Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company is expected to achieve operating revenue of 8.849 billion yuan in 2024, a year-on-year decrease of 7.94%, and a net profit attributable to shareholders of 122 million yuan, down 68.55% year-on-year [2][5] - In Q4 2024, the company reported operating revenue of 2.667 billion yuan, a decline of 5.80% year-on-year, with a net profit of 24.29 million yuan, down 4.87% year-on-year [2][5] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 93.54% [2][5] Summary by Sections Financial Performance - The company experienced a decline in revenue and profit in 2024, with total revenue down 7.94% and net profit down 68.55% year-on-year [2][5] - The overall gross margin slightly increased, but various expense ratios rose, leading to a significant decrease in operating profit, which fell by 78.04% year-on-year [11] - The company’s inventory at the end of 2024 was 630 million yuan, representing an increase of 1.03% in total asset proportion [11] Market Dynamics - The kitchen small appliance market faced challenges, with overall retail sales down 0.8% in 2024, attributed to market saturation and integration of product categories [11] - Domestic sales revenue decreased by 1.86%, while overseas sales revenue saw a more significant decline of 27.97% [11] - Online sales revenue grew by 1.44%, contrasting with a 19.05% decline in offline sales revenue [11] Future Outlook - The company is expected to benefit from national subsidies, with projected net profits of 253 million yuan, 278 million yuan, and 303 million yuan for 2025, 2026, and 2027 respectively [11] - The company is positioned as a high-quality small appliance manufacturer, adapting to market changes and optimizing operational efficiency [11]

公司披露年报：公司2024 年实现营业收入88.49 亿元，同比下降7.94%，实现归母净利润1.22亿元，同 比下降68.55%，实现归母扣非净利润1.19 亿元，同比下降66.40%。公司2024 年四季度营业收入26.67 亿 元，同比下降 5.80%，实现归母净利润 2428.77 万元，同比下降4.87%，实现归母扣非净利润-1133.35 万 元，同比下降179.04%。同时，公司向全体股东每10股派发现金红利1.5 元（含税），对应分红率为 93.54%。 投资建议：公司定位于高品质的小家电企业，积极拥抱需求和渠道等变化，善于自我调整并参与新兴渠 道体系，挖掘潜在消费需求增量，积极优化运营效率。预计公司2025-2027年归母净利润分别为2.53、 2.78 和3.03 亿元，对应PE 估值分别为30.1、27.3 和25.1倍，维持"买入"评级。 风险提示 1、宏观经济波动带来需求走弱从而使得公司收入回落的风险；2、行业竞争加剧带来的规模与效率回落 的风险。 事件评论 内销需求小幅波动，外销拖累较多，公司全年及Q4 营收均个位数下滑。公司2024 年实现营业收入同比 下降7.94%，根据奥维云 ...

长江商报消息 ●长江商报记者 沈右荣 小家电龙头九阳股份（002242.SZ）业绩下滑的势头不仅没有遏制住，反而加速下滑。 年报显示，2024年，九阳股份实现营业收入88.49亿元，同比下降近8%；归属母公司股东的净利润（以 下简称"归母净利润"）为1.22亿元，同比下降幅度接近70%。 从2021年开始，九阳股份已经出现了连续四年营收、净利双降。 九阳股份表示，2024年，受行业竞争持续加剧、品类可选属性较强、可受国补范围有限等因素影响，小 家电市场表现欠佳。 长江商报记者发现，2024年，虽然营业收入下降，但九阳股份的销售费用依旧在增长，达到15.06亿 元。与之对应的是，公司研发费用减少至3.61亿元。 经营业绩大幅下滑，九阳股份依旧进行高比例现金分红。2024年，公司分红率将达到94%。 二级市场上，九阳股份的表现也欠佳。2020年高点以来，公司股价跌幅逾70%。2023年第二季度以来， 陆股通已经连续七个季度减持。 业绩股价"跌跌不休" 第三季度出现了亏损，第四季度扭亏为盈，但同比仍然在下降。 季度扣除非经常性损益的净利润（简称"扣非净利润"）分别为1.25亿元、0.86亿元、-0.81亿元、-0. ...

