Investment Rating - The investment rating for Joyoung Co. (002242.SZ) is "Sell" with a 12-month price target of RMB 9.4, indicating a downside potential of 9.6% from the current price of RMB 10.4 [5][6]. Core Views - The report suggests that the current valuation of Joyoung Co. does not adequately reflect several downside risks, including weak domestic demand for small appliances, intensified competition affecting profit margins, and slowing growth in overseas revenue [5][6]. - The revenue forecasts for 2024-2026 have been slightly adjusted downwards by 1-2% to reflect the latest industry trends, with expected revenues of RMB 9.6 billion in 2024, RMB 10.2 billion in 2025, and RMB 10.9 billion in 2026 [2][3][6]. Financial Summary - Revenue for 2024 is projected at RMB 9,629 million, with a year-on-year growth of 0.2%. For 2025 and 2026, revenues are expected to be RMB 10,230 million and RMB 10,873 million, respectively, reflecting growth rates of 6.2% and 6.3% [2][3]. - The gross profit margin (GPM) is expected to be 26.9% in 2024, with slight improvements to 27.1% in 2025 and 27.3% in 2026 [2][3]. - Net income is forecasted to be RMB 449 million in 2024, RMB 493 million in 2025, and RMB 549 million in 2026, with year-on-year growth rates of 15.5%, 9.7%, and 11.4% respectively [2][3]. - Earnings per share (EPS) are projected to be RMB 0.59 in 2024, RMB 0.64 in 2025, and RMB 0.72 in 2026, with slight adjustments from previous estimates [2][3][6]. Key Assumptions - The report highlights that the small appliance market remains vulnerable to consumer spending trends, with potential risks of consumption downgrade due to the discretionary nature of these products [5]. - The competitive landscape in the domestic market is expected to intensify, which may further pressure profit margins [5].

关于控股股东一致行动人暨持股 5%以上股东变更名称的公告 九阳股份有限公司董事会 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。 证券代码：002242 证券简称：九阳股份 公告编号：2024-016 JS Global Capital Management Limited 仍为公司控股股东上海力鸿企业管理有限 公司的一致行动人，上述变更事项未涉及公司控股股东的股权变动，对公司经营 活动不构成影响，公司控股股东和实际控制人未发生变化。 九阳股份有限公司（以下简称：公司）于 2024 年 7 月 12 日收到控股股东一 致行动人、持股 5%以上股东 BILTING DEVELOPMENTS LIMITED 的通知，其公司名 称由"BILTING DEVELOPMENTS LIMITED"变更为"JS Global Capital Management Limited"。 九阳股份有限公司 特此公告 2024 年 7 月 16 日 ...

2024 年 5 月 30 日 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。 九阳股份有限公司（以下简称：公司）于 2022 年 3 月 28 日召开第五届董事 会第十四次会议和第五届监事会第十三次会议，于 2023 年 3 月 30 日召开第六届 董事会第二次会议和第六届监事会第二次会议，于 2024 年 3 月 27 日召开第六届 董事会第八次会议和第六届监事会第七次会议，分别审议通过《关于注销 2021 年 股票期权激励计划部分股票期权的议案》，因激励对象离职和公司层面考核不达 标，公司将 2021 年股票期权激励计划（以下简称"本激励计划"）首次授予的股 票期权中 107 名激励对象已获授但尚未行权的合计 1,560.00 万份股票期权予以注 销，上述注销完成后，本激励计划首次授予的股票期权全部注销完毕。具体内容 详见公司于 2022 年 3 月 30 日、2023 年 4 月 1 日和 2024 年 3 月 29 日在指定媒体 披露的《关于注销 2021 年股票期权激励计划部分股票期权的公告》（公告编号： 2022-013、2023-010 和 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company has shown strong domestic sales growth, with a notable increase in revenue of 20.65 billion yuan in Q1 2024, representing a year-on-year growth of 9.15%. The domestic sales of the soy milk machine category have seen significant growth, while the overall market share remains stable [3][4]. - The company has launched several new products in April 2024, which are expected to positively impact sales in the future [3]. - The operational efficiency has improved significantly, with inventory decreasing by 22% year-on-year and inventory turnover days reduced by 12.98 days [7]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 1.30 billion yuan, up 7.06% year-on-year, and a net profit excluding non-recurring items of 1.25 billion yuan, up 7.23% year-on-year [23]. - The gross profit margin for Q1 2024 was 26.92%, a slight decrease of 0.95 percentage points year-on-year, attributed to improved cost control and product structure optimization in domestic sales [24]. - The company’s operating cash flow increased by 2.09% year-on-year, with a cash collection ratio of 1.37 and a net cash ratio of 2.41, indicating stable operational quality [7]. Market Position and Strategy - The company is positioned as a high-quality small home appliance manufacturer, actively adapting to changes in demand and channels, and effectively leveraging consumer insights to develop targeted products [4]. - The company has maintained a stable market share in key categories, with online sales growth rates for soy milk machines, wall-breaking machines, rice cookers, and electric pressure cookers showing varied performance [3]. Future Outlook - The company is expected to achieve net profits of 4.58 billion yuan, 5.13 billion yuan, and 5.68 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21.19, 18.93, and 17.08 [4].

