Joyoung(SZ:002242) Haitong Securities·2024-09-06 01:11Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 4.387 billion yuan for the first half of 2024, a year-on-year increase of 1.60%, while the net profit attributable to shareholders was 175 million yuan, a year-on-year decrease of 29.04% [5] - In Q2 2024, the company achieved a revenue of 2.321 billion yuan, a year-on-year decline of 4.29%, and a net profit of 45 million yuan, down 63.88% year-on-year [5] - Domestic sales grew by 5%, while exports declined by 10%. The food processing machine category saw a growth of 14%, and nutrition pots grew by 5%, while Western-style appliances fell by 10% [5] - The gross profit margin in Q2 2024 improved to 29.10%, up 2.64 percentage points year-on-year, driven by the rapid growth of food processing machines [5] - The report forecasts a net profit of 369 million yuan for 2024, with a price-to-earnings (PE) valuation of 18-20 times, corresponding to a reasonable value range of 8.64-9.6 yuan [5] Financial Summary - The company achieved total revenue of 9.613 billion yuan in 2023, with a projected revenue of 9.506 billion yuan in 2024, reflecting a year-on-year decrease of 1.1% [6] - The net profit for 2023 was 389 million yuan, with an expected decline to 369 million yuan in 2024, representing a year-on-year decrease of 5.2% [6] - The gross profit margin is expected to be 27.0% in 2024, compared to 25.9% in 2023 [8] - The return on equity is projected to decrease from 11.2% in 2023 to 9.8% in 2024 [8] Market Performance - The company's stock price has fluctuated between 9.25 and 14.80 yuan over the past year, with a closing price of 9.50 yuan as of September 5, 2024 [2] - The company has experienced a relative decline in stock performance compared to the market index, with a 33.24% drop from September 2023 to June 2024 [3]