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 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 ...

第六届董事会第十一次会议决议公告 九阳股份有限公司 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：2024-022 公司2024年第三季度报告详见巨潮资讯网（http://www.cninfo.com.cn）以及2024 年10月31日《证券时报》、《中国证券报》上公司公告编号为2024-024号的《公司 2024年第三季度报告》。 2、经表决，会议以同意票 4 票，反对票 0 票，弃权票 0 票，审议通过了《关 于调整 2024 年度日常关联交易预计的议案》。关联董事杨宁宁、韩润属于《深 圳证券交易所股票上市规则》6.3.8 条所述关联董事，回避表决。 公司独立董事已召开专门会议审议本议案，一致同意将本议案提交董事会审 议。 该议案的详细情况详见巨潮资讯网（http://www.cninfo.com.cn）以及2024年10月 31日《证券时报》、《中国证券报》上公司公告编号为2024-025号《关于调整2024 年度日常关联交易预计的公告》。 3、经表决，会议以同意票 6 票，反对票 0 票，弃权票 ...

九阳股份有限公司（以下简称：公司）于 2024 年 10 月 21 日以书面的方式发 出关于召开公司第六届监事会第十次会议的通知，会议于 2024 年 10 月 30 日以 通讯表决的方式召开。会议应参与表决监事 3 名，实际参与表决监事 3 名。本 次会议由监事会主席朱宏韬主持。本次会议的召开与表决程序符合《公司法》和 《公司章程》等的有关规定，表决所形成的决议合法、有效。经与会监事认真审 议并表决，通过如下决议： 1、会议以同意票3票，反对票0票，弃权票0票，审议通过了《公司2024年第 三季度报告》。 证券代码：002242 证券简称：九阳股份 公告编号：2024-023 九阳股份有限公司 第六届监事会第十次会议决议公告 本公司及监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。 1、监事会决议。 特此公告 经审核，监事会认为：董事会编制和审核《公司2024年第三季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映 了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 九阳股份有限公司监事会 公司2024年第三季度报告 ...

证券代码：002242 证券简称：九阳股份 公告编号：2024-027 九阳股份有限公司 关于第一期员工持股计划第二个锁定期届满的提示性公告 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）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审议通过了《关于<九阳股份有限 公司第一期员工持股计划（草案）>及其摘要的议案》《关于<九阳股份有限公司 第一期员工持股计划管理办法>的议案》《关于提请股东大会授权董事会办理公 司第一期员工持股计划有关事项的议案》。2022 年 4 月 1 日公司召开第五届董事 会第十五次会议和第五届监事会第十四次会议、2022 年 4 月 22 日公司召开 2021 年年度股东大会，审议通过了《关于<九阳股份有限公司第一期员工持股计划（草 案修订稿）>及其摘要的议案》《关于<九阳股份有限公司第一期员工持股计划管 理办法（修订稿）>的议案》《关于提请股东大会授权董事会办理公司第一期员 工持股计划有关事项的议案》等相关议案，同意公司实施第一期员工持股计划（以 下简称"本 ...

