Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.28 yuan [2][9] Core Views - The company reported a revenue of 6.182 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.84%, and a net profit attributable to the parent company of 98 million yuan, a year-on-year decrease of 73.02% [1] - In Q3 2024, the company's revenue was 1.795 billion yuan, a year-on-year decrease of 27.12%, and the net profit attributable to the parent company was -77 million yuan, turning negative compared to the same period last year [1] - Domestic demand remains weak, with the overall retail sales of small kitchen appliances in China declining by 4.6% year-on-year in the first three quarters of 2024 and 2.7% in Q3 [1] - Export business is under pressure due to the end of overseas restocking and a high base from the previous year [1] - The company adjusted its annual related-party transaction amount to 231 million USD, a decrease of 20.5% compared to the previous year, and added R&D service-related transactions worth 24 million yuan [1] - The gross profit margin in Q3 2024 was 21.85%, a year-on-year decrease of 0.6 percentage points, while the operating expense ratio increased by 10.7 percentage points year-on-year to 27.89% [1] - The company plans to sell 68.4517% of its equity in Shenzhen Beetle Intelligent Co Ltd for 169 million yuan, expecting an investment income of 35 million yuan [1] Financial Forecasts - The company's net profit attributable to the parent company is expected to be 164 million yuan, 361 million yuan, and 387 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.21 yuan, 0.47 yuan, and 0.50 yuan [2][9] - Revenue is forecasted to be 8.74 billion yuan, 9.254 billion yuan, and 9.81 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -9.1%, 5.9%, and 6.0% [7] - The gross profit margin is expected to be 24.8%, 25.6%, and 25.5% for 2024, 2025, and 2026, respectively [7] - The net profit margin is projected to be 1.9%, 3.9%, and 3.9% for 2024, 2025, and 2026, respectively [7] Industry and Market Context - The small kitchen appliance market in China is experiencing low demand, with retail sales declining by 4.6% year-on-year in the first three quarters of 2024 [1] - The company faces challenges in both domestic and export markets, with domestic demand remaining weak and export growth slowing due to high base effects [1] - The industry is characterized by intensified competition and rising raw material costs, which have impacted the company's profitability [1] Valuation and Peer Comparison - The company is valued at 24 times the 2025 P/E ratio, based on comparable companies, with a target price of 11.28 yuan [2][9] - Comparable companies in the industry include Supor, Bear Electric, and Roborock, with adjusted average P/E ratios of 24.49 for 2025 [10]

Investment Rating - The report maintains a "Buy" rating for Joyoung (002242 SZ) [4] Core Views - Joyoung's revenue and net profit declined significantly in Q3 2024, with revenue down 27 12% YoY and net profit turning negative at -0 77 billion yuan, a 166 46% YoY decrease [4] - The kitchen appliance sector faced pressure in Q3 2024, with overall retail sales down 4 6% YoY and average prices down 4 8% YoY [4] - Joyoung's gross margin slightly decreased by 0 58pct YoY in Q3 2024, while sales expenses increased significantly by 8 07pct YoY, leading to a net profit margin of -4 31% [5] - The company is actively developing new products and expanding into new channels, including e-commerce platforms like Xiaohongshu and Douyin, to drive sales growth [6] Financial Performance - In the first three quarters of 2024, Joyoung achieved revenue of 6 18 billion yuan, down 8 84% YoY, and net profit of 98 million yuan, down 73 02% YoY [4] - For Q3 2024 alone, revenue was 1 795 billion yuan, down 27 12% YoY, with a net loss of 77 million yuan [4] - The company's gross margin in Q3 2024 was 21 85%, down 0 58pct YoY [5] - Sales expenses in Q3 2024 accounted for 19 12% of revenue, up 8 07pct YoY [5] Product and Channel Strategy - Joyoung launched new products in 2024, including the 0-coating non-stick rice cooker 40N9U Pro and the Space Heat Small Clean R5Pro, as part of its Space Technology 3 0 series [6] - The company is focusing on expanding into new channels, including content e-commerce platforms like Xiaohongshu and Douyin, and integrating online and offline retail strategies [6] - Joyoung is improving operational efficiency through platform-based production, flexible delivery, and better coordination between production and sales [6] Industry Overview - The kitchen appliance market saw a 4 6% YoY decline in retail sales in the first three quarters of 2024, with retail volume up 0 2% and average prices down 4 8% [4] - In Q3 2024, the sector experienced declines in sales value (-2 65% YoY), sales volume (-0 25% YoY), and average prices (-2 4% YoY) [4] Financial Forecasts - The report forecasts Joyoung's net profit for 2024-2026 to be 142 million yuan, 213 million yuan, and 273 million yuan, respectively [6] - Revenue is expected to be 8 847 billion yuan in 2024, 9 456 billion yuan in 2025, and 10 282 billion yuan in 2026 [10] - Gross margin is projected to remain around 25% from 2024 to 2026 [10]

