Joyoung(SZ:002242) Changjiang Securities·2025-11-02 12:12Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 5.585 billion yuan for the first three quarters of 2025, a year-on-year decline of 9.66%. However, the net profit attributable to shareholders increased by 26.03% to 124 million yuan, and the net profit after deducting non-recurring items rose by 48.17% to 192 million yuan [2][5]. - In Q3 2025, the company achieved a revenue of 1.598 billion yuan, down 10.99% year-on-year, but the net profit attributable to shareholders surged by 101.11% to 854,600 yuan, with a non-recurring net profit of 542,910 yuan, up 106.67% [2][5]. - The company is actively adapting to changes in consumer channels and preferences, focusing on high-quality small household appliances and leveraging new emerging channels such as content e-commerce platforms [10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 26.92%, an increase of 2.20 percentage points year-on-year. The operating profit for the same period was 103 million yuan, a significant increase of 456.23% year-on-year, with an operating profit margin of 1.85%, up 1.55 percentage points [10]. - In Q3 2025, the gross margin was 26.22%, up 6.11 percentage points year-on-year, while the operating profit was -26.5868 million yuan, a reduction in losses of approximately 104 million yuan year-on-year [10]. Market Strategy - The company is positioning itself as a high-quality small appliance manufacturer, actively embracing changes in demand and channels, and optimizing operational efficiency. It aims to tap into potential consumer demand increments by enhancing product development and marketing strategies [10]. - The company is focusing on developing products that cater to the evolving preferences of consumers, particularly through platforms like Xiaohongshu, Douyin, and video channels, thereby improving brand loyalty and user engagement [10]. Future Outlook - The company forecasts net profits attributable to shareholders of 265 million yuan, 292 million yuan, and 331 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 27.91, 25.41, and 22.41 times [10].