As a domestic kitchen electric leader, Supor (002032. SZ) can be regarded as the model of A-share long bull. By the end of 2019, the company’s share price has soared nearly 19 times in seven years. However, since this year, the company’s share price has fallen by 6.83%, which has lost the market. SUPOR’s performance in the third quarter was lower than expected by the market and was sold off by investors. Since the record high of 88.8 yuan / share was set on July 24 this year, the largest cumulative decline in share price was close to 25%. SUPOR’s export revenue accounts for about a quarter of its operating income, but the company’s share price is still depressed after the hot speculation in the export concept plate of home appliances in the past week. < / P > < p > “it tastes a little different, but it’s not big.” A consumer who used to replace his family’s rice cooker with a high-end electric rice cooker (with a price of more than 2000 yuan) for several hundred yuan at home told the first financial reporter that the difference would not be great in essence. On October 26, Supor released its third quarterly report that was not as good as the market expected. In the first three quarters of 2020, the company realized 13.304 billion yuan of operating revenue, a year-on-year decrease of 10.68%, and the net profit attributable to the shareholders of the parent company was 1.081 billion yuan, with a year-on-year decrease of 13.42%. Among them, the operating revenue in the third quarter was 5.117 billion yuan, with a year-on-year increase of 1.12%; the net profit attributable to the shareholders of the parent company was 414 million yuan, with a year-on-year increase of 1.01%. On October 26 and 27, Supor fell by 2.19% and 4.79% respectively, of which the turnover rate reached 0.66% on the 27th, and set a new low of this round of adjustment (67.8 yuan / share). According to the development of kitchen appliances and small household appliances, it is not easy for the brand to move to the high-end. After experiencing the highlight time in 2017, its enterprises also encountered certain difficulties. Some small household electrical appliances belong to “impulse consumption”. After consumers have bought them, they use them at home for several times, and they will not buy them again and again. The range hood and gas stove need to be replaced in a few years, and there is a relatively stable demand. SUPOR is also expanding its products in this area. However, the strength of the competitors they are facing is relatively strong, and whether it can succeed is uncertain. In the next stage, we should pay more attention to the export theme. “Since June and July, the export data has performed very well, but the capital market performance has not yet fully recovered.” On October 28, the director of the Institute, Mr. Huang Jun’an, made a judgment. After that, the household appliance stocks with high export share became the hot spot in the market, especially on November 2, when the household appliance stocks rose in a collective way, which was driven by the policy of stimulating domestic demand and the growth of export demand. However, Supor, whose export revenue accounts for nearly a quarter of its operating income, has become an exception. Instead of following the rise of the household appliance sector on November 2, Supor bucked the trend by 1.12% and rose 0.62% on November 3, obviously losing the market. < / P > < p > in the 2020 semi annual report, Supor said that the strategic cooperation with SEB group of France started in 2006, and the combination of the two can bring stable export orders for SUPOR. In the first half of 2020, export sales accounted for 24.75% of operating revenue. According to the annual report of 2019, Supor’s sales to SEB Asia Ltd reached 4.675 billion yuan, accounting for 23.04% of the operating revenue in 2019; the export amount in 2019 was 5.11 billion yuan, accounting for 25.74% of the total operating revenue, roughly equivalent to the export sales volume. According to Jinxing, an analyst at Everbright Securities, Supor’s export orders accelerated in the third quarter of 2020 and became a major growth point. SEB group’s overseas sales affected by the epidemic is less than previously expected, and continues to rise. In addition, European production capacity is limited and orders are transferred to China. It is estimated that SUPOR’s export revenue has recovered a small growth in the second quarter, and it is estimated that the year-on-year growth rate in the third quarter will further increase. As the export orders were better than expected, Supor announced to increase the estimated amount of daily related party transactions in 2020, increasing the export quota of small household appliances to 2.07 billion yuan, a year-on-year increase of 13%, and the export quota of cooking utensils was increased to 3.39 billion yuan, a year-on-year increase of 17%. < p > < p > a private equity fund manager with a large stake in home appliance stocks in Guangzhou told the first financial reporter that during the first wave of the epidemic in the first half of the year, many overseas residents had increased their reserves of kitchen products. Now the second wave of the epidemic is coming in autumn and winter, because the epidemic has led to the recession of overseas economy, even if the export demand has increased, it may be a one-off factor at the end of the year. Now the share price of home appliances shares has basically reflected the good news, and it is not good to predict the future rising space, which may need to be further realized in the fourth quarter. On the other hand, Poland, the Czech Republic and other Eastern European countries have many home appliance production bases. It also depends on whether the epidemic situation in these areas has a comprehensive impact on the production progress. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. 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