2025 年 3 月 31 日 公司研究 外销收入回落，期待内销发力 ——九阳股份（002242.SZ）2024 年报业绩点评 增持（下调） 当前价：10.38 元 作者 市场数据 | 总股本(亿股) | 7.67 | | --- | --- | | 总市值(亿元)： | 79.62 | | 一年最低/最高(元)： | 8.68/12.96 | | 近 3 月换手率： | 48.94% | 股价相对走势 -19% -9% 1% 11% 21% 03/24 07/24 09/24 12/24 九阳股份 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 2.95 | -0.44 | -10.03 | | 绝对 | 3.59 | -2.54 | 0.65 | | 资料来源：Wind | | | | 相关研报 毛利率稳中有升，业绩略有承压——九阳股 份（002242.SZ）2024 年半年报业绩点评 （2024-09-02） 业绩总体承压，外销收入亮眼——九阳股份 （002242.SZ）2023 年报业绩点评 （202 ...

股票数据 | 03[Table_StockInfo 月 28日收盘价（元）] | 10.38 | | --- | --- | | 52 周股价波动（元） | 8.68-13.12 | | 总股本/流通 A 股（百万股） | 767/766 | | 总市值/流通市值（百万元） | 7962/7948 | [Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 证书:S0850511010026 分析师:李阳 相关研究 [Table_ReportInfo] 《内销恢复性增长，食品加工机品类增长亮 眼》2024.09.06 市场表现 [Table_QuoteInfo] -17.55% -9.55% -1.55% 6.45% 14.45% 2024/4 2024/7 2024/10 2025/1 九阳股份 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | 3.6 | 5.9 | -3.2 | | 相对涨幅（%） | 3.0 | 3.4 ...

| 市场数据： | 2025 年 03 月 28 日 | | --- | --- | | 收盘价（元） | 10.38 | | 一年内最高/最低（元） | 13.12/8.68 | | 市净率 | 2.3 | | 息率（分红/股价） | 1.45 | | 流通 A 股市值（百万元） | 7,948 | | 上证指数/深证成指 | 3,351.31/10,607.33 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 4.54 | | 资产负债率% | 53.94 | | 总股本/流通 A 股（百万） | 767/766 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 03-28 04-28 05-28 06-28 07-28 08-28 09-28 10-28 11-28 12-28 01-28 02-28 -20% -10% 0% 10% 20% 30% 九阳股份 沪深300指数 (收益率) 相关研究 家用电器 2025 年 03 月 30 日 九阳股份 (0 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's core product categories are under pressure, with significant declines in external sales impacting profit levels. In 2024, the company achieved operating revenue of 8.849 billion yuan, down 7.94% year-on-year, and a net profit attributable to shareholders of 122 million yuan, down 68.55% year-on-year [1][4] - The kitchen small appliance market is performing poorly due to intensified industry competition and limited government subsidies, leading to negative growth in most product categories except for food processors, which saw a slight increase of 1.8% [2][4] - The company's gross margin for 2024 was 25.5%, a decrease of 0.36 percentage points year-on-year, while the net margin was 1.2%, down 2.86 percentage points year-on-year [2][4] Financial Performance - In 2024, the company's operating cash flow was 178 million yuan, a decrease of 76.74% year-on-year, with cash inflow from sales of goods and services at 9.976 billion yuan, down 8.72% year-on-year [4][11] - The company has increased its expenses in sales, management, R&D, and financial costs, with sales expense ratio rising to 17.02% in 2024, reflecting a 2.19 percentage point increase year-on-year [3][4] - The forecast for net profit attributable to shareholders for 2025-2027 is 240 million, 320 million, and 410 million yuan respectively, with corresponding dynamic P/E ratios of 32.9x, 24.6x, and 19.5x [4][5] Market Outlook - The company is expected to see gradual improvement in revenue performance as domestic demand recovers and core product sales stabilize [4][5] - The external sales have significantly declined, with a year-on-year drop of 28% in 2024, indicating challenges in international markets [2][4]