上 市 公 司 证 券 研 究 报 告 家用电器 11-0112-0101-0102-0103-0104-0105-0106-0107-0108-0109-0110-0111-01 -30% -20% -10% 0% 10% 20% 30% 九阳股份 沪深300指数 (收益率) 一年内股价与大盘对比走势： | --- | --- | |-----------------------------|------------------------------------| | 市场数据： | 2024 年 11 月 01 日 | | 收盘价（元） | 10.00 | | 一年内最高/最低（元） | 14.16/8.68 | | 市净率 | 2.2 | | 息率（分红 / 股价） | 1.50 | | 流通 A 股市值（百万元） | 7,657 | | 上证指数 / 深证成指 | 3,272.01/10,455.50 | | | 注："息率"以最近一年已公布分红计算 | | --- | --- | |------------------------------|--------------------------- ...

公司报告 | 季报点评 行业低迷使公司增长承压，静待 Q4 以旧换新落地改善 事件：公司 2024 年前三季度实现营业收入 61.82 亿元，同比-8.84%，归母 净利润 0.98 亿元，同比-73.02%；其中 2024Q3 实现营业收入 17.95 亿元， 同比-27.12%，归母净利润-0.77 亿元，同比-166.46%。 收入端，内销由于厨房小家电内需表现较弱，大部分品类增速有所承压， 其中公司核心品类豆浆机表现相对较好，根据奥维数据显示，24Q3 线上 销额同比+10%。Q4 随着内销大促叠加部分厨房小家电品类以旧换新国补 的落地，我们预计公司收入增速有望环比继续向好。 2024 年前三季度公司毛利率为 26.27%，同比+0.88pct，净利率为 1.48%， 同比-3.9pct；其中 2024Q3 毛利率为 21.85%，同比-0.58pct，净利率为 -4.51%，同比-9.25pct。利润率方面，在内需低迷和行业竞争激烈的环境下， 毛利率同环比皆有所下降。 公司 2024 年前三季度销售、管理、研发、财务费用率分别为 17.18%、3.98%、 4.4%、-1.1%，同比+4.01、+0 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 九阳股份（002242.SZ） 销售费率提升明显，盈利水平下滑 事件：公司发布 2024 年三季度报告。公司发布 2024 年三季度报告。公 司 2024Q1-Q3 实现营业收入 61.82 亿元，同比-8.84%；实现归母净利润 0.98 亿元，同比-73.02%。扣非归母净利润 1.30 亿元，同比-61.62%。单 季度来看，2024Q3 实现营收 17.95 亿元，同比-27.12%；归母净利润-0.77 亿元，同比-166.46%；扣非归母净利润-0.81 亿元，同比-172.45%。 受行业需求低迷影响，公司 Q3 收入承压。 销售费用率提升明显，盈利水平下滑。1）毛利率：2024Q1-Q3/24Q3 同 比+0.88pct/-0.58pct 至 26.27%/21.85%。2）费率端：2024Q1-Q3 销售 /管理/研发/财务费率同比+4.01pct/+0.35pct/+0.67pct/-0.32pct 至 17.18%/3.98%/4.40%/-1.10%；24Q3 销售/管理/研发/财务费率同比 +8. ...

