证券研究报告 | 2025年04月17日 九阳股份（002242.SZ） 优于大市 2024 年报点评：内销收入表现稳健，盈利有所承压 经营表现承压。公司 2024 年实现营收 88.5 亿/-7.9%，归母净利润 1.2 亿 /-68.6%，扣非归母净利润 1.2 亿/-66.4%。其中 Q4 收入 26.7 亿/-5.8%，归 母净利润 0.2 亿/-4.9%，扣非归母净利润-0.1 亿/-179.0%。公司拟每 10 股 派发现金股利 1.5 元，现金分红率为 93.5%。2024 年公司内销面临消费趋势 及小家电竞争加剧的影响、外销受关税政策波及，经营表现有所承压。 内销收入表现稳健，外销下降较多。2024 年我国厨房小家电量增价减，奥维 云网数据显示，2024 年厨房小家电零售额 609 亿/-0.8%，其中销量同比增长 1.2%，均价同比下降 1.1%。公司 2024 年内销收入下降 1.9%至 72.4 亿，其 中 H1/H2 分别+4.7%/-7.4%；外销收入同比下降 28.0%至 16.1 亿，H1/H2 分 别-9.7%/-40.8%。公司外销收入拖累较大，主要与关联交易有关，2024 ...

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]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in both domestic and international markets [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 8.849 billion yuan, a year-on-year decrease of 7.94%, and a net profit attributable to shareholders of 122 million yuan, down 68.55% [1] - The fourth quarter of 2024 saw operating revenue of 2.667 billion yuan, a decline of 5.80%, with a net profit of 24.29 million yuan, down 4.87% [1] - The company declared a cash dividend of 1.5 yuan per 10 shares, with a payout ratio of 93.54% [1] Sales Performance - Domestic sales revenue decreased by 1.86%, while international sales revenue fell by 27.97% in 2024 [2] - Online sales revenue increased by 1.44%, but offline sales revenue dropped by 19.05% [2] - The company’s food processing machine series saw a revenue increase of 1.84%, while other categories like Western-style appliances and cookware experienced significant declines of 26.91% and 25.24%, respectively [2] Profitability and Costs - The overall gross margin slightly increased by 0.66 percentage points in 2024, with variations across product categories [3] - Sales expense ratio rose by 3.21 percentage points, while management and R&D expense ratios also increased, leading to a significant decline in operating profit by 78.04% [3] - The company’s inventory at the end of 2024 was 630 million yuan, representing an increase in the proportion of total assets [3] Future Outlook - The company is positioned as a high-quality small appliance manufacturer, adapting to market changes and optimizing operational efficiency [4] - Projected net profits for 2025, 2026, and 2027 are 253 million, 278 million, and 303 million yuan, respectively, with corresponding PE ratios of 30.1, 27.3, and 25.1 [4]

Core Viewpoint - The performance of Joyoung Co., Ltd. has significantly declined, with both revenue and net profit decreasing for four consecutive years, indicating a challenging market environment for the small home appliance industry [1][2][6]. Financial Performance - In 2024, Joyoung reported revenue of 8.849 billion yuan, a year-on-year decrease of nearly 8%, and a net profit attributable to shareholders of 122 million yuan, down approximately 70% [1][4]. - The company has experienced a continuous decline in revenue and net profit since 2021, with 2024 figures representing only 78.84% of 2020's revenue and 12.98% of its net profit [6]. - Quarterly performance in 2024 showed fluctuations, with revenue in Q1, Q2, Q3, and Q4 being 2.065 billion yuan, 2.321 billion yuan, 1.795 billion yuan, and 2.667 billion yuan respectively, reflecting a year-on-year change of 9.15%, -4.29%, -27.12%, and -5.80% [4][5]. Cost Structure - Despite declining revenue, sales expenses increased to 1.506 billion yuan in 2024, marking a growth of 13.43% compared to the previous year, while R&D expenses decreased to 361 million yuan, a reduction of 7.19% [2][9]. - The company’s R&D expenses have been on a downward trend for two consecutive years, indicating a potential risk in innovation capabilities [8][10]. Market Position and Strategy - Joyoung continues to maintain a high cash dividend payout ratio of 94% despite its declining performance, reflecting a commitment to returning value to shareholders [3]. - The company has faced challenges due to intensified competition, limited scope for national subsidies, and a saturated market for essential small appliances [2][10]. - Joyoung aims to focus on its core small appliance business, leveraging its brand strength and intellectual property to innovate and capture new market opportunities [10].

