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]

Investment Rating - The investment rating for the company is "Add" (maintained rating) with a target price not specified [3]. Core Insights - The company achieved a revenue of 9.613 billion yuan in 2023, 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 [2][15]. - In Q4 2023, the company reported revenue of 2.832 billion yuan, a decline of 12.92% year-on-year, while the net profit attributable to shareholders was 26 million yuan, an increase of 2.52% year-on-year [2][15]. - The company’s sales, management, R&D, and financial expense ratios for 2023 were 14.84%, 3.96%, 4.05%, and -0.65%, respectively, with a notable decrease in sales expense ratio due to a significant reduction in channel, after-sales, and advertising expenses [6][11]. Financial Data Summary - The company’s gross margin for 2023 was 25.86%, down 3.22 percentage points year-on-year, and the net margin was 4.06%, down 1.07 percentage points year-on-year [33]. - The company’s revenue from major product categories in 2023 showed a decline of 10.18% for food processors, 0.24% for nutrition cookers, and an increase of 2.6% for Western-style appliances, with Western-style appliances performing well in the second half of the year [11][15]. - Domestic revenue decreased by 16.7% year-on-year, while foreign sales increased by 68.8% in 2023, indicating a significant contribution from exports to revenue growth [11][15]. - The company’s cash flow from operating activities for 2023 was 763 million yuan, an increase of 25.04% year-on-year, reflecting improved cash flow stability [17].

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].