Joyoung(002242) 天风证券·2025-03-28 07:44Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's core product categories are under pressure, with significant declines in external sales impacting profit levels. In 2024, the company achieved operating revenue of 8.849 billion yuan, down 7.94% year-on-year, and a net profit attributable to shareholders of 122 million yuan, down 68.55% year-on-year [1][4] - The kitchen small appliance market is performing poorly due to intensified industry competition and limited government subsidies, leading to negative growth in most product categories except for food processors, which saw a slight increase of 1.8% [2][4] - The company's gross margin for 2024 was 25.5%, a decrease of 0.36 percentage points year-on-year, while the net margin was 1.2%, down 2.86 percentage points year-on-year [2][4] Financial Performance - In 2024, the company's operating cash flow was 178 million yuan, a decrease of 76.74% year-on-year, with cash inflow from sales of goods and services at 9.976 billion yuan, down 8.72% year-on-year [4][11] - The company has increased its expenses in sales, management, R&D, and financial costs, with sales expense ratio rising to 17.02% in 2024, reflecting a 2.19 percentage point increase year-on-year [3][4] - The forecast for net profit attributable to shareholders for 2025-2027 is 240 million, 320 million, and 410 million yuan respectively, with corresponding dynamic P/E ratios of 32.9x, 24.6x, and 19.5x [4][5] Market Outlook - The company is expected to see gradual improvement in revenue performance as domestic demand recovers and core product sales stabilize [4][5] - The external sales have significantly declined, with a year-on-year drop of 28% in 2024, indicating challenges in international markets [2][4]