Joyoung(SZ:002242) Shenwan Hongyuan Securities·2025-04-30 15:21Investment Rating - The investment rating for the company is "Outperform" [2] Core Insights - The company's Q1 2025 revenue was 2.00 billion yuan, a year-on-year decrease of 3%, with a net profit attributable to the parent company of 101 million yuan, down 22% year-on-year [7] - The kitchen small appliance industry showed signs of recovery in Q1 2025, but the company still faces pressure due to intensified competition and limited scope for national subsidies [7] - The company has launched innovative products targeting the mid-to-high-end market, including the 40N9U Pro rice cooker and R5P health kettle, aiming to enhance brand and product value [7] - The gross margin remained stable, with a slight year-on-year decrease of 0.59 percentage points, while the sales expense ratio slightly decreased to 13.1% [7] - The profit forecast for 2025-2027 has been adjusted to 310 million, 377 million, and 407 million yuan respectively, with corresponding PE ratios of 23, 19, and 18 [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 8.849 billion yuan, with a year-on-year growth rate of -7.9% [6] - The net profit for 2025 is estimated at 310 million yuan, reflecting a significant year-on-year increase of 153.5% [6] - The company’s gross margin is expected to stabilize around 25.8% for 2025 [6]