国联民生证券研报指出，苏泊尔上半年实现归母净利润9.40亿元，同比下滑0.07%；其中二季度实现归母净利润4.43亿元，同比下滑5.94%。2025Q2，苏泊尔收入实现小幅增长，内销延续企稳走势，双线份额均稳步提升，外销短期有所承压但后续有望逐步修复。后续考虑到行业内销环境有望改善及外销大股东订单支撑，预计公司整体或仍维持稳健增长，积极分红导向下红利属性值得重视。预计公司2025-2027年收入分别同比+4%/+6%/+6%，归母净利润分别同比+ 2%/+6%/+6%至 23/24/26亿，对应估值 18.7/17.7/16.7X，维持其“买入”评级。
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