九阳股份：扣非净利大增，分红率维持高水平-20260329

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a significant increase in non-recurring net profit, with a 78.4% year-on-year growth in 2025, despite a 7.2% decline in total revenue [1][4]. - The company has a high dividend payout ratio of 97.29%, indicating a commitment to returning value to shareholders [4]. Financial Performance Summary - Revenue and Profit: In 2025, the company achieved a revenue of 8.21 billion yuan, down 7.2% year-on-year, and a net profit attributable to shareholders of 120 million yuan, down 3.8% year-on-year. The non-recurring net profit was 210 million yuan, up 78.4% year-on-year [1][6]. - Quarterly Performance: In Q4 2025, the company reported a revenue of 2.62 billion yuan, a decrease of 1.6% year-on-year, and a net profit of -10 million yuan, down 124.5% year-on-year, with a non-recurring net profit of 20 million yuan, up 268.2% year-on-year [1][3]. - Product Segmentation: Revenue from food processing machines, nutrition pots, Western appliances, and cookware was 3.10 billion, 3.06 billion, 1.53 billion, and 330 million yuan respectively, with year-on-year changes of +3.6%, -15.6%, -9.5%, and +5.3% [2]. - Regional Performance: Domestic and foreign revenue was 7.38 billion and 830 million yuan respectively, with year-on-year changes of +2.0% and -48.8% [2]. Profitability Metrics - Gross Margin: The gross margin improved to 26.8% for 2025, up 1.3 percentage points year-on-year, with Q4 gross margin at 26.5%, up 2.7 percentage points year-on-year [3]. - Net Margin: The net margin for 2025 was 1.4%, an increase of 0.2 percentage points year-on-year, while Q4 net margin was -0.2%, down 0.8 percentage points year-on-year [3]. - Expense Ratios: In 2025, the sales, management, R&D, and financial expense ratios were 17.0%, 4.6%, 3.7%, and -0.9% respectively, with slight variations compared to the previous year [3]. Future Earnings Forecast - The company is expected to recover gradually, with projected net profits for 2026, 2027, and 2028 at 145 million, 155 million, and 164 million yuan, representing year-on-year growth of 23.5%, 6.8%, and 5.9% respectively [4][6].