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

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].