Supor Investment Quality Review (002032.SZ)
Data timestamp: 2026-07-24 22:04 UTC
Quality score: 81/100
Valuation position: current price/base fair value (FV) 1.32
Final signal: WATCHLIST
Core Conclusion
Supor is an excellent-quality WATCHLIST name, but the current price is above base FV. The business quality is visible; the price discipline is not.
- Quality: 81/100, supported by steady household-appliance cash generation and strong FCF conversion.
- Price: current price is CNY42.93 and market value is about CNY34.34 billion. Conservative/base FV is CNY25.16/CNY32.49 per share.
Business Breakdown
Main-business revenue was CNY21.59 billion in 2021, CNY20.17 billion in 2022, CNY21.30 billion in 2023, CNY22.43 billion in 2024, and CNY22.77 billion in 2025. Five-year CAGR was 1.3%. Segment profit/margin was not disclosed. Latest annual FCF was CNY2.31 billion.
Quality Gate
The score is 81/100. FCF/Net Income averaged 1.10 and OCF/Net Income averaged 1.18. Revenue growth is modest, but the cash conversion and balance sheet keep the company in the excellent-quality bucket. Disclosure depth and valuation safety keep it from a BUY signal.
Financial Audit
The valuation uses fiscal 2025-2021, all in CNY. Latest cash was CNY1.98 billion, current financial assets CNY0.19 billion, non-current financial assets zero, debt CNY0.24 billion, and net cash/debt CNY1.74 billion. Financial-asset composition remains a follow-up item.
Valuation
CNY 10Y government yield was 1.7% from ChinaBond on 2026-07-24.
| Scenario | Core Assumption | Multiple Basis | Fair Market Value | FV/Share | Price/FV | Weight | Next Check |
|---|---|---|---|---|---|---|---|
| Conservative | Normalized FCF CNY2.31bn with heavier haircut | g 0.3%, 8.0x | CNY20.13bn | CNY25.16 | 1.71 | 30% | FCF durability |
| Base | Five-year FCF and current state continue | g 1.3%, 10.5x | CNY25.99bn | CNY32.49 | 1.32 | 50% | Revenue and ROIC trend |
| Optimistic | Quality rerating without exceeding cap | g 2.8%, 14.4x | CNY34.84bn | CNY43.55 | 0.99 | 20% | Competition and capital allocation |
Balance-sheet bridge is CNY1.67 billion. Price/base FV of 1.32 fails the 2x gate and does not justify action.
Buy And Monitor
Current action is watch. Upgrade requires price/base FV below 0.70, quality score at least 75, and stronger evidence that the market has over-penalized the business. Track revenue trend, FCF/Net Income, ROIC, net cash, shareholder returns, and governance.
Risks
Risks are slow growth, FCF repeatability, working-capital swings, disclosure gaps, and capital allocation. A sustained FCF/Net Income fall below 0.60, debt increase, financial-asset impairment, or dilutive shareholder action would lower FV or signal.
Research only. Not personalized investment advice.
Sources
Public quote and financial platforms supplied current price, market value, share count, and five-year financial baseline. Official disclosure venues and IR remain required for governance, dividends, buybacks, incentives, related parties, and risk evidence. Risk-free rate: ChinaBond, 2026-07-24.