丨证券研究报告丨 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司 2023 年实现营业收入 96.13 亿元，同比下降 5.54% ，实现归母净利润 3.89 亿元，同比下 | | | 降 26.58% ，实现归母扣非净利润 3.53 亿元，同比下降 35.76% 。公司 2023 年四季度营业收入 28.32 亿元，同比下降 12.92% ，实现归母净利润 2553.22 万元，同比增长 0.86% ，实现归母 | | | 扣非净利润 1433.81 亿元，同比下降 84.22% 。 | | | | | [Table_Author] 陈亮 陈佳 请阅读最后评级 ...

公 司 研 究 2023H2 外销高速增长，Q4 业绩有所改善 (40%) (30%) (20%) (10%) 0% 10% 23/4/1023/6/2023/8/3023/11/924/1/1924/3/30 九阳股份 沪深300 <<海外收入显著拉动增长，内销均价 企稳有望摆脱盈利困局>>--2021- 04-01 <<价值登高迎接消费升级与分级，取 得高质量增长>>--2020-04-03 <<九阳股份点评报告：多元化发展战 略初显成效,业绩高增长可期>>-- 2017-04-18 投资建议：行业端，伴随国内经济复苏，出口链改善拉动，整体需求 有望回暖。公司端，产品矩阵不断丰富，渠道建设持续拓展，数字化优势 赋能效率提升，公司收入业绩有望长期增长。我们预计，2024-2026 年公 司 归 母 净 利 润 分 别 为 4.66/5.61/6.13 亿元，对应 EPS 分别为 0.61/0.73/0.80 元，当前股价对应 PE 分别为 16.93/14.07/12.88 倍。维 持"买入"评级。 | --- | --- | --- | --- | --- | --- | |--------------- ...

证 券 研 究 报 告 事项： 九阳股份（002242）2023 年报点评 推荐（维持） 23 年经营筑底承压，期待改善拐点 目标价：14 元 当前价：10.51 元 公司发布 2023 年报，实现营业收入 96.1 亿元，同比-5.5%；实现归母净利 3.9 亿元，同比-26.5%；其中，23Q4 实现营业收入 28.3 亿元，同比-12.9%；实现 归母净利 0.26 亿元，同比+0.9%。 评论： 小家电内销需求疲弱，23 年公司营收规模承压。公司 23 年营收整体下滑 5.5%， 其中国内下滑 17%、海外增长 69%，主要系国内小家电需求疲弱，影响公司线 上渠道营收同比下滑 15%。据奥维云网数据，23 厨房小家电规模整体同比下 滑 9.6%、其中线上下滑 10.7%；公司适应国内小家电需求 K 型分化趋势，聚 焦细分品类产品创新，虽然内销短期经营筑底承压、但 23 年内销线下已有显 著恢复、同比增长 9.5%，后续伴随内销需求复苏、线上新品类推新，我们预 计公司经营拐点可期。 23Q4 毛利率同比下滑，期间费用率同比提升。23Q4 实现归母净利 0.26 亿元， 同比+0.9%，23 年全年归母净 ...

