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 ...

Shareholder Information - The total number of common shareholders at the end of the reporting period is 41,850[11] - The largest shareholder, Shanghai Lihong Enterprise Management Co., Ltd., holds 50.13% of the shares, totaling 384,523,746 shares[11] - The total number of shares held by the top ten shareholders with unrestricted shares is 558,000,000[13] - The company has not disclosed any significant changes in shareholder relationships or actions among the top ten shareholders[13] - The company has not indicated any participation in margin financing or securities lending by the top ten shareholders[13] Financial Performance - The company's net comprehensive income attributable to the parent company for the current period is 132,219,123.52 yuan, compared to 125,989,887.15 yuan in the previous period, reflecting an increase[19] - Basic and diluted earnings per share for the current period are both 0.17 yuan, up from 0.16 yuan in the previous period[19] - Revenue for the reporting period reached ¥2,065,327,130.90, an increase of 9.15% compared to the same period last year[26] - Net profit attributable to shareholders was ¥129,962,893.25, reflecting a growth of 7.06% year-over-year[26] - The net profit after deducting non-recurring gains and losses was ¥125,416,859.18, up 7.23% from the previous year[26] - Total operating revenue for the current period reached ¥2,065,327,130.90, an increase of 9.15% from ¥1,892,190,788.93 in the previous period[45] - Net profit for the current period was ¥130,444,314.25, representing a growth of 6.67% compared to ¥122,119,817.03 in the previous period[45] - Operating profit increased to ¥150,018,705.96, a rise of 8.73% from ¥137,693,976.73 in the last period[45] Comprehensive Income - The company reported a net other comprehensive income after tax of 2,256,230.27 yuan for the current period, down from 4,600,484.01 yuan in the previous period[19] - The company has not reported any non-recurring gains or losses during the current period[8] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,617,060,903.71, a slight increase of 0.07% from the end of the previous year[26] - The total liabilities decreased to ¥3,995,662,186.81 from ¥4,125,833,068.41, reflecting a reduction of approximately 3.1%[43] - The total equity increased to ¥3,621,398,716.90 from ¥3,486,246,962.01, marking an increase of about 3.9%[43] Cash Flow - Cash flow from operating activities was ¥313,309,588.31, a 2.09% increase compared to the previous year[26] - Operating cash inflow for the current period reached ¥3,220,593,152.38, an increase of 12.0% compared to ¥2,875,086,685.06 in the previous period[39] - Net cash outflow from operating activities was ¥2,907,283,564.07, up from ¥2,568,186,164.96, resulting in a net cash flow from operating activities of ¥313,309,588.31, slightly higher than ¥306,900,520.10 in the prior period[40] - Cash flow from investment activities generated a net inflow of ¥104,142,816.15, compared to ¥63,304,715.71 in the previous period, indicating a significant improvement[40] - Cash and cash equivalents at the end of the period rose to ¥2,401,853,909.52, up from ¥1,540,823,465.63, representing a growth of 55.8%[40] - The company received tax refunds amounting to ¥84,649,664.56, significantly higher than ¥41,862,838.07 in the previous period, indicating improved cash flow management[39] Operational Expenses - Total operating costs amounted to ¥1,943,787,658.33, up 10.43% from ¥1,759,501,873.53 in the prior period[45] - The cash outflow for other operating activities was ¥760,634,655.63, an increase from ¥531,102,598.57, suggesting higher operational expenses[40] - The company's research and development expenses were reported at ¥87,751,212.71, up from ¥84,611,337.07, indicating a growth of 2.52%[45] Other Financial Metrics - The weighted average return on equity increased to 3.67%, up 0.03 percentage points from the previous year[26] - Goodwill increased to ¥120,942,004.71, marking a 100.00% rise attributed to business acquisitions during the period[30] - Other income surged by 433.36% to ¥18,384,944.40, primarily due to increased VAT deductions[30] - The company experienced a credit impairment loss of ¥7,238,390.57, compared to a gain of ¥7,439,938.44 in the previous period[45] - The company’s financial expenses showed a significant change, with a net financial income of -¥23,266,570.93 compared to -¥9,254,867.05 in the prior period[45] - Tax expenses for the current period were ¥17,572,422.47, compared to ¥15,262,466.04 in the previous period, reflecting an increase of 15.09%[45]

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。 | --- | --- | --- | --- | --- | --- | |--------------- ...

