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 | --- | --- | |----------------------------|-------------------------------| | ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 14.30 RMB, down from a previous forecast of 17.40 RMB [5][9]. Core Views - The company is expected to continue its growth trajectory through cost reduction strategies and the introduction of new products, despite facing intense competition in the industry [9]. - The company's external sales have shown significant growth, while internal sales have declined, indicating a shift in market dynamics [11][12]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 96.13 billion RMB, a decrease of 5.54% year-on-year, with a net profit of 3.89 billion RMB, down 26.53% [11]. - The company's external sales reached 22.39 billion RMB, reflecting a 69% increase year-on-year, while internal sales were 73.74 billion RMB, down 17% [12][36]. Profitability Trends - The gross margin for 2023 was 25.86%, a decrease of 3.22 percentage points year-on-year, while the net margin was 4.06%, an increase of 1.07 percentage points [37]. - The report forecasts EPS for 2024-2026 to be 0.62, 0.74, and 0.85 RMB respectively, with a year-on-year growth of 22%, 19%, and 15% [9]. Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 7.63 billion RMB in 2023, an increase of 1.53 billion RMB year-on-year [17]. - As of the end of 2023, the company had cash and cash equivalents totaling 24.36 billion RMB, an increase of 8.67 billion RMB year-on-year [39]. Market Position and Strategy - The company is actively responding to the slow recovery in overall industry demand by leveraging platform-based cost reduction and continuously launching new products [9]. - The report highlights the importance of maintaining a healthy cash flow and managing costs effectively in a competitive market environment [15][39].

Investment Rating - The report maintains a "Buy" rating for the company [7][24]. Core Views - In 2023, the company achieved revenue of 9.612 billion yuan, a decrease of 5.54% year-on-year, and a net profit attributable to shareholders of 389 million yuan, down 26.58% year-on-year. The fourth quarter of 2023 saw revenue of 2.832 billion yuan, a decline of 12.92%, with a net profit of 26 million yuan, showing a slight increase of 0.86% [24]. - The report highlights that the company's gross margin for 2023 was 25.86%, down 3.22 percentage points from the previous year, with a gross margin of 27% in Q4 2023, down 2.84 percentage points [10][24]. - The company is expected to see improvements in net profit for 2024-2026, with projected net profits of 438 million yuan, 500 million yuan, and 554 million yuan respectively, reflecting a recovery in profitability driven by improvements in domestic sales [24][25]. Financial Summary - The company's revenue and net profit forecasts for 2024-2026 are as follows: - 2024E Revenue: 10.116 billion yuan, Net Profit: 438 million yuan - 2025E Revenue: 11.114 billion yuan, Net Profit: 500 million yuan - 2026E Revenue: 12.026 billion yuan, Net Profit: 554 million yuan [11][24]. - The report indicates that the company's earnings per share (EPS) for 2024-2026 are projected to be 0.57 yuan, 0.65 yuan, and 0.72 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 18.3, 16.0, and 14.5 [24][11]. Segment Performance - In terms of product categories, the revenue for 2023 showed varied performance: food processors decreased by 10.18%, nutritional cookers by 0.24%, Western-style appliances increased by 2.6%, and cookware decreased by 33.66% [25]. - The report notes that domestic and overseas revenues for 2023 were 7.37 billion yuan and 2.24 billion yuan respectively, with year-on-year changes of -16.68% and +68.79% [25].

