Supor Investment Quality Review (002032.SZ)

Data timestamp: 2026-08-03 22:12 UTC
Quality score: 81/100
Valuation position: current price/base FV 1.31
Final signal: WATCHLIST

Core Conclusion

Supor is a high-return watchlist company, but the current price is above fair value. At CNY42.66, the stock trades at 1.31x base FV of CNY32.49 and 1.70x conservative FV of CNY25.16. Quality is good; valuation discipline says wait.

Business Breakdown

Five-year revenue CAGR is 1.3%, with latest-year revenue of CNY22.77bn. The brand, product execution, and channel position remain valuable, but low growth and consumer-cycle uncertainty keep the base multiple moderate.

Business Quality

The 81/100 score is driven by very high ROE and ROIC, strong FCF conversion, and a net cash balance. Latest-year FCF was CNY2.45bn. Five-year average ROE was 32.3% and average ROIC was 29.1%.

Financial Audit

Fiscal 2025 revenue was CNY22.77bn, net profit CNY2.10bn, operating cash flow CNY2.65bn, capex CNY0.20bn, and FCF CNY2.45bn. Five-year FCF/net income was 1.10 and OCF/net income was 1.18. Latest net cash was CNY1.74bn.

Valuation

The conservative case uses CNY2.31bn normalized FCF, 0.3% growth, and 8.0x, giving CNY25.16 per share. The base case uses 1.3% growth and 10.5x, giving CNY32.49. The optimistic case uses 2.8% growth and 14.4x, giving CNY43.55. The current price is only near the optimistic case, not a buyable base-case discount.

Buy And Tracking Discipline

The current action is watch. A buy requires price/base FV below 0.70, quality above 75, stable FCF conversion, resilient ROIC, and no evidence that shareholder returns or governance dilute per-share value.

Risk Review

Risks include sluggish small-appliance demand, channel competition, margin pressure, related-party or brand-positioning issues, and cash conversion weakening from inventory or receivables. Any persistent FCF shortfall would lower the valuation.

Data Sources

The memo relies on public market and financial data, company filings or investor-relations materials, ChinaBond yield data, and public FX data where applicable. This is research only, not personalized investment advice.