证券代码：002242 证券简称：九阳股份 公告编号：2024-028 九阳股份有限公司 第六届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、董事会会议召开情况 九阳股份有限公司（以下简称：公司）于 2024 年 11 月 25 日以书面的方式发 出关于召开公司第六届董事会第十二次会议的通知，会议于 2024 年 12 月 2 日以 通讯表决的方式召开。本次会议应参与表决董事 6 名，实际参与表决董事 6 名。 会议由董事长杨宁宁女士主持。本次会议的召集、召开与表决程序符合《公司法》 和《公司章程》等的有关规定，合法有效。 董事会就以下议案进行了审议，经书面表决，通过决议如下： 二、董事会会议审议情况 公司关联方JS Global Trading HK Limited（以下简称：JS HK）拟向公司全资子公 司九阳股份（香港）科技创新中心有限公司（以下简称：九阳香港科技公司）增 资22,222,222美元（按交易发生时的即期汇率折算人民币预计为15,777.78万元）认 购九阳香港科技公司新增股份1,111股，对应新增股本0. ...

1、股东大会届次：2024 年第一次临时股东大会 2、会议召集人：公司董事会。公司第六届董事会第十二次会议审议通过了 《关于召开公司 2024 年第一次临时股东大会的议案》 3、会议召开的合法、合规性：公司董事会认为本次股东大会会议召开符合 有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开时间： 证券代码：002242 证券简称：九阳股份 公告编号：2024-032 九阳股份有限公司 关于召开公司2024年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 根据九阳股份有限公司（以下简称"公司"）第六届董事会第十二次会议决议， 公司决定于 2024 年 12 月 25 日召开公司 2024 年第一次临时股东大会，现将会议 的有关事项通知如下： 一、 召开会议的基本情况 1）现场会议时间：2024年12月25日（星期三）下午15:00 2）网络投票时间：2024年12月25日 通过深圳证券交易所交易系统进行网络投票的时间为2024年12月25日上 午9:15－9:25、9:30－11:30，下午13:00－15: ...

证券代码：002242 证券简称：九阳股份 公告编号：2024-031 本次增资扩股完成后，九阳香港科技公司总发行股本由10,000股增至11,111股， 总股本由1美元增加至1.1111美元。本次增资扩股前九阳股份直接持有九阳香港科 技公司100%的股权，九阳香港科技公司纳入九阳股份报表合并范围；本次增资扩 股后九阳股份持有九阳香港科技公司90%的股权，JS HK持有九阳香港科技公司10% 的股权，九阳香港科技公司仍纳入九阳股份报表合并范围。 JS HK 系公司间接控股股东 JS Global Lifestyle Co., Ltd.（以下简称：JS Global） 的全资孙公司，根据《深圳证券交易所股票上市规则》的相关规定，构成公司的 关联方。JS HK 向九阳香港科技公司增资构成关联交易。 此次引入投资者进行增资扩股旨在借力JS HK在海外的市场销售、用户洞察 与研究等方面的经验并发挥其资源优势，结合九阳股份的产品研发技术优势，实 现双方共同协力开发面向全球消费者的创新智能家居电器产品，致力于进入更广 阔的智能家居领域，丰富公司产品线，推动公司产品与技术的再升级。本次增资 扩股将有助于加强九阳股份综合型外 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company, citing a 5% upside potential compared to the industry average PE ratio of 21.9x for 2025 [5] Core Views - The company's performance in 2024Q1-3 fell short of expectations, with revenue declining 9% YoY to 6.182 billion yuan and net profit attributable to shareholders plummeting 73% YoY to 98 million yuan [7] - Domestic sales remain sluggish, but a recovery is expected in Q4 due to government subsidies for appliance replacements [8] - The company has increased its related-party transaction quota with JS Global Life to 11.34 million USD, reflecting growing synergies in overseas markets [8] - Profit margins are under pressure due to rising expense ratios, with Q3 sales expenses increasing 8.07 percentage points YoY to 19.12% [9] Financial Performance - The company's 2024E revenue is projected at 9.107 billion yuan, a 5.3% YoY decline, with net profit expected to drop 61.7% to 149 million yuan [5] - For 2025E, revenue is forecast to grow 10.7% to 10.085 billion yuan, with net profit surging 145.6% to 366 million yuan [5] - Gross margin remains stable at around 26.6% for 2024E, with ROE expected to improve from 4.3% in 2024E to 10.6% in 2026E [6] Market Data - The stock closed at 10.00 yuan on November 1, 2024, with a PB ratio of 2.2x and a dividend yield of 1.50% [4] - The company's market capitalization stands at 7.657 billion yuan, with a 52x PE ratio for 2024E [5] Industry Context - The kitchen appliance sector remains challenging, with overall retail sales declining 4.6% YoY in 2024Q1-3, despite a 0.2% increase in unit sales [8] - The company is focusing on channel reform and new product categories like cleaning appliances to drive future growth [5]

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 ...

