Joyoung(SZ:002242) KAIYUAN SECURITIES·2024-09-04 11:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a slight revenue increase of 1.6% year-on-year in H1 2024, with total revenue reaching 4.387 billion yuan. However, the net profit attributable to shareholders decreased by 29.04% to 175 million yuan [4] - The report highlights that domestic sales have outperformed foreign sales, benefiting from the demand for food processing and nutrition cooking appliances [5] - The company is expected to experience profit elasticity as domestic and foreign sales improve, leading to a revision of profit forecasts for 2024-2026 [4] Financial Performance Summary - In H1 2024, the company achieved revenue of 4.387 billion yuan, with a net profit of 175 million yuan, reflecting a decline of 29.04% [4] - The revenue for Q2 2024 was 2.321 billion yuan, down 4.29% year-on-year, with a net profit of 45 million yuan, down 63.88% [4] - The company’s revenue from domestic sales was 3.555 billion yuan (+4.66%), while foreign sales were 832 million yuan (-9.69%) in H1 2024 [5] - The gross margin improved to 29.10% in Q2 2024, up 2.64 percentage points year-on-year, attributed to an increase in high-margin domestic sales [6] Earnings Forecast - The revised profit forecasts for 2024-2026 are 355 million yuan, 423 million yuan, and 483 million yuan respectively, with corresponding EPS of 0.46 yuan, 0.55 yuan, and 0.63 yuan [4] - The current stock price corresponds to a P/E ratio of 20.5, 17.2, and 15.1 for the years 2024, 2025, and 2026 respectively [4] Market Position - The company’s market capitalization is approximately 7.256 billion yuan, with a circulating market value of 7.244 billion yuan [1] - The stock has experienced a trading volume turnover rate of 29.71% over the past three months [1]