Supor Investment Quality Review (002032.SZ)

Quality score: 81/100 Valuation position: current price/base FV 1.34 Final signal: WATCHLIST

Core Conclusion

Supor is WATCHLIST. The company has solid cash conversion and a resilient balance sheet, but current price of CNY43.59 is above base FV of CNY32.49. Conservative/base/optimistic FV is CNY25.16/CNY32.49/CNY43.55.

Business And Quality

Five-year revenue CAGR is 1.3%, and latest-year FCF is CNY2.45bn. The 81/100 score reflects stable consumer-appliance economics, cash flow, and balance-sheet resilience, offset by slow growth and disclosure depth.

Financial Audit

The review uses fiscal 2021-2025 in CNY and a 1.7% CNY 10Y government-bond yield dated 2026-07-31. Five-year FCF/Net Income is 1.10 and OCF/Net Income is 1.18. Latest net cash is CNY1.74bn.

Valuation

Normalized FCF is the main anchor, with cash and debt separately adjusted. Price/base FV of 1.34 fails both the buy gate and the 2x base-case discipline.

Buy And Monitor

Current action is watchlist. Upgrade requires price/base FV below 0.70, quality score at least 75, and stronger evidence of durable growth or an exaggerated market discount. Track revenue trend, FCF/Net Income, ROIC, net cash/debt, dividends, buybacks, and governance disclosure.

Risks

Risks include weak appliance demand, margin pressure, export or channel volatility, working-capital swings, and capital allocation that fails to improve per-share value.

Sources

Sources are public quote and financial data platforms, company filings or IR, ChinaBond for the CNY risk-free rate, and public FX data where applicable. Research only, not personalized investment advice.