增持(维持评级) 公司点评 业绩简评 国金证券研究所 分析师：苏晨 (执业 S1130522010001) suchen@gjzq.com.cn 分析师： 鲍秋宇 (执业S1130524010002) baoqiuyu@gjzq.com.cn 人民币(元) 19.00 17.00 15.00 13.00 11. 00 9.00 成交金额 九阳股份 1 来源：聚源数据 来源：国金证券研究所 市场中相关报告评级比率分析说明： 电话：010-85950438 邮箱：researchsh@gjzq.com.cn 邮编：201204 内销收入承压,外销恢复良好。分产品:23 年公司食品加工机/ 营养煲/西式电器/炊具系列营收分别为 29.4/37.0/23.1/4.2 亿 元，同比分别-10.2%/-0.2%/+2.6%/-33.7%。食品加工机和炊具需 求有所承压,公司太空系列 0 涂层不粘电饭煲销售情况良好,助 推营养煲增速提升,西式电器因空气炸锅高基数影响同比下滑。 分地区:23 年公司内销/外销营收分别为 73.7/22.4 亿元,同比 -16.7%/+68.8%,外销占比达到 23.3%/+10.3pct,内 ...

Investment Rating - The investment rating for Joyoung Co., Ltd. is maintained at "Buy - A" with a target price of 12.83 CNY for the next six months [6]. Core Views - Joyoung reported a slight recovery in Q4 2023 with a revenue of 28.3 billion CNY, showing a year-on-year decline of 12.9%, while the net profit reached 0.3 billion CNY, a year-on-year increase of 0.9% [2][3]. - The company is expected to benefit from the gradual recovery in small home appliance consumption and its ongoing expansion into new products and channels, which may lead to a sustained increase in revenue [2][3]. Financial Performance Summary - In 2023, Joyoung achieved a total revenue of 96.1 billion CNY, down 5.5% year-on-year, and a net profit of 3.9 billion CNY, down 26.6% year-on-year [2][3]. - Q4 gross margin was reported at 27.0%, a decrease of 2.8 percentage points year-on-year, primarily due to an increase in the proportion of low-margin ODM exports [2]. - The net profit margin for Q4 was 0.9%, reflecting a slight increase of 0.1 percentage points year-on-year, attributed to gains from the disposal of joint ventures [3]. - Operating cash flow showed significant improvement in Q4, with a net cash flow of 340 million CNY compared to a negative 300 million CNY in the same period last year [3]. Earnings Forecast - The projected earnings per share (EPS) for Joyoung from 2024 to 2026 are 0.58 CNY, 0.69 CNY, and 0.80 CNY respectively [3][20]. - The company’s revenue is expected to recover to 101.9 billion CNY in 2024, with a net profit forecasted at 4.5 billion CNY [20]. Valuation Metrics - The dynamic price-to-earnings (P/E) ratio for 2024 is estimated at 22 times, with a projected price-to-book (P/B) ratio of 2.4 [20]. - The company’s net profit margin is expected to improve gradually, reaching 5.1% by 2026 [20].

事件：公司发布 2023 年年报。公司 2023 年实现营业收入 96.13 亿元， 同比下滑 5.54%（2023 年信托信基金产品减值约为 0.36 亿元，还原减值 后收入增速为-5.18%）；实现归母净利润 3.89 亿元，同比下滑 26.58%； 实现扣非归母净利润 3.53 亿元，同比下滑 35.76%。其中，2023Q4 单季 营业收入为 28.32 亿元，同比下滑 12.92%；归母净利润为 0.26 亿元，同 比增长 0.86%；扣非归母净利润为 0.14 亿元，同比下滑 83.86%。 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。 -46% -37% -27% -18% -9% 0% 9% 2023-03 2023-07 2023-11 2024-03 九阳股份 沪深300 请仔细阅读本报告末页声明 免责声明 本报告版权归"国盛证券有限责任公司"所有。未经事先本公司书面授权，任何机构或个人不得对本报告进行任何形式的发 布、复制。任何机构或个人如引用、刊发本报告，需注明出处为"国盛证券研究所"，且不得对本报告进行有悖原意的删节 或修改。 国盛证券研究所 传真：0791-862 ...

