Joyoung(002242) 新浪财经·2025-04-07 10:18Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in both domestic and international markets [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 8.849 billion yuan, a year-on-year decrease of 7.94%, and a net profit attributable to shareholders of 122 million yuan, down 68.55% [1] - The fourth quarter of 2024 saw operating revenue of 2.667 billion yuan, a decline of 5.80%, with a net profit of 24.29 million yuan, down 4.87% [1] - The company declared a cash dividend of 1.5 yuan per 10 shares, with a payout ratio of 93.54% [1] Sales Performance - Domestic sales revenue decreased by 1.86%, while international sales revenue fell by 27.97% in 2024 [2] - Online sales revenue increased by 1.44%, but offline sales revenue dropped by 19.05% [2] - The company’s food processing machine series saw a revenue increase of 1.84%, while other categories like Western-style appliances and cookware experienced significant declines of 26.91% and 25.24%, respectively [2] Profitability and Costs - The overall gross margin slightly increased by 0.66 percentage points in 2024, with variations across product categories [3] - Sales expense ratio rose by 3.21 percentage points, while management and R&D expense ratios also increased, leading to a significant decline in operating profit by 78.04% [3] - The company’s inventory at the end of 2024 was 630 million yuan, representing an increase in the proportion of total assets [3] Future Outlook - The company is positioned as a high-quality small appliance manufacturer, adapting to market changes and optimizing operational efficiency [4] - Projected net profits for 2025, 2026, and 2027 are 253 million, 278 million, and 303 million yuan, respectively, with corresponding PE ratios of 30.1, 27.3, and 25.1 [4]