Investment Rating - The report maintains a "Recommended" rating for Jiuyang Co., Ltd. with a target price of 14 CNY, while the current price is 10.51 CNY [2][10][21]. Core Views - Jiuyang's revenue for 2023 was 9.61 billion CNY, a decrease of 5.5% year-on-year, with a net profit attributable to shareholders of 389 million CNY, down 26.5% year-on-year. The fourth quarter of 2023 saw revenue of 2.83 billion CNY, a decline of 12.9% year-on-year, but a slight increase in net profit of 0.26 billion CNY, up 0.9% year-on-year [2][10][21]. - The domestic demand for small household appliances is weak, leading to a decline in Jiuyang's revenue. However, overseas sales grew by 69%, indicating a shift in market dynamics. The company is focusing on product innovation in niche categories to adapt to the K-shaped recovery in domestic demand [2][10][21]. - The gross margin in Q4 2023 decreased to 27%, down 2.8 percentage points year-on-year, primarily due to an increase in low-margin export sales, which accounted for 23% of total revenue, up 10 percentage points from the previous year. The report anticipates a gradual recovery in profitability as domestic demand improves [2][10][21]. Financial Summary - For 2023, Jiuyang's main revenue was 9.61 billion CNY, with a year-on-year growth rate of -5.5%. The net profit attributable to shareholders was 389 million CNY, with a year-on-year growth rate of -26.5%. The earnings per share (EPS) for 2023 was 0.51 CNY [2][8][10]. - The financial forecasts for 2024 to 2026 predict revenues of 10.18 billion CNY, 11.01 billion CNY, and 11.55 billion CNY, respectively, with corresponding net profits of 458 million CNY, 519 million CNY, and 561 million CNY [2][8][10]. - The report projects a price-to-earnings (P/E) ratio of 18 for 2024, 16 for 2025, and 14 for 2026, indicating a potential for valuation improvement as the market recovers [2][8][10].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 9.613 billion yuan in 2023, a decrease of 5.54% year-on-year, and a net profit of 389 million yuan, down 26.60% year-on-year, primarily due to declining traffic in the traditional e-commerce sector and increased fixed costs [12][15] - The company has seen a significant increase in its foreign sales, with a year-on-year growth of 68.79%, while domestic sales decreased by 16.68% [16] - The company is expected to improve its operational efficiency through refined management practices, despite short-term pressures from weak domestic demand [15] Financial Performance Summary - Revenue Forecast (in million yuan): - 2022: 10,177 - 2023: 9,613 - 2024E: 10,162 - 2025E: 11,027 - 2026E: 12,001 [3] - Net Profit Forecast (in million yuan): - 2022: 530 - 2023: 389 - 2024E: 474 - 2025E: 541 - 2026E: 598 [3] - EPS Forecast (in yuan): - 2022: 0.69 - 2023: 0.51 - 2024E: 0.62 - 2025E: 0.70 - 2026E: 0.78 [3] Profitability Metrics - Gross Margin for 2023 was 25.86%, a decrease of 3.22 percentage points year-on-year [15] - The company’s net profit margin for 2023 was 4.05%, down 1.16 percentage points year-on-year [15] - The company’s return on equity (ROE) is projected to be 11.21% in 2023, improving to 13.10% by 2026 [3] Market Position and Strategy - The company is recognized as a leading brand in the domestic small home appliance industry, focusing on product series such as space series and slow life series [15] - The company plans to enhance its operational efficiency through refined management practices, which is expected to yield positive results in the long term [15] Dividend Policy - The company announced a cash dividend plan of 1.5 yuan per 10 shares, resulting in a total cash dividend payout ratio of 29% for the year [12]

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].