Financial Performance - Revenue for the third quarter was 1.795 billion yuan, a decrease of 27.12% year-over-year[2] - Net profit attributable to shareholders was -77.33 million yuan, a decrease of 166.46% year-over-year[2] - Total operating income for the period was 6,182,055,590.30 RMB, down 8.8% from 6,781,172,561.74 RMB in the previous period[12] - Total operating costs for the period were 6,095,146,683.64 RMB, down 5.1% from 6,425,277,119.84 RMB in the previous period[12] - Sales revenue from goods and services received was RMB 6,866,031,982.34, a decrease compared to the previous period's RMB 7,713,100,132.01[16] - Net profit attributable to the parent company's shareholders was RMB 98,063,944.12, a significant drop from the previous period's RMB 363,513,922.70[13] - Basic and diluted earnings per share were both RMB 0.13, down from RMB 0.49 in the previous period[15] - Total comprehensive income attributable to the parent company's shareholders was RMB 81,590,857.45, down from RMB 371,183,712.38 in the previous period[13] Assets and Liabilities - Total assets at the end of the reporting period were 7.515 billion yuan, a decrease of 1.28% compared to the end of the previous year[2] - The company's monetary funds at the end of Q3 2024 were RMB 2,582,279,500.01, an increase from RMB 2,431,377,953.47 at the beginning of the period[9] - Accounts receivable at the end of Q3 2024 were RMB 1,251,541,037.23, up from RMB 1,009,769,220.20 at the beginning of the period[9] - The company's notes receivable at the end of Q3 2024 were RMB 540,129,046.99, a decrease from RMB 1,145,265,457.70 at the beginning of the period[9] - The company's prepayments at the end of Q3 2024 were RMB 48,926,958.34, up from RMB 40,569,709.89 at the beginning of the period[9] - The company's other receivables at the end of Q3 2024 were RMB 23,578,548.14, down from RMB 81,174,451.49 at the beginning of the period[9] - The company's receivables financing at the end of Q3 2024 were RMB 145,704,162.34, up from RMB 113,072,886.20 at the beginning of the period[9] - The company's trading financial assets at the beginning of the period were RMB 5,022,027.78, with no balance at the end of Q3 2024[9] - Inventory increased to 622,761,328.39 RMB from 558,417,131.83 RMB, reflecting an 11.5% growth[10] - Total current assets decreased to 5,410,857,582.92 RMB from 5,626,769,908.76 RMB, a 3.8% decline[10] - Long-term receivables rose to 8,799,000.00 RMB from 5,883,450.00 RMB, marking a 49.6% increase[10] - Total non-current assets increased to 2,104,163,519.88 RMB from 1,985,310,121.66 RMB, a 6% growth[10] - Total assets decreased slightly to 7,515,021,102.80 RMB from 7,612,080,030.42 RMB, a 1.3% decline[10] - Contract liabilities increased to 236,188,057.96 RMB from 204,341,444.90 RMB, a 15.6% rise[10] - Total current liabilities decreased to 3,971,163,854.13 RMB from 4,066,583,096.84 RMB, a 2.3% decline[11] - Total liabilities decreased to 4,042,757,820.09 RMB from 4,125,833,068.41 RMB, a 2% decline[11] Cash Flow - Cash flow from investment activities increased by 170.86% to 89.62 million yuan due to increased investment recoveries[5] - Cash flow from financing activities improved by 40.11% to -164.29 million yuan due to reduced dividend distributions[5] - Net cash flow from operating activities was RMB 416,958,032.06, slightly lower than the previous period's RMB 427,086,101.85[16] - Net cash flow from investment activities was RMB 198,592,236.20, compared to RMB 33,088,499.28 in the previous period[16] - Cash and cash equivalents at the end of the period increased to 2,321,143,007.83 yuan, up from 1,392,974,152.26 yuan in the same period last year[17] - Net cash flow from financing activities was -164,292,598.78 yuan, compared to -274,331,953.65 yuan in the previous year[17] - Cash received from investments was 300,000.00 yuan, all from minority shareholders of subsidiaries[17] - Cash paid for dividends, profits, or interest payments decreased to 120,282,450.00 yuan from 228,905,100.00 yuan in the previous year[17] - The impact of exchange rate changes on cash and cash equivalents was -12,134,876.56 yuan, compared to 21,456,401.20 yuan in the previous year[17] - Net increase in cash and cash equivalents was 330,153,309.89 yuan, up from 207,299,048.68 yuan in the same period last year[17] - Cash paid for other financing activities was 44,310,148.78 yuan, slightly down from 45,426,853.65 yuan in the previous year[17] Investments and Income - The company's goodwill increased by 100% to 120.16 million yuan due to business mergers[5] - The fair value change loss of funds was -55.10 million yuan, a decrease of 1873.22% year-over-year[5] - Investment income decreased by 62.70% to 14.18 million yuan due to reduced income from associates[5] - Interest income rose sharply to RMB 73,136,123.89, compared to RMB 32,331,853.69 in the previous period[13] Shareholder Information - Shanghai Lihong Enterprise Management Co., Ltd. holds 50.13% of the company's shares, totaling 384,523,746 shares[7] - BILTING DEVELOPMENTS LIMITED holds 16.94% of the company's shares, totaling 129,924,090 shares[7] - The company's repurchase account held 4,000,000 shares, accounting for 0.52% of the total shares[7] Expenses and Costs - R&D expenses increased to RMB 272,308,636.26, up from RMB 253,378,153.81 in the previous period[13] - Sales expenses increased to RMB 1,061,819,478.58, up from RMB 892,555,999.96 in the previous period[13] - Cash received from tax refunds was RMB 186,210,379.70, an increase from RMB 140,157,462.78 in the previous period[16] Other Financial Metrics - The company's weighted average return on equity was -2.20%, a decrease of 5.61 percentage points[2] - Accounts receivable decreased by 70.95% to 23.58 million yuan due to the recovery of receivables[5] - The company's third-quarter report was unaudited[17]