证券代码：002242 证券简称：九阳股份 公告编号：2024-014 九阳股份有限公司 2023 年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 分红年度：2023年年度权益分派 分配方案：分配比例固定 权益登记日：2024年5月22日 除权除息日：2024年5月23日 除权前总股本：767,017,000股 除权后总股本：767,017,000股 回购专户上已回购的股份数量：4,000,000股 每10股派息（含税）：1.50元 现金分红总额：114,452,550元 按A股除权前总股本（含回购股份及其他不参与分红的股份）计算的每10股 派息（含税）：1.492177元 根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》等相关 规定，上市公司回购专用证券账户中的股份，不享有股东大会表决权、利润分配、 公积金转增股本、认购新股和可转换公司债券等权利。九阳股份有限公司（以下 简称：公司、本公司）回购专用证券账户中的4,000,000股不参与本次权益分派， 本次权益分派以公司现有总股本767,017,000股剔除已回购 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][31] Core Views - The company reported a revenue of 2.065 billion yuan in Q1 2024, representing a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 130 million yuan, up 7.06% year-on-year [6] - The internal sales have shown signs of recovery, with core product demand stabilizing after several quarters of adjustment, leading to an optimistic outlook for profit elasticity [6][28] - The company maintains its profit forecast for 2024-2026, expecting net profits of 438 million yuan, 500 million yuan, and 554 million yuan respectively, with corresponding EPS of 0.57 yuan, 0.65 yuan, and 0.72 yuan [6][10] Summary by Sections Sales Performance - In Q1 2024, the retail volume of soybean milk machines increased by 43.36% year-on-year, while the retail volume of wall-breaking machines decreased by 5.82% [7] - The retail revenue for soybean milk machines rose by 30.82% year-on-year, while that for wall-breaking machines fell by 13.32% [7] - The company’s brand share remains stable, and internal sales are expected to approach double-digit growth in Q1 2024 [7] Profitability and Cost Management - The gross margin for Q1 2024 is expected to remain stable at 26.92%, with a slight decrease of 0.95 percentage points [8] - The company has improved its sales, management, and R&D expense ratios, which are 13.23%, 4.33%, and 4.25% respectively [8] - The net profit margin for Q1 2024 is 6.29%, a decrease of 0.12 percentage points year-on-year [8] Future Outlook - The company is focusing on improving its product and channel structure in internal sales, with new product launches in the "Space Technology 3.0" series expected to enhance its market position [7][28] - The company anticipates that core product improvements will stabilize internal sales, with water appliances and personal care products expected to gradually contribute to revenue growth [7]

[Table_Contacts] [Table_Title] 九阳股份（002242.SZ） 24Q1 收入、利润恢复正增长 [Table_Summary] 核心观点： 24Q1 收入、利润均实现正增长。公司披露 2024 年一季报，2024Q1 单季实现营业收入 20.7 亿元（YoY+9.2%），归母净利 1.3 亿元 （YoY+7.1%），毛利率 26.9%（YoY-0.9pct），净利率 6.3%（YoY -0.1pct），销售/管理/财务/研发费用率分别同比+0.7pct、+0.2pct、 -0.6pct、-0.2pct。 外销预计维持增长，内销改善。24Q1 收入同比转正，主要原因：（1） 23Q1 海外品牌以及渠道去库存，外销需求较弱，所以对于 24Q1 而 言，收入基数较低，随着外销去库存结束+海外需求改善，我们认为 24Q1 外销可能实现增长；（2）内销预计也有所改善，具体来看：根据 奥维云网，24Q1 主要小家电电饭煲、豆浆机、电压力锅、搅拌机、空 气炸锅行业线上累计销售额分别同比+5%、+31%、-4%、-13%、-32%， 环比 2023 全年分别+13pct、+21pct、+7pct ...

