Joyoung(002242) 海通证券·2025-03-31 06:47Investment Rating - The report maintains an "Outperform" rating for the company, with a target price range of 9.36 to 10.4 yuan based on a projected PE of 18-20 times for 2025 [9][10]. Core Insights - The company reported a revenue of 8.849 billion yuan for 2024, a year-on-year decrease of 7.94%, and a net profit attributable to shareholders of 122 million yuan, down 68.55% year-on-year [5][9]. - The fourth quarter of 2024 saw revenues of 2.667 billion yuan, a decline of 5.80% year-on-year, with a net profit of 24 million yuan, down 4.87% year-on-year [5][9]. - The company announced a dividend of 1.5 yuan per 10 shares, resulting in a payout ratio of 94% and a dividend yield of 1.45% [5][9]. - The company experienced a significant drop in export sales, which fell by 27.97% to 1.612 billion yuan, while domestic sales decreased by 1.86% to 7.237 billion yuan [9][10]. - Online sales grew by 1%, while offline sales dropped by 10%, with online sales accounting for 73% of total sales [9][10]. - The report highlights the increasing competition in the industry, which has pressured the company's profit margins, leading to a decrease in gross margin to 25.5% [9][10]. Financial Summary - The company forecasts a revenue of 9.018 billion yuan for 2025, representing a year-on-year growth of 1.9% [7][12]. - The projected net profit for 2025 is 403 million yuan, with a significant rebound of 229.1% compared to 2024 [7][12]. - The report anticipates a gradual recovery in domestic sales driven by government subsidy policies [9][10]. - The gross margin is expected to improve to 27.3% in 2025, with a net asset return of 10.8% [7][12]. - The company’s total assets are projected to be 7.586 billion yuan in 2024, with a debt ratio of 53.9% [12].