华安证券研报指出，苏泊尔Q2收入56.9亿（同比+1.9%），归母净利润4.4亿（同比-5.9%），Q2利润下滑主因出口业务综合影响+投资收益下降。内销：预计Q2收入同比高个位数增长，相较Q1低个位数增长已有边际提速，主因国补拉动下景气抬升，参考奥维厨小零售额Q1/Q2各+2.5/+17.3%；外销：预计Q2下滑，相较Q1同比双位数增长降速较多，主因Q1提前出货，Q2面临关税和高基数压力。内销行业竞争+外销关税扰动的双重压力下，公司业绩稳健彰显韧性。展望H2：内销国补延续+创新驱动战略，公司有望持续跑赢行业；外销对美敞口较小且炊具已越南出货，全年SEB关联交易指引维持+5%。若分红率参考历史100%则股息率超5%，稳健高分红标的，维持“买入”评级。
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