Core Viewpoint - Jiuyang Co., Ltd. reported a significant decline in both revenue and net profit for the year 2024, indicating ongoing challenges in market competition and internal management [1][2]. Revenue and Profit Decline - The company achieved total revenue of 8.849 billion yuan in 2024, a year-on-year decrease of 7.94%, marking the fourth consecutive year of revenue decline [2]. - Net profit attributable to shareholders was 122 million yuan, down 68.55% year-on-year, reaching a new low in recent years [1][2]. - The company's net profit after deducting non-recurring items was 119 million yuan, a decrease of 66.40% year-on-year, reflecting weakened profitability in core operations [2]. Cost and Profitability Concerns - Operating costs for 2024 were 6.592 billion yuan, down 8.75% year-on-year, but the gross profit margin was only 25.51%, a slight increase of 0.66 percentage points [3]. - Sales expenses rose to 1.506 billion yuan, an increase of 13.43% year-on-year, with a sales expense ratio of 17.02%, up 3.21 percentage points [3]. - Management expenses increased to 385 million yuan, up 0.92% year-on-year, indicating inefficiencies in internal management [4]. Research and Development Investment - R&D investment was 361 million yuan, down 7.19% year-on-year, with R&D expenditure accounting for 4.08% of total revenue, a minimal increase of 0.03 percentage points [4]. Asset Management and Cash Flow Issues - The company made asset impairment provisions totaling 33.97 million yuan, reducing net profit by 30.11 million yuan, highlighting issues in asset management [5]. - The net cash flow from operating activities was 178 million yuan, a significant decline of 76.74% year-on-year, indicating weakened cash recovery capabilities [5]. - The year-end inventory value was 635 million yuan, accounting for 18.21% of net assets, with an increase in inventory impairment provisions, suggesting potential inventory management challenges [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 11.61 RMB [8][9]. Core Views - The company reported a revenue of 8.849 billion RMB for 2024, a decrease of 7.94% year-on-year, and a net profit attributable to the parent company of 122 million RMB, down 68.55% year-on-year [1][5]. - The report anticipates a potential recovery in 2025, driven by domestic consumption stimulus policies, which may lead to a decrease in expense ratios and an increase in profit elasticity [1][5]. - The company is expected to face challenges in external sales in 2025, while domestic sales may remain stable due to supportive consumption policies [2][5]. Summary by Sections Revenue and Profitability - The company's domestic sales for 2024 are projected at 7.237 billion RMB, a decline of 1.86% year-on-year, while overseas sales are expected to be 1.612 billion RMB, down 27.97% year-on-year [2]. - The overall gross margin for 2024 is reported at 25.50%, with a slight increase of 0.66 percentage points year-on-year, while the gross margin for overseas sales is 6.24%, down 2.36 percentage points [3]. Expenses and Financial Performance - The total expense ratio for 2024 increased by 3.06 percentage points, primarily due to heightened marketing efforts to stimulate demand [4]. - The report indicates a significant fair value loss of 113 million RMB in 2024, which adversely affected profits [4]. Future Projections - For 2025, the expected net profit attributable to the parent company is projected at 329 million RMB, reflecting a substantial increase of 169.26% year-on-year [7][20]. - The report forecasts earnings per share (EPS) for 2025 at 0.43 RMB, with a potential for profit elasticity due to a low base effect [5][20].

Core Viewpoint - In 2024, the company reported a significant decline in both revenue and net profit, reflecting the challenges faced in the small home appliance industry amid intensified competition and market demand weakness [1][3][4]. Financial Performance - The company achieved operating revenue of 8.849 billion yuan, a year-on-year decrease of 7.94% [2][3]. - Net profit attributable to shareholders was 122.35 million yuan, down 68.55% compared to the previous year [2][3]. - Basic earnings per share were 0.16 yuan, representing a decline of 69.23% [2][3]. - The net cash flow from operating activities was 177.56 million yuan, a decrease of 76.74% year-on-year [2][3]. Cost and Expenses - Operating costs amounted to 6.592 billion yuan, down 8.75% year-on-year, while the gross profit margin increased by 0.66 percentage points [3][4]. - Sales expenses rose to 1.506 billion yuan, an increase of 13.43%, with a sales expense ratio of 17.02%, up 3.21 percentage points [3][4]. - Research and development expenses were 360.97 million yuan, a decrease of 7.19% [3][4]. Revenue Structure and Market Dynamics - Traditional core products like soymilk machines and wall-breaking machines maintained stable performance, while emerging categories like air fryers and health pots accounted for 26% of revenue [4]. - Online sales represented 65.8% of total sales, with significant growth on platforms like Douyin [4]. - The overseas market faced challenges, with revenue declining by 23% due to rising international logistics costs and currency fluctuations [5]. Strategic Initiatives and Future Outlook - The company is focusing on high-end transformation and smart home ecosystem development, with a sales expense ratio of 12.0% [5]. - The management plans to restructure the organization and reduce investment in non-core businesses, aiming to enhance the conversion rate of R&D results to 40% [5]. - The company aims to optimize the supply chain to mitigate risks associated with overseas operations [5].