Investment Rating - The investment rating for the company is upgraded to "Accumulate" from "Buy" [1][8]. Core Views - The company reported a revenue of 8.85 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, primarily due to weak international market demand and increased sales expenses from channel optimization and digital transformation [5][8]. - The company expects improvement in domestic sales in 2025, driven by new government subsidies covering additional small appliance categories [6][8]. - The gross margin for 2024 was 25.50%, a slight decrease of 0.36 percentage points year-on-year, while the net profit margin was 1.38%, down 2.67 percentage points year-on-year [7][8]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 2.67 billion yuan, a year-on-year decrease of 5.8%, and a net profit of 24 million yuan, down 4.87% year-on-year [5][6]. - The company’s online sales increased by 1.44% to 5.29 billion yuan, while offline sales decreased by 19.05% to 3.56 billion yuan [6][8]. Profitability and Cost Structure - The sales expense ratio increased to 17.02% in 2024, up 2.18 percentage points year-on-year, mainly due to significant investments in channel optimization and digital transformation [7][8]. - The company’s net cash at the end of 2024 was 3.03 billion yuan, an increase of 13% year-on-year [7][8]. Future Outlook - The company has revised its net profit forecasts for 2025 and 2026 downwards to 239 million yuan and 300 million yuan, respectively, reflecting a decrease of 32% and 22% from previous estimates [8][9]. - The expected net profit for 2027 is projected at 340 million yuan, with corresponding price-to-earnings ratios of 33, 27, and 24 for the years 2025, 2026, and 2027, respectively [8][9].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price range of 9.36 to 10.4 yuan based on a projected PE of 18-20 times for 2025 [9][10]. Core Insights - The company reported a revenue of 8.849 billion yuan for 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 [5][9]. - The fourth quarter of 2024 saw revenues of 2.667 billion yuan, a decline of 5.80% year-on-year, with a net profit of 24 million yuan, down 4.87% year-on-year [5][9]. - The company announced a dividend of 1.5 yuan per 10 shares, resulting in a payout ratio of 94% and a dividend yield of 1.45% [5][9]. - The company experienced a significant drop in export sales, which fell by 27.97% to 1.612 billion yuan, while domestic sales decreased by 1.86% to 7.237 billion yuan [9][10]. - Online sales grew by 1%, while offline sales dropped by 10%, with online sales accounting for 73% of total sales [9][10]. - The report highlights the increasing competition in the industry, which has pressured the company's profit margins, leading to a decrease in gross margin to 25.5% [9][10]. Financial Summary - The company forecasts a revenue of 9.018 billion yuan for 2025, representing a year-on-year growth of 1.9% [7][12]. - The projected net profit for 2025 is 403 million yuan, with a significant rebound of 229.1% compared to 2024 [7][12]. - The report anticipates a gradual recovery in domestic sales driven by government subsidy policies [9][10]. - The gross margin is expected to improve to 27.3% in 2025, with a net asset return of 10.8% [7][12]. - The company’s total assets are projected to be 7.586 billion yuan in 2024, with a debt ratio of 53.9% [12].

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company's revenue performance exceeded expectations, with 2024 revenue at 88.49 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 1.22 billion yuan, down 69% year-on-year [6] - The company faces pressure from domestic competition and external sales are primarily affected by high base effects. The kitchen small appliance sector remains slightly sluggish due to intensified competition and limited scope for national subsidies [6] - The company has launched innovative products in the mid-to-high-end market, including the 40N9U Pro rice cooker and R5P space heating small purifier, aiming to enhance brand and product market share [6] - The gross profit margin improved by 0.66 percentage points year-on-year, while the expense ratio increased due to heightened sales expenses in a competitive environment [6] - The earnings forecast for 2025-2026 has been adjusted downwards to 3.3 billion yuan and 3.9 billion yuan respectively, with a new forecast for 2027 at 4.1 billion yuan, indicating a year-on-year growth of 172% [6] Financial Data and Profit Forecast - Total revenue for 2023 was 9,613 million yuan, with a projected decrease to 8,849 million yuan in 2024, followed by a slight recovery to 9,347 million yuan in 2025 [5][8] - The net profit attributable to shareholders is expected to recover from 122 million yuan in 2024 to 333 million yuan in 2025, reflecting a significant year-on-year increase of 171.9% [5][8] - The company's return on equity (ROE) is projected to improve from 3.5% in 2024 to 8.8% in 2025 [5]

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].