九阳股份有限公司投资者关系活动记录表 证券代码：002242 证券简称：九阳股份 | --- | --- | --- | |------------------|---------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 | 特定对象调研 | 分析师会议 媒体采访 业绩说明 | | 类别 | 会 | | | | 新闻发布会 | 路演活动 现场参观 | | | 其他（电话会议） | | | 活动参与人员 | | 工银国际：高子阳、陈明朴、孟冰玉、张森焱、赵泽平；工银国际 | | | | | | | 投资 ...

2024 年 9 月 24 日 耐用消费品及服装: 中性 证券研究报告 / 公司更新报告 九阳股份 (002242 CH, 买入, 目标价: RMB11.00) 买入 搏有 盘出 遭遇阶段性发展瓶颈，再次考验多品类扩张能力 • 国内厨小电市场步入成熟期，我们预计九阳 2024 年营收同比增长 2.9%； | --- | --- | |----------------------------------------------------------------------------------|--------------------| | 目标价 : RMB11.00 | 当前股价 : RMB9.24 | | 股价上行/下行空间 | +19% | | 52 周最高/最低价 (RMB) | 14.50/8.68 | | 市值 (US$mn) | 1,004 | | 当前发行数量 (百万股) | 767 | | 三个月平均日交易額 (US$mn) | 5 | | 流通盘占比 (%) (%) | 100 | | 主要股东 | | | 上海力鸿企业管理有限公 司 | 50 | | BILTING DEVELOPM ...

证 券 研 究 报 告 九阳股份（002242）2024 年中报点评 推荐（维持） 内销修复增长，盈利短期承压 目标价：11 元 事项： 公司发布 24 年中报，实现营收 43.9 亿元、同比+1.6%；实现归母净利润 1.8 亿 元，同比-29%；拆分单季度来看，24Q2 实现营收 23.2 亿元，同比-4.3%；实 现归母净利润 0.5 亿元，同比-63.9%。 评论： 内销增长外销下滑，食品加工机品类规模修复。公司 24H1 营收同比增长 1.6%， 拆分内外销来看，内销 24H1 实现营收 35.5 亿元、同比增长 4.7%；外销 24H1 实现营收 8.3 亿元，同比下滑 9.7%。24H1 国内小家电行业需求疲弱，公司内 销表现优于行业，预计主要系食品加工机品类规模修复驱动。拆分品类来看， 24H1 食品加工机、营养煲、西式电器、炊具同比分别+13.6%、+4.7%、-10%、 -25.7%，主要贡献规模的品类食品加工机及营养煲规模修复增长，西式电器下 滑预计主要系空气炸锅、净水品类规模下滑影响。展望后续，我们预计小家电 行业需求将逐渐修复，公司也有望取得优于行业的增长表现。 24Q2 毛利率同比 ...

[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 九阳股份（002242）公司半年报点评 2024 年 09 月 06 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|------------| | 股票数据 | | | 09 [ Table_StockInfo 月 05 日收盘价（元） ] | 9.50 | | 52 周股价波动（元） | 9.25-14.80 | | 总股本 / 流通 A 股（百万股） | 767/766 | | 总市值 / 流通市值（百万元） | 7287/7274 | | 相关研究 | | | [Table_ReportInfo] 《外销快速增长，公司收入单季度增速重回双 | | | 位数》 2023.11.21 | | 市场表现 [Table_QuoteInfo] -33.24% -24.24% -15.24% -6.24% 2.76% 2023/9 2023/12 2024 ...