买入（维持） 当前价：10.51 元 分析师：洪吉然 执业证书编号：S0930521070002 021- 52523793 hongjiran@ebscn.com -43% -30% -16% -3% 10% 03/23 06/23 09/23 12/23 九阳股份 沪深300 | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|---------|------------|--------|--------|--------| | 表 1 ：公司盈利预测与估值简表 指标 2022 2023 2024E 2025E 2026E | | | | | | | 营业收入（百万元） | 10,177 | 9,613 | 10,162 | 11,027 | 12,001 | | 营业收入增长率 | -3.45% | -5.54% | 5.72% | 8.51% | 8.83% | | 净利润（百万元） | 530 | 389 | 474 | 541 | 59 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market by more than 15% over the next 12 months [5]. Core Insights - The company has shown strong growth in external sales, with a year-on-year increase of 68.79% in external revenue, while internal sales have declined by 16.68% [1]. - The company’s revenue for 2023 is reported at 96.13 billion yuan, a decrease of 5.54% year-on-year, with a net profit of 3.89 billion yuan, down 26.58% year-on-year [14]. - The company is expected to see a positive revenue growth in Q4, driven by external sales, while internal sales remain under pressure [1]. Revenue Breakdown - In 2023, the revenue from food processing machines, nutrition pots, Western small appliances, and cookware was 29.40, 36.97, 23.06, and 4.21 billion yuan respectively, with year-on-year changes of -10.18%, -0.24%, +2.60%, and -33.66% [1]. - Online and offline channel revenues for 2023 were 52.13 billion yuan and 44.00 billion yuan, reflecting a year-on-year change of -15.37% and +9.53% respectively [1]. - The company’s revenue from internal and external sales was 73.74 billion yuan and 22.39 billion yuan, with year-on-year changes of -16.68% and +68.79% respectively [1]. Profitability and Financial Metrics - The company’s gross profit margin for 2023 was 25.86%, a decrease of 3.23 percentage points year-on-year [14]. - The net profit margin for 2023 was 4.05%, down 1.16 percentage points year-on-year [14]. - The report projects earnings per share (EPS) for 2024-2026 to be 0.60, 0.68, and 0.75 yuan respectively, with corresponding dynamic PE ratios of 17.4, 15.3, and 13.9 [6]. Future Outlook - The company is expected to see a revenue increase of 8.9% in 2024, followed by 7.8% and 7.3% in 2025 and 2026 respectively [10]. - The report anticipates a slight improvement in profitability in Q4, primarily due to a low base effect and the disposal of joint ventures [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9]. Core Insights - The company's revenue for 2023 was 9.61 billion, a decrease of 5.5% year-on-year, with a net profit attributable to the parent company of 389 million, down 26.6% [9]. - The company experienced a significant increase in export sales, which grew by 68.8% to 2.24 billion in 2023, while domestic sales faced challenges, leading to a 16.7% decline in domestic revenue to 7.37 billion [9]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares (tax included) [9]. Financial Performance Summary - The company's Q4 revenue was 2.83 billion, down 12.9%, but the net profit attributable to the parent company was stable at 30 million, up 0.9% [9]. - The gross margin for 2023 decreased by 3.2 percentage points to 25.9%, primarily due to changes in the sales structure [9]. - The company expects net profits for 2024-2026 to be 480 million, 550 million, and 620 million respectively, with year-on-year growth rates of 24%, 14%, and 12% [9]. Market Trends - The domestic kitchen small appliance market saw a retail sales decline of 9.6% in 2023, with specific categories like air fryers experiencing a 46% drop [9]. - The company’s strong categories, such as blenders and air fryers, faced significant declines, impacting overall domestic sales [9]. - The company’s collaboration with SharkNinja is expected to continue driving growth, with projected sales to SharkNinja increasing by 50% in 2024 [9].

请务必阅读正文后的重要声明部分 1 数据来源：聚源数据 九阳股份（002242）2023 年年报点评 假设 1：考虑到公司着力推进海外业务，海外需求主要体现为西式家电产品，假设 2024-2026 年公司食品加工机营收同比增速为 1%；营养煲营收增速分别为 3%/5%/5%；西 式电器营收增速分别为 15%/10%/10%；炊具营收同比增速为 5%；其他产品营收增速为 15%。 单位：百万元 2023A 2024E 2025E 2026E 附表：财务预测与估值 九阳股份（002242）2023 年年报点评 | --- | --- | --- | |----------|-------|-----------------------------------------------------------------------------------------| | | | | | | | 买入：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在 20% 以上 | | | | 持有：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 10% 与 20% 之间 | | 公司评级 | | 中性： ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a current price of 10.44 CNY and a fair value of 11.35 CNY [3]. Core Views - The company is experiencing short-term operational pressure, with a decline in both revenue and profit for the year. The total revenue for 2023 was 9.61 billion CNY (YoY -5.5%), and the net profit attributable to shareholders was 390 million CNY (YoY -26.6%) [2][12]. - The report anticipates a recovery in performance, projecting net profit growth of 11.8%, 12.0%, and 10.0% for 2024, 2025, and 2026, respectively [12]. Summary by Sections Financial Performance - In 2023, the gross margin was 25.9% (YoY -3.2pct), and the net margin was 4.0% (YoY -1.2pct). The fourth quarter of 2023 saw a revenue of 2.83 billion CNY (YoY -12.9%) and a net profit of 30 million CNY (YoY +0.9%) [2]. - The company’s revenue from food processing machines in H2 2023 was 1.68 billion CNY (YoY -4.4%), while revenue from Western-style appliances was 1.37 billion CNY (YoY +22.7%) [2]. Market Dynamics - The report highlights that external sales are significantly outperforming domestic sales, with external sales in H2 2023 reaching 1.32 billion CNY (YoY +85.5%) compared to domestic sales of 3.98 billion CNY (YoY -16.4%) [2]. - The company is expected to benefit from a strong product innovation capability and channel strength, which supports the positive outlook for future growth [12]. Valuation - The report assigns a 20x PE ratio for 2024, leading to a fair value estimate of 11.35 CNY per share [12].

