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九阳股份:2024年中报点评:内销修复增长,盈利短期承压

Investment Rating - The report maintains a "Recommended" rating for Jiuyang Co., Ltd. with a target price of 11 yuan [1][2]. Core Views - The company achieved a revenue of 4.39 billion yuan in the first half of 2024, reflecting a year-on-year increase of 1.6%. However, the net profit attributable to shareholders was 180 million yuan, down 29% year-on-year. In Q2 2024, revenue was 2.32 billion yuan, a decrease of 4.3% year-on-year, with a net profit of 50 million yuan, down 63.9% year-on-year [1][2]. - Domestic sales showed growth while exports declined, driven by the recovery in the food processing machine category. Domestic sales in H1 2024 reached 3.55 billion yuan, up 4.7% year-on-year, while exports fell to 830 million yuan, down 9.7% year-on-year. The overall demand in the domestic small household appliance industry remains weak, but the company is expected to outperform the industry [2][3]. - The gross profit margin improved in Q2 2024, reaching 29.1%, an increase of 2.6 percentage points year-on-year, reversing the downward trend from Q1 2024. This improvement is attributed to product mix optimization. However, the company faced a fair value loss of 59 million yuan from trust and fund products, which accounted for 31.2% of total profit in H1 2024 [2][3]. Financial Summary - The company forecasts revenues of 9.825 billion yuan for 2024, with a year-on-year growth of 2.2%. The net profit is projected to be 343 million yuan, down 12% year-on-year. For 2025 and 2026, revenues are expected to reach 10.687 billion yuan and 11.297 billion yuan, respectively, with corresponding net profits of 443 million yuan and 493 million yuan [3][6]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 21, 16, and 14 times, respectively, indicating a potential for long-term growth driven by product innovation [2][3][6].