Joyoung(SZ:002242) KAIYUAN SECURITIES·2024-03-29 16:00Investment Rating - The report maintains a "Buy" rating for the company [7][24]. Core Views - In 2023, the company achieved revenue of 9.612 billion yuan, a decrease of 5.54% year-on-year, and a net profit attributable to shareholders of 389 million yuan, down 26.58% year-on-year. The fourth quarter of 2023 saw revenue of 2.832 billion yuan, a decline of 12.92%, with a net profit of 26 million yuan, showing a slight increase of 0.86% [24]. