九阳股份（002242.SZ） 盈利水平环比上行，期待公司景气回升 事件：公司发布 2025 年一季报。公司 25Q1 实现营业收入 20.0 亿元， 同比-3.2%；归母净利润为 1.0 亿元，同比-21.9%；扣非归母净利润为 1.1 亿元，同比-15.1%。 证券研究报告 | 季报点评 gszqdatemark 2025 05 01 年 月 日 核心品类零售端恢复增长态势。根据奥维云数据，2025 年一季度九阳 品牌线上破壁机/空气炸锅品类销额同比+8.1%/+5.0%，市占率同比 提升 2.23pct/0.33pct 至 43.4%/19.8%。 盈利水平环比有所回升。1）毛利率：25Q1 公司毛利率 26.3%，同比 -0.6pct。2）费率端：25Q1 销售/管理费/研发/财务费率分别为 13.1%/4.4%/4.4%/-1.2%，同比变动-0.1pct/持平/+0.2pct/-0.1pct。 3）净利率：25Q1 净利率为 5.0%，同比-1.3pct，环比+4.5pct。 盈利预测与投资建议：考虑到公司 25Q1 利润率环比修复明显，我们 预计公司 2025-2027 年归母净利润分别为 4. ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected PE of 29 times for 2025 [7]. Core Views - The company is expected to achieve a revenue growth of 10% year-on-year in 2024, reaching 8.98 billion yuan, and a net profit growth of 20%, totaling 700 million yuan [1]. - The consumer business is experiencing rapid growth, with a projected revenue of 4.99 billion yuan in 2024, reflecting a year-on-year increase of 17.1% [3]. - The medical consumables segment is also showing healthy growth, with a revenue of 3.91 billion yuan in 2024, up 1.1% year-on-year [4]. Financial Performance Summary - For 2024, the company expects a gross margin of 47.3%, a decrease of 1.7 percentage points year-on-year, while the net profit margin is projected to increase by 0.6 percentage points to 8.3% [1]. - In Q1 2025, the company reported a revenue of 2.61 billion yuan, a 36% increase year-on-year, with a net profit also up by 36% to 250 million yuan [2]. - The company plans to distribute a cash dividend of 379 million yuan in 2024, with a payout ratio of approximately 54% [1]. Business Segment Analysis - The consumer products segment is driving growth, with core products like wet and dry cotton towels seeing revenue growth of 31% in 2024 and 39% in Q1 2025 [3]. - The medical consumables segment is expanding, particularly after the acquisition of GRI, with a revenue of 1.25 billion yuan in Q1 2025, reflecting a 46.3% year-on-year increase [4]. - The company has increased its store count to 487 by the end of 2024, with a net addition of 76 stores, and the total membership base has grown to nearly 61 million, a 15.8% increase year-on-year [3]. Future Outlook - The company anticipates a revenue growth of 23% in 2025, driven by an 18% increase in the consumer products segment and a 30% increase in the medical consumables segment [5]. - The projected net profit for 2025 is expected to reach 1.05 billion yuan, representing a 51.6% year-on-year growth [6].

Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted profit forecast for 2025-2027 [5][8]. Core Views - The company is expected to face pressure on performance in 2024 due to overseas adjustments, but is anticipated to return to profitability in 2025 as it sheds burdens from its overseas business [5]. - The domestic core brand is leading the industry, with healthy growth in revenue, while overseas operations are expected to continue impacting overall performance negatively [3][5]. Financial Performance Summary - For 2024, the company is projected to have a revenue of 3.04 billion yuan, a year-on-year increase of 4%, but a net loss of 310 million yuan. Adjusted for one-time expenses, the net profit would be approximately 30 million yuan [1]. - In Q1 2025, the company reported a revenue of 690 million yuan, a decrease of 8% year-on-year, but a net profit of 40 million yuan, reflecting a 40% increase compared to the previous year [2]. - The gross margin for 2024 is expected to decline by 0.4 percentage points to 67.4%, with an overall net margin of -8.4% [1]. Market and Brand Analysis - The domestic market is showing robust growth, with a projected revenue increase of 10% in 2024 and 8.1% in Q1 2025 for the core brand [3]. - The company is focusing on enhancing its e-commerce channels, which have shown significant growth, with online sales increasing by 32.4% in 2024 [3]. - The main brands, including ELLASSAY and Laurel, are expected to continue their growth trajectory, with sales increases of 8% and 19% respectively in 2024 [4]. Cash Flow and Inventory Management - The company has effectively managed its cash flow, with a net operating cash flow of 420 million yuan at the end of 2024 [5]. - Inventory levels have decreased, with a year-on-year reduction of 12.3% by the end of 2024, indicating efficient inventory management [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7]. Core Views - The company is expected to achieve significant revenue growth in 2024, with a projected revenue of CNY 1.0 billion, representing a year-on-year increase of 22%, and a net profit of CNY 190 million, reflecting a 42% increase [1]. - The company is actively expanding its product categories, with new products anticipated to drive rapid growth in 2025 [3]. - The company has a competitive advantage due to its integrated domestic supply chain and successful international production base expansion [4]. - The financial forecasts for 2025 to 2027 indicate strong growth in both revenue and net profit, with net profit expected to reach CNY 272 million in 2025, a 47.1% increase year-on-year [5][6]. Summary by Sections Financial Performance - In 2024, the company is projected to have a gross margin of 33.7%, with a net profit margin of 18.9% [1]. - For Q1 2025, the company reported a revenue of CNY 360 million, a 30% increase year-on-year, and a net profit of CNY 100 million, marking a 148% increase [2]. - The company plans to distribute cash dividends totaling CNY 28 million in 2024, with a payout ratio of approximately 15% [1]. Product and Market Expansion - The company has established stable long-term partnerships with major clients, including Decathlon, and expects its international sales to grow significantly [3]. - The revenue breakdown for 2024 shows that inflatable mattresses, bags, and other categories are expected to contribute significantly, with respective year-on-year growth rates of 14%, 31%, and 48% [3]. Operational Efficiency - The company is enhancing its production capabilities in various regions, including China, Vietnam, and Cambodia, which is expected to improve profitability [4]. - Inventory levels have increased, with a year-on-year rise of 34.4% by the end of 2024, but inventory turnover days have decreased, indicating effective inventory management [4]. Future Outlook - The company anticipates continued strong growth in its core inflatable mattress business and expects production capacity in overseas subsidiaries to ramp up smoothly [5]. - The financial projections suggest a robust growth trajectory, with expected revenues of CNY 1.37 billion in 2025, a 36.7% increase from 2024 [6].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a significant revenue growth of 26.84% year-on-year in 2024, reaching 5.16 billion yuan, and a net profit of 386 million yuan, marking a 170.04% increase [1][2] - The revenue structure continues to optimize, with pharmaceutical-related revenue accounting for 82.56% of total revenue in 2024, up from 76.15% in 2023 [2] - The company has shown strong performance in its innovative drug pipeline, with Q1 2025 seeing a remarkable growth of 327.73% in innovative drug products [3][4] Financial Performance - In Q4 2024, the company reported a revenue of 1.30 billion yuan, a year-on-year increase of 14.39%, and a net profit of 20 million yuan, up 102.81% [1] - For Q1 2025, the company achieved a revenue of 1.33 billion yuan, a slight increase of 0.05% year-on-year, and a net profit of 153 million yuan, reflecting a 4.83% growth [1] - The overall gross margin for 2024 was 47.42%, slightly down from 47.84% in 2023, attributed to lower margins from newly introduced products and price adjustments [3] Revenue and Profit Forecast - The company is expected to continue its growth trajectory, with projected net profits of 704 million yuan, 888 million yuan, and 1.09 billion yuan for 2025, 2026, and 2027 respectively, representing growth rates of 82.5%, 26.1%, and 22.9% [4][5] - The estimated P/E ratios for 2025, 2026, and 2027 are 20X, 16X, and 13X respectively, indicating a favorable valuation outlook [4] R&D Progress - The company is advancing its R&D efforts, including ongoing clinical trials for various products and achieving consensus with regulatory bodies on clinical trial designs [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4][6]. Core Insights - The company has shown signs of an earnings inflection point, with a significant revenue increase of 56.79% year-on-year for 2024, reaching 564 million yuan, and a remarkable revenue growth of 105.63% year-on-year in Q1 2025, amounting to 191 million yuan [1][4]. - The company has effectively reduced its expense ratio, with a notable decline in the overall expense ratio to 61.45% in 2024, down by 71.91 percentage points year-on-year, showcasing strong cost control capabilities [2]. - The company is positioned in the robotics sector, offering a comprehensive product matrix that includes various types of 3D vision sensors, which are crucial for human-robot interaction [3]. Financial Performance Summary - For 2024, the company reported a net profit attributable to shareholders of -63 million yuan, a 77.20% improvement year-on-year, while the net profit for Q1 2025 was 24 million yuan, reflecting a 184.48% increase year-on-year [1][5]. - The company’s revenue projections for 2025, 2026, and 2027 are estimated at 936 million yuan, 1.476 billion yuan, and 1.898 billion yuan, respectively, with year-on-year growth rates of 65.9%, 57.6%, and 28.6% [4][5]. - The report highlights a projected increase in diluted EPS from -0.16 yuan in 2024 to 0.27 yuan in 2025, indicating a turnaround in profitability [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to benefit from the high demand in the optical communication industry, driven by the construction of data centers and the acceleration of AI development [1][2] - The company has a strong focus on R&D, with significant investments aimed at enhancing its product offerings in high-speed optical devices [2] - Revenue and profit projections for 2025-2027 indicate substantial growth, with revenues expected to reach 57 billion, 73 billion, and 91 billion respectively, and net profits projected at 20.9 billion, 26.7 billion, and 33.4 billion [3] Financial Performance - In 2024, the company achieved total revenue of 3.3 billion, a year-on-year increase of 68%, and a net profit of 1.34 billion, up 84% [1] - The company's gross margin for optical active devices was 46.7%, while for passive devices it was 68.4% in 2024, reflecting strong profitability [1] - R&D expenditure in 2024 was 230 million, a 62% increase from the previous year, indicating a commitment to innovation [2] Future Outlook - The company is expected to expand its production capacity and accelerate the launch of new products in 2025 [2] - Revenue growth rates are projected to be 75.1% in 2025, followed by 28.4% in 2026 and 24.4% in 2027 [4] - The company is positioned as a leading supplier in the optical module market, likely to benefit from the rapid upgrade of optical module speeds and the penetration of new products [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance is being pressured by declining electricity prices, while cost reductions are anticipated to support profit recovery [1][3] - The company has seen a decrease in revenue and net profit for 2024 and Q1 2025, primarily due to lower electricity prices [1][2] - Despite the challenges, there is significant growth potential in installed capacity, with ongoing projects and a favorable coal price outlook expected to improve profitability [3] Financial Performance Summary - In 2024, the company achieved operating revenue of 571.59 billion, a year-on-year decrease of 4.27%, and a net profit of 9.64 billion, down 1.07% [1] - For Q1 2025, the company reported an operating revenue of 105.73 billion, a decrease of 17.33%, and a net loss of 3.83 billion, a significant drop of 403% year-on-year [1] - The average selling price of electricity in 2024 was 0.533 yuan per kWh, down 8.62% from the previous year [2] Generation Capacity and Cost Analysis - The company's total power generation in 2024 was 1258 billion kWh, an increase of 4.38% year-on-year, with significant growth in gas and renewable energy generation [2] - Fuel costs accounted for 75.81% of operating costs in 2024, benefiting from a reduction in fuel prices, which decreased by 27.25 billion year-on-year [2] - The company has a substantial growth potential in installed capacity, with approved projects totaling 707 million kW and ongoing projects of 1202 million kW [3] Future Earnings Forecast - The company is expected to generate operating revenues of 576.52 billion, 632.93 billion, and 686.00 billion for 2025, 2026, and 2027, respectively, with growth rates of 0.9%, 9.8%, and 8.4% [3] - Net profit forecasts for 2025, 2026, and 2027 are 9.77 billion, 11.78 billion, and 15.51 billion, respectively, with corresponding EPS of 0.19, 0.22, and 0.30 [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 2.567 billion yuan, a year-on-year increase of 44.19%, and a net profit attributable to shareholders of 307 million yuan, up 17.43% year-on-year [1][4]. - The diversified business strategy is showing results, particularly in the automotive electronics sector, which saw a remarkable growth rate of 179% [2][4]. - The company continues to invest heavily in research and development, with R&D expenses rising to 437 million yuan in 2024, a 49.25% increase year-on-year, and the number of R&D personnel growing to 567, representing 68.40% of the total workforce [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.567 billion yuan, a 44.19% increase from the previous year, and a net profit of 307 million yuan, reflecting a 17.43% year-on-year growth [1][5]. - For Q4 2024, the company achieved a revenue of 668 million yuan, a 16.28% increase year-on-year, but a net profit decline of 56.73% year-on-year [1]. Business Segments - The revenue distribution for 2024 was as follows: mobile device power management chips (70.12%), smart energy power management chips (13.50%), general power management chips (12.88%), and automotive electronics power management chips (3.33%) [2]. - The automotive electronics segment not only increased its shipment volume with existing customers but also successfully introduced new products and clients, earning the "Excellence Contribution Award" from Aptiv [2]. Research and Development - The company maintained high R&D investment, with expenses reaching 437 million yuan in 2024, and the workforce in R&D increased by 50% year-on-year [3]. - The product matrix is expanding, with new products in mobile devices, smart energy, general products, and automotive electronics, indicating a strategic focus on diversifying applications [3]. Profit Forecast and Investment Suggestions - The revenue forecasts for 2025, 2026, and 2027 are set at 3.217 billion yuan, 3.808 billion yuan, and 4.420 billion yuan, respectively, with year-on-year growth rates of 25.3%, 18.4%, and 16.1% [4][5]. - The net profit forecasts for the same years are 426 million yuan, 541 million yuan, and 645 million yuan, with growth rates of 38.8%, 27.1%, and 19.1% [4][5].