Joyoung(SZ:002242) Changjiang Securities·2025-09-02 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.987 billion yuan in the first half of 2025, a year-on-year decrease of 9.11%. The net profit attributable to the parent company was 123 million yuan, down 30.02% year-on-year [2][5]. - The domestic sales remained stable, while overseas sales faced pressure, with a significant decline of 48.70% in overseas revenue, primarily due to reduced sales to a related party [10]. - The gross margin improved to 27.20%, an increase of 0.59 percentage points year-on-year, indicating enhanced profitability in core product categories [10]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.987 billion yuan, a decline of 14.40% year-on-year, with a net profit of 21 million yuan, down 53.24% year-on-year [2][5]. - The company’s core product, food processing machines, generated revenue of 1.462 billion yuan, a growth of 2.58% year-on-year, accounting for 36.67% of total revenue [10]. Margin Analysis - The gross margin for food processing appliances was 34.96%, up 1.45 percentage points year-on-year, while the nutrition pot series and Western-style electrical appliances saw slight declines in gross margins [10]. - Domestic gross margin was 29.76%, down 1.58 percentage points year-on-year, while overseas gross margin was 5.82%, down 0.58 percentage points year-on-year [10]. 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 283 million, 335 million, and 381 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27.22, 22.95, and 20.23 [10].