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the North American market [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered the European market, with initial sales exceeding expectations [4]. - A new distribution center was opened in Asia to support growing demand in the region [5]. - Strategic partnerships were formed with local retailers to enhance market penetration [6]. Product Development - Launched three new products in the tech category, which have received positive customer feedback [7]. - R&D investment increased by 20% to accelerate innovation and product differentiation [8]. - A new patent was filed for a groundbreaking technology expected to revolutionize the industry [9]. Operational Efficiency - Implemented a new supply chain management system, reducing delivery times by 15% [10]. - Automation initiatives in manufacturing led to a 10% reduction in production costs [11]. - Employee training programs were expanded to improve workforce productivity and skill levels [12]. Sustainability Initiatives - Achieved a 25% reduction in carbon emissions through the adoption of renewable energy sources [13]. - Launched a recycling program that has successfully diverted 30% of waste from landfills [14]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [15]. Corporate Governance - Appointed two new independent directors to the board, enhancing governance and oversight [16]. - Implemented a new code of conduct to ensure ethical business practices across all operations [17]. - Shareholder engagement initiatives were strengthened, resulting in a 20% increase in attendance at the annual meeting [18].

审 计 报 告 天健审〔2024〕796 号 目 录 | | | | 二、财务报表……………………………………………………… 第 6—13 | | | 页 | | --- | --- | --- | --- | | （一）合并资产负债表…………………………………………… | 第 | 6 | 页 | | （二）母公司资产负债表………………………………………… | 第 | 7 | 页 | | （三）合并利润表………………………………………………… | 第 | 8 | 页 | | （四）母公司利润表……………………………………………… | 第 | 9 | 页 | | （五）合并现金流量表……………………………………………第 | | 10 | 页 | | （六）母公司现金流量表…………………………………………第 | | 11 | 页 | | （七）合并所有者权益变动表……………………………………第 | | 12 | 页 | | （八）母公司所有者权益变动表…………………………………第 | | 13 | 页 | | | | 九阳股份有限公司全体股东： 一、审计意见 我们审计了九阳股份有限公司（以下简称九阳股份公司）财务 ...

证券代码：002242 证券简称：九阳股份 公告编号：2024-008 九阳股份有限公司 关于续聘公司 2024 年度会计师事务所的公告 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。 九阳股份有限公司（以下简称：公司、本公司）于 2024 年 3 月 27 日召开第 六届董事会第八次会议，审议通过了《关于续聘公司 2024 年度会计师事务所的 议案》。本次拟续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国 有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 现将有关事项公告如下： 一、续聘会计师事务所的情况说明 （5）投资者保护能力：2023 年 12 月 31 日，天健事务所职业风险基金累计 已计提 1 亿元以上，购买的职业保险累计赔偿限额 1 亿元以上，职业风险基金计 提及职业保险购买符合财政部关于《会计师事务所职业风险基金管理办法》等文 件的相关规定。天健会计师事务所（特殊普通合伙）近三年未因执业行为在相关 民事诉讼中被判定需承担民事责任。 首席合伙人 王国海 上年末合伙人数量 238 人 上年末从业人员类别 及数量 ...

证券代码：002242 证券简称：九阳股份 公告编号：2024-007 九阳股份有限公司 关于为经销商提供担保的公告 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、担保情况概述 本年度拟与公司开展保兑仓业务的被担保人为经公司严格审核、筛选后向银行推 荐并纳入授信客户范围的非关联经销商。 公司将根据经销商的销售规模、经营情况、经销商资信情况等条件评估选择具备 较强资金实力、商业信誉良好、遵守公司营销政策和销售结算制度、并愿意保持长期 合作关系的经销商开展此项业务。 三、担保情况的主要内容 2024年度，公司拟开展业务授信总额度不超过20,000万元的保兑仓业务，在额度范 围内可滚动使用。公司所需承担的最大差额退款责任将由该业务实际发生额决定。 1、担保方式：承担差额退款责任 2、担保期限及担保范围：公司本次对外担保的决议有效期自股东大会决议通过之日 起一年内有效。担保范围为：在本次合作项下，公司需承担的差额退款责任为经销商在承 兑汇票到期后未能偿还的开票金额与存款保证金之间差额。 3、相关合作方：与公司开展保兑仓业务的银行为中信银行股份有限公司和杭州银行 ...