Joyoung(SZ:002242) Guoxin Securities·2025-04-17 13:44Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company experienced a decline in revenue and profit in 2024, with total revenue of 8.85 billion (-7.9%) and net profit attributable to shareholders of 120 million (-68.6%) [1][4]. - Domestic sales showed resilience, while external sales faced significant declines due to tariff policies and competition [2][4]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, resulting in a cash dividend payout ratio of 93.5% [1]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 88.5 billion, a decrease of 7.9%, and a net profit of 1.2 billion, down 68.6% [1][4]. - The fourth quarter saw a revenue of 26.7 billion (-5.8%) and a net profit of 0.2 billion (-4.9%) [1]. - The company’s gross margin slightly improved to 25.5%, with an increase of 0.7 percentage points year-on-year [3]. Sales Breakdown - Domestic sales decreased by 1.9% to 72.4 billion, while external sales dropped significantly by 28.0% to 16.1 billion [2][4]. - The decline in external sales was largely attributed to a 29.1% decrease in sales to related parties, primarily due to tariff considerations [2]. Product Performance - The food processor series saw a slight revenue increase of 1.8% to 29.9 billion, while other product categories faced declines [3]. - The nutrition pot series revenue decreased by 2.0% to 36.2 billion, and the Western-style small appliances series revenue fell by 26.9% to 16.9 billion [3]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 310 million, 370 million, and 430 million respectively, with growth rates of +156%, +18%, and +15% [4][5]. - The expected price-to-earnings ratios for 2025-2027 are 23, 19, and 17 times [4].