Joyoung(SZ:002242) Changjiang Securities·2024-09-05 03:11Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company reported a slight revenue growth of 1.6% year-on-year for H1 2024, achieving a total revenue of 4.387 billion yuan. However, the net profit attributable to shareholders decreased by 29.04% to 175 million yuan [3][4]. - The decline in demand has led to a revenue drop in Q2 2024, with a year-on-year decrease of 4.29% and a net profit drop of 63.88% [3][4]. - The company has shown resilience in its scale growth despite the pressure on operating profits, with a focus on optimizing operational efficiency and adapting to consumer demand changes [4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 4.387 billion yuan, a 1.6% increase year-on-year, while the net profit attributable to shareholders was 175 million yuan, down 29.04% [3][4]. - The gross profit margin improved by 0.99 percentage points to 28.07% in H1 2024, with specific product categories showing varied performance [4]. - The company’s operating profit for H1 2024 was 149 million yuan, a decline of 19.27% year-on-year, resulting in an operating profit margin of 3.39% [4]. Product and Market Analysis - The kitchen small appliance sector saw a 3.1% decline in retail sales, impacting the company's performance. However, certain product lines like food processors and nutrition pots experienced growth [3][4]. - Domestic business revenue increased by 4.66%, while overseas revenue decreased by 9.69% [3][4]. Future Outlook - The company is positioned as a high-quality small appliance manufacturer, aiming to enhance operational efficiency and adapt to market changes. Projected net profits for 2024-2026 are estimated at 375 million, 413 million, and 479 million yuan, respectively [4].