九阳股份（002242）：营收降幅收窄，扣非业绩转正

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 2 billion yuan in Q1 2025, representing a year-on-year decline of 3.17%. The net profit attributable to shareholders was 101 million yuan, down 21.91% year-on-year, while the net profit excluding non-recurring items was 107 million yuan, a decrease of 15.08% year-on-year [4][11]. - The revenue decline has narrowed compared to previous periods, with domestic sales expected to benefit from national subsidies for small kitchen appliances [11]. - The gross margin slightly increased by 0.32 percentage points to 26.33%, aided by national subsidies for high-priced products, while the operating profit was 102 million yuan, down 16.13% year-on-year [11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2 billion yuan, a decline of 3.17% year-on-year. The net profit attributable to shareholders was 101 million yuan, down 21.91% year-on-year, and the net profit excluding non-recurring items was 107 million yuan, down 15.08% year-on-year [4][11]. - The company’s gross margin improved to 26.33%, with sales expenses increasing by 3.28% year-on-year, leading to a sales expense ratio of 13.13% [11]. Market Position - The company maintains a strong market position, with a market share of 44.61% in online sales of soymilk machines, 43.44% in blenders, and 11.31% in rice cookers for Q1 2025 [11]. - The domestic small kitchen appliance market saw a total sales increase of 2.50% year-on-year in Q1 2025, with specific categories like rice cookers and soymilk machines showing positive growth [11]. Future Outlook - The company is positioned as a high-quality small appliance manufacturer, adapting to changes in demand and channels, and is expected to achieve net profits of 334 million yuan, 370 million yuan, and 401 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 21.79, 19.67, and 18.19 [11].