Investment Rating - The report maintains an "Outperform" rating for Joyoung Co., Ltd. (002242) [5] Core Views - The company's revenue and performance fell short of expectations, with 2023 revenue at 9.613 billion yuan, a year-on-year decrease of 5.54%, and net profit attributable to shareholders at 389 million yuan, down 26.58% [5][6] - Q4 performance showed a slight increase in net profit but a significant decline in revenue, with Q4 revenue at 2.832 billion yuan, down 12.92% year-on-year [5] - The company experienced strong growth in overseas sales, with a 68.79% increase, while domestic sales faced challenges, decreasing by 16.68% [5] - The gross margin decreased by 3.22 percentage points to 25.86% due to lower margins on OEM products and declining sales in high-margin categories [5] Summary by Sections Financial Performance - Total revenue for 2023 was 9.613 billion yuan, with a year-on-year growth rate of -5.5% [6] - Net profit attributable to shareholders was 389 million yuan, reflecting a -26.6% year-on-year change [6] - Q4 revenue was 2.832 billion yuan, with a net profit of 26 million yuan, showing a slight increase of 0.86% [5][6] Sales and Market Dynamics - Domestic sales were 7.374 billion yuan, down 16.68%, while overseas sales reached 2.239 billion yuan, up 68.79% [5] - The kitchen small appliance market saw a decline of 9.6% in 2023, impacting domestic sales [5] - The company is focusing on enhancing its product value and supply chain advantages in overseas markets [5] Future Outlook - The profit forecast for 2024 and 2025 has been revised downwards, with expected net profits of 410 million yuan and 490 million yuan respectively [5][6] - The company anticipates a return to positive growth in the kitchen small appliance sector in 2024, driven by new product categories [5] - The report suggests that Joyoung's valuation remains attractive compared to peers, with a projected PE ratio of 19 times for 2024 [5]

西式品类表现较好，外销贡献收入增速 公司 2023 年销售、管理、研发、财务费用率分别为 14.84%、3.96%、4.05%、 -0.65%，同比-0.81、+0.27、+0.21、-0.01pct；其中 23Q4 季度销售、管理、 研发、财务费用率分别为 18.84%、4.75%、4.79%、-0.32%，同比+1.22、+0.61、 +0.3、-0.17pct。23 年销售费用率有所下降，主要由于其中占比较大的渠 道、售后及广告费同比-11%所致。 事件：公司 2023 年实现营业收入 96.13 亿元，同比-5.54%，归母净利润 3.89 亿元，同比-26.58%；其中 2023Q4 实现营业收入 28.32 亿元，同比-12.92%， 归母净利润 0.26 亿元，同比+2.52%。每 10 股派发现金红利 1.50 元（含税）。 财务数据和估值 2022 2023 2024E 2025E 2026E 请务必阅读正文之后的信息披露和免责申明 1 | --- | --- | |----------------------------|-------------------------------| | ...