603355

CN¥19.5b

Price History & Performance

Summary of all time highs, changes and price drops for Zhejiang Supor
Historical stock prices
Current Share Price	CN¥45.25
52 Week High	CN¥68.68
52 Week Low	CN¥42.18
Beta	0.52
1 Month Change	-14.82%
3 Month Change	-15.81%
1 Year Change	-15.07%
3 Year Change	-34.80%
5 Year Change	24.97%
Change since IPO	2,231.68%

Shareholder Returns

	2032	CN Consumer Durables	CN Market
7D	0.5%	1.8%	2.1%
1Y	-15.1%	-24.5%	-9.8%

Return vs Industry: 002032 exceeded the CN Consumer Durables industry which returned -26.7% over the past year.

Return vs Market: 002032 underperformed the CN Market which returned -11.7% over the past year.

Price Volatility

Is 2032's price volatile compared to industry and market?
2032 volatility
2032 Average Weekly Movement	4.6%
Consumer Durables Industry Average Movement	5.9%
Market Average Movement	6.0%
10% most volatile stocks in CN Market	9.1%
10% least volatile stocks in CN Market	3.9%

Stable Share Price: 002032 is less volatile than 75% of CN stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: 002032's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1994	11,840	Guohua Zhang	https://www.supor.com.cn

Zhejiang Supor Co., Ltd. researches, develops, manufactures, and sells cookware products and household appliances worldwide. The company’s cookware products include pressure cookers, woks, frypans, pots, steamers, kettles, cookware sets, knives, spatulas, thermos and flasks, and kitchen gadgets, as well as vacuum food jars and pottery pots; and small kitchen electric appliances comprise electric rice cookers, induction hobs, soymilk makers, electric kettles, food preparation products, electric steamers, slow cookers, baking pans, bread makers, noodle makers, and actifry products. It also offers large kitchen appliances, including sets, range hoods, gas stoves, steam stoves, electric ovens, and sterilizers; and home and personal care appliances, such as vacuum cleaners, garment steamers, steam irons, and air purifiers, as well as sauce pans, steamers, thermal pots, crispers, juice extractors, electric chafing dish products, food processors, gas cookers, water purifiers, and dust cleaners.

Zhejiang Supor Fundamentals Summary

How do Zhejiang Supor's earnings and revenue compare to its market cap?
2032 fundamental statistics
Market Cap	CN¥36.54b
Earnings (TTM)	CN¥2.01b
Revenue (TTM)	CN¥21.48b

18.2x

P/E Ratio

1.7x

P/S Ratio

Is 2032 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
2032 income statement (TTM)
Revenue	CN¥21.48b
Cost of Revenue	CN¥16.39b
Gross Profit	CN¥5.09b
Other Expenses	CN¥3.07b
Earnings	CN¥2.01b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	2.49
Gross Margin	23.68%
Net Profit Margin	9.37%
Debt/Equity Ratio	2.2%

How did 2032 perform over the long term?

See historical performance and comparison

Dividends

4.3%

Current Dividend Yield

78%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is 2032 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2032?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 2032. This is calculated by dividing 2032's market cap by their current preferred multiple.
What is 2032's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CN¥36.54b

2032 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.6x
Enterprise Value/EBITDA	14.2x
PEG Ratio	1.4x

Price to Earnings Ratio vs Peers

How does 2032's PE Ratio compare to its peers?

2032 PE Ratio vs Peers

The above table shows the PE ratio for 2032 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	25.3x
688169 Beijing Roborock Technology	23.5x	23.1%	CN¥33.6b
002508 Hangzhou Robam Appliances	18.8x	16.3%	CN¥25.2b
002444 Hangzhou Greatstar Industrial	21.8x	23.2%	CN¥26.1b
603355 Kingclean ElectricLtd	37.2x	22.7%	CN¥19.5b
002032 Zhejiang Supor	18.2x	13.1%	CN¥36.5b

Price-To-Earnings vs Peers: 002032 is good value based on its Price-To-Earnings Ratio (18.2x) compared to the peer average (25.3x).

Price to Earnings Ratio vs Industry

How does 2032's PE Ratio compare vs other companies in the CN Consumer Durables Industry?

Price-To-Earnings vs Industry: 002032 is good value based on its Price-To-Earnings Ratio (18.2x) compared to the CN Consumer Durables industry average (26.8x)

Price to Earnings Ratio vs Fair Ratio

What is 2032's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2032 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.2x
Fair PE Ratio	20x

Price-To-Earnings vs Fair Ratio: 002032 is good value based on its Price-To-Earnings Ratio (18.2x) compared to the estimated Fair Price-To-Earnings Ratio (20x).

Share Price vs Fair Value

What is the Fair Price of 2032 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 002032 (CN¥45.25) is trading below our estimate of fair value (CN¥56.57)

Significantly Below Fair Value: 002032 is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Zhejiang Supor forecast to perform in the next 1 to 3 years based on estimates from 18 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

13.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 002032's forecast earnings growth (13.1% per year) is above the savings rate (3.2%).

Earnings vs Market: 002032's earnings (13.1% per year) are forecast to grow slower than the CN market (24.6% per year).

High Growth Earnings: 002032's earnings are forecast to grow, but not significantly.

Revenue vs Market: 002032's revenue (9.7% per year) is forecast to grow slower than the CN market (17.8% per year).

High Growth Revenue: 002032's revenue (9.7% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 002032's Return on Equity is forecast to be high in 3 years time (27.9%)

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Past Performance

How has Zhejiang Supor performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

9.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 002032 has high quality earnings.

Growing Profit Margin: 002032's current net profit margins (9.4%) are lower than last year (9.8%).

Past Earnings Growth Analysis

Earnings Trend: 002032's earnings have grown by 9.2% per year over the past 5 years.

Accelerating Growth: 002032's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 002032 had negative earnings growth (-1.7%) over the past year, making it difficult to compare to the Consumer Durables industry average (-2.1%).

Return on Equity

High ROE: 002032's Return on Equity (24.5%) is considered high.

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Financial Health

How is Zhejiang Supor's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: 002032's short term assets (CN¥10.9B) exceed its short term liabilities (CN¥5.3B).

Long Term Liabilities: 002032's short term assets (CN¥10.9B) exceed its long term liabilities (CN¥159.9M).

Debt to Equity History and Analysis

Debt Level: 002032 has more cash than its total debt.

Reducing Debt: Insufficient data to determine if 002032's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: 002032's debt is well covered by operating cash flow (1039.4%).

Interest Coverage: 002032 earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Zhejiang Supor current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

4.27%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 002032's dividend (4.27%) is higher than the bottom 25% of dividend payers in the CN market (0.45%).

High Dividend: 002032's dividend (4.27%) is in the top 25% of dividend payers in the CN market (1.91%)

Stability and Growth of Payments

Stable Dividend: 002032's dividend payments have been volatile in the past 10 years.

Growing Dividend: 002032's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: At its current payout ratio (77.5%), 002032's payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (95.7%), 002032's dividend payments are not well covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

11.0yrs

Average management tenure

CEO

Guohua Zhang (57 yo)

1.42yrs

Tenure

CN¥4,053,600

Compensation

Mr. Guohua Zhang serves as General Manager of Zhejiang Supor Co., Ltd., since March 31, 2021. He holds Bachelor of Economics from the Chinese University of Hong Kong, MBA from Kelley School of Business, In...

Leadership Team

Experienced Management: 002032's management team is seasoned and experienced (11 years average tenure).

Board Members

Experienced Board: 002032's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/11 00:00
End of Day Share Price	2022/08/11 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31