Joyoung(SZ:002242) Tianfeng Securities·2025-04-30 08:15Investment Rating - The investment rating for the company is "Accumulate" [3][2] Core Views - The company's domestic sales in core categories have shown signs of recovery, and with the gradual improvement in domestic demand, the revenue performance is expected to improve [2] - The company reported a revenue of 2 billion yuan in Q1 2025, a year-on-year decrease of 3.17%, and a net profit attributable to the parent company of 1.01 billion yuan, down 21.91% year-on-year [1] - The gross margin for Q1 2025 was 26.33%, an increase of 0.32 percentage points year-on-year, while the net profit margin was 5.05%, a decrease of 1.27 percentage points year-on-year [1] Financial Performance Summary - In Q1 2025, domestic sales of key products such as soybean milk machines and health pots increased significantly, with online sales growing by 21% and 37% respectively, while offline sales grew by 73% and 30% respectively [1] - The company’s investment income decreased by 88% year-on-year, primarily due to reduced investment income from joint ventures [1] - The company’s total market capitalization is approximately 7.29 billion yuan, with a total share capital of 767.02 million shares [4] Financial Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 239.65 million yuan, 320.81 million yuan, and 405.43 million yuan respectively, with corresponding dynamic P/E ratios of 30.41x, 22.71x, and 17.97x [2][8] - The expected revenue growth rates for 2025-2027 are 4.93%, 4.64%, and 4.63% respectively [11]