Zhejiang Supor (002032.SZ) 3Q26 NP In Line; Export Sales Return to Growth While Domestic Stays Flat

Citi's take on Zhejiang Supor's 3Q26 results: results were in line, with net profit declining 5% YoY to Rmb405m, narrowing from an 18% decline in 2Q26, as sales returned to growth of 3% YoY to Rmb5.6bn (versus a 3% decline in 2Q26). Groupe SEB's China sales, mostly Supor's domestic business, grew 0.2% YoY on a LFL basis in 3Q26, with share gains in a highly promotional market. Citi estimates this implies Supor's export sales grew ~10% YoY in 3Q26, after a 5% decline in 1H26, coinciding with SEB's Americas sales growing 11% YoY LFL. The export-led mix explains the 0.6ppt YoY gross margin decline to 23.3% and the 0.2ppt YoY decline in the S&D ratio to 10.2%, as export carries lower gross margin and minimal selling expense;