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [9]. Core Insights - The company has shown a positive turnaround in Q1, with both revenue and profit growth exceeding expectations. The revenue for Q1 is reported at 2.07 billion, reflecting a 9% increase year-on-year, while the net profit is 130 million, marking a significant recovery from a previous decline [6][7]. - The internal sales are expected to be the main driver of growth, with a projected double-digit increase, while external sales are anticipated to remain flat [7]. - The company is expected to stabilize its net profit margin, which has fluctuated in the past, with a potential for significant upside in the future [7]. Financial Summary - Revenue projections for the upcoming years are as follows: 9,760 million in 2024E, 10,487 million in 2025E, and 11,270 million in 2026E, indicating a growth rate of 2% in 2024E and 7% in both 2025E and 2026E [2]. - Net profit is forecasted to increase to 547 million in 2024E, 601 million in 2025E, and 654 million in 2026E, with a notable growth rate of 41% in 2024E [2][6]. - The earnings per share (EPS) is projected to rise from 0.51 in 2023A to 0.71 in 2024E, 0.78 in 2025E, and 0.85 in 2026E [2][6]. Market Performance - The company's stock price is currently at 11.30 yuan, with a market capitalization of 8.7 billion [6][7]. - The report indicates that the company's gross margin remains stable, and future observations will focus on the efficiency of expense allocation [7].

2024 年 04 月 18 日 行业 3 月需求环比改善。据奥维云网，2024 年 3 月小家电行业线上销额 同比增长 6.3%；2024 年 1-3 月线上销额同比下滑 0.3%，其中豆浆机线 上销额同比+30.82%；破壁机线上销额同比-13.32%；电饭煲线上销额同 比+5.3%，小家电行业 2024 年 3 月整体需求环比改善明显，部分品类一 季度仍具有一定压力背景下公司 2024Q1 营收及净利润均实现稳健增长。 证券研究报告 | 季报点评 收入稳健增长，盈利能力稳健 创新提升品牌价值。公司致力于创新变革，在厨房小家电领域推出 0 涂层 不粘电饭煲、速嫩烤空气炸锅、变频轻音破壁机等众多新品；在清洁电器 领域也创新使用履带滚刷活水洗地技术和四维立体热风快烘技术。此外， 公司在 2023 年收购深圳甲壳虫智能有限公司，标的公司技术专利有望在 未来持续赋能公司清洁电器产品竞争力。 风险提示：原材料价格波动风险、渠道拓展不及预期、行业竞争加剧。 | --- | --- | |-------------------------------|----------| | | | | 股票信息 | | | 行业 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 证券研究报告 小家电Ⅲ 投资评级 买入-A 维持评级 6 个月目标价 14.52 元 股价 (2024-04-17) 11.30 元 交易数据 总市值(百万元) 8,667.29 流通市值(百万元) 8,652.47 总股本(百万股) 767.02 流通股本(百万股) 765.71 12 个月价格区间 9.77/17.11 元 相对收益 -2.9 -15.5 -16.6 绝对收益 -3.0 -5.1 -30.7 李奕臻 分析师 相关报告 Q4 业绩增速小幅转正 2024-03-29 [Table_Finance1] (亿元) 2022A 2023A 2024E 2025E 2026E 主营收入 101.8 96.1 103.2 112.7 122.3 净利润 5.3 3.9 4.4 5.2 5.9 公司快报 2024 年 04 月 18 日 九阳股份(002242.SZ) 内销经营复苏，Q1 收入增速转正 事件：九阳股份公布 2024 年一季报。公司一季度实现收入 20.7 亿元，YoY+9.2%；实现归母净利润 1.3 亿元，YoY+7.1%；实现扣 非 ...