Financial Performance - Revenue for the third quarter was 1.795 billion yuan, a decrease of 27.12% year-over-year[2] - Net profit attributable to shareholders was -77.33 million yuan, a decrease of 166.46% year-over-year[2] - Total operating income for the period was 6,182,055,590.30 RMB, down 8.8% from 6,781,172,561.74 RMB in the previous period[12] - Total operating costs for the period were 6,095,146,683.64 RMB, down 5.1% from 6,425,277,119.84 RMB in the previous period[12] - Sales revenue from goods and services received was RMB 6,866,031,982.34, a decrease compared to the previous period's RMB 7,713,100,132.01[16] - Net profit attributable to the parent company's shareholders was RMB 98,063,944.12, a significant drop from the previous period's RMB 363,513,922.70[13] - Basic and diluted earnings per share were both RMB 0.13, down from RMB 0.49 in the previous period[15] - Total comprehensive income attributable to the parent company's shareholders was RMB 81,590,857.45, down from RMB 371,183,712.38 in the previous period[13] Assets and Liabilities - Total assets at the end of the reporting period were 7.515 billion yuan, a decrease of 1.28% compared to the end of the previous year[2] - The company's monetary funds at the end of Q3 2024 were RMB 2,582,279,500.01, an increase from RMB 2,431,377,953.47 at the beginning of the period[9] - Accounts receivable at the end of Q3 2024 were RMB 1,251,541,037.23, up from RMB 1,009,769,220.20 at the beginning of the period[9] - The company's notes receivable at the end of Q3 2024 were RMB 540,129,046.99, a decrease from RMB 1,145,265,457.70 at the beginning of the period[9] - The company's prepayments at the end of Q3 2024 were RMB 48,926,958.34, up from RMB 40,569,709.89 at the beginning of the period[9] - The company's other receivables at the end of Q3 2024 were RMB 23,578,548.14, down from RMB 81,174,451.49 at the beginning of the period[9] - The company's receivables financing at the end of Q3 2024 were RMB 145,704,162.34, up from RMB 113,072,886.20 at the beginning of the period[9] - The company's trading financial assets at the beginning of the period were RMB 5,022,027.78, with no balance at the end of Q3 2024[9] - Inventory increased to 622,761,328.39 RMB from 558,417,131.83 RMB, reflecting an 11.5% growth[10] - Total current assets decreased to 5,410,857,582.92 RMB from 5,626,769,908.76 RMB, a 3.8% decline[10] - Long-term receivables rose to 8,799,000.00 RMB from 5,883,450.00 RMB, marking a 49.6% increase[10] - Total non-current assets increased to 2,104,163,519.88 RMB from 1,985,310,121.66 RMB, a 6% growth[10] - Total assets decreased slightly to 7,515,021,102.80 RMB from 7,612,080,030.42 RMB, a 1.3% decline[10] - Contract liabilities increased to 236,188,057.96 RMB from 204,341,444.90 RMB, a 15.6% rise[10] - Total current liabilities decreased to 3,971,163,854.13 RMB from 4,066,583,096.84 RMB, a 2.3% decline[11] - Total liabilities decreased to 4,042,757,820.09 RMB from 4,125,833,068.41 RMB, a 2% decline[11] Cash Flow - Cash flow from investment activities increased by 170.86% to 89.62 million yuan due to increased investment recoveries[5] - Cash flow from financing activities improved by 40.11% to -164.29 million yuan due to reduced dividend distributions[5] - Net cash flow from operating activities was RMB 416,958,032.06, slightly lower than the previous period's RMB 427,086,101.85[16] - Net cash flow from investment activities was RMB 198,592,236.20, compared to RMB 33,088,499.28 in the previous period[16] - Cash and cash equivalents at the end of the period increased to 2,321,143,007.83 yuan, up from 1,392,974,152.26 yuan in the same period last year[17] - Net cash flow from financing activities was -164,292,598.78 yuan, compared to -274,331,953.65 yuan in the previous year[17] - Cash received from investments was 300,000.00 yuan, all from minority shareholders of subsidiaries[17] - Cash paid for dividends, profits, or interest payments decreased to 120,282,450.00 yuan from 228,905,100.00 yuan in the previous year[17] - The impact of exchange rate changes on cash and cash equivalents was -12,134,876.56 yuan, compared to 21,456,401.20 yuan in the previous year[17] - Net increase in cash and cash equivalents was 330,153,309.89 yuan, up from 207,299,048.68 yuan in the same period last year[17] - Cash paid for other financing activities was 44,310,148.78 yuan, slightly down from 45,426,853.65 yuan in the previous year[17] Investments and Income - The company's goodwill increased by 100% to 120.16 million yuan due to business mergers[5] - The fair value change loss of funds was -55.10 million yuan, a decrease of 1873.22% year-over-year[5] - Investment income decreased by 62.70% to 14.18 million yuan due to reduced income from associates[5] - Interest income rose sharply to RMB 73,136,123.89, compared to RMB 32,331,853.69 in the previous period[13] Shareholder Information - Shanghai Lihong Enterprise Management Co., Ltd. holds 50.13% of the company's shares, totaling 384,523,746 shares[7] - BILTING DEVELOPMENTS LIMITED holds 16.94% of the company's shares, totaling 129,924,090 shares[7] - The company's repurchase account held 4,000,000 shares, accounting for 0.52% of the total shares[7] Expenses and Costs - R&D expenses increased to RMB 272,308,636.26, up from RMB 253,378,153.81 in the previous period[13] - Sales expenses increased to RMB 1,061,819,478.58, up from RMB 892,555,999.96 in the previous period[13] - Cash received from tax refunds was RMB 186,210,379.70, an increase from RMB 140,157,462.78 in the previous period[16] Other Financial Metrics - The company's weighted average return on equity was -2.20%, a decrease of 5.61 percentage points[2] - Accounts receivable decreased by 70.95% to 23.58 million yuan due to the recovery of receivables[5] - The company's third-quarter report was unaudited[17]