Joyoung(002242) 国金证券·2025-03-28 01:46Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][10]. Core Views - The small home appliance industry is expected to undergo a consolidation phase, with long-tail brands being eliminated, leading to an optimized competitive landscape [4]. - The company's revenue for 2024 is projected at 8.849 billion yuan, a decrease of 7.94% year-on-year, with a net profit of 122 million yuan, down 68.55% year-on-year [1][7]. Revenue Analysis - Domestic sales slightly declined, while foreign sales significantly dropped due to related party transactions. Domestic revenue for 2024 was 7.237 billion yuan, down 1.86% year-on-year, while foreign revenue was 1.612 billion yuan, down 28.0% year-on-year [2]. - The sales of kitchen appliances showed a mixed performance, with food processing and nutrition pots increasing by 1.8% and 36.2% respectively, while Western appliances and cookware saw declines of 26.9% and 25.2% [2]. Cost and Profitability - The company maintained a stable gross margin of 25.50%, with a slight decrease of 0.36 percentage points year-on-year. The net profit margin for 2024 was 1.38%, down 2.66 percentage points year-on-year [3]. - The increase in expense ratios was noted, with sales, management, and R&D expenses rising by 2.19, 0.38, and 0.03 percentage points respectively [3]. Earnings Forecast and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.40, 0.50, and 0.57 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 25, 21, and 18 [4].