Investment Rating - The report downgrades the investment rating of the company to "Accumulate" from "Buy" [2][3]. Core Views - The company reported a significant decline in revenue and profit for Q3 2024, with a year-on-year revenue decrease of 27.12% and a net profit decline of 166.46% [1][2]. - The gross margin for Q1-Q3 2024 was 26.27%, showing a slight increase of 0.88 percentage points year-on-year, while Q3 2024 gross margin decreased by 0.58 percentage points to 21.85% [2]. - The sales expense ratio increased significantly, with Q1-Q3 2024 sales expenses rising by 4.01 percentage points to 17.18%, and Q3 2024 sales expenses increasing by 8.07 percentage points to 19.12% [2]. - The net profit margin for Q1-Q3 2024 decreased by 3.90 percentage points to 1.48%, and for Q3 2024, it dropped by 9.25 percentage points to -4.51% [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.182 billion yuan, down 8.84% year-on-year, and a net profit of 98 million yuan, down 73.02% year-on-year [1]. - The forecast for net profit for 2024-2026 is adjusted to 257 million yuan, 284 million yuan, and 314 million yuan, reflecting a year-on-year decline of 33.8% in 2024, followed by growth of 10.2% and 10.5% in the subsequent years [2][6]. - The company's total market capitalization is approximately 8.238 billion yuan, with a closing price of 10.74 yuan as of October 30, 2024 [3]. Financial Ratios - The company’s P/E ratio is projected to be 32.0 in 2024, decreasing to 26.3 by 2026, while the P/B ratio is expected to decline from 2.3 in 2024 to 2.0 in 2026 [6][10]. - The return on equity (ROE) is forecasted to decrease from 7.1% in 2024 to 7.7% in 2026 [6].

证券代码：002242 证券简称：九阳股份 公告编号：2024-026 九阳股份有限公司 关于转让深圳甲壳虫智能有限公司股权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、交易概述 九阳股份有限公司及公司控股子公司杭州九阳小家电有限公司（以下简称 "公司"、"本公司"或"卖方"或"出让方"）拟以 16,891.14 万元向 Honeycomb Robotics (HK) Limited （以下简称"买方"或"受让方"）转让其持有的 深圳甲壳虫智能有限公司（以下简称"深圳甲壳虫"或"标的公司"）68.4517% 的股权。本次交易完成后，公司不再持有标的公司股权，标的公司不再纳入公司 合并报表范围。 本公司于 2024 年 10 月 30 日召开第六届董事会第十一次会议，以同意票 6 票，反对票 0 票，弃权票 0 票的表决结果审议通过了《关于转让深圳甲壳虫智能 有限公司股权的议案》，并同意授权公司管理层及其进一步授权人士全权办理与 本次交易相关的具体事宜，包括但不限于签署工商变更所需各类文件、代表公司 与受让方及其指定第三方签署关于确认付款事宜的三方 ...

本报告根据中国资产评估准则编制 深圳甲壳虫智能有限公司拟股权转让 涉及的股东全部权益价值 资产评估报告 禄诚评报〔2024 〕090 号 共一册 第一册 景 目 杭州禄诚资产评估有限公司 二〇二四年十月十六日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3333190009202400101 | | | --- | --- | --- | | 合同编号: | 2024-073 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 禄诚评报(2024) 090号 | | | 报告名称: | 深圳甲壳虫智能有限公司拟股权转让涉及的股东全 部权益价值 | | | 评估结论: | 246,760,000 | | | 评估报告日: | 2024年10月16日 | | | 评估机构名称: | 杭州禄诚资产评估有限公 | | | 签名人员: | 陈雄伟 "("资产评估师 | 会员编号:33030101 | | | 汤婉君 (资产评估师) | 会员编号:33230018 | (可扫描二维码查询备案业务信息) 说明:报告备案回执仅证明此报告已在业务报备管理系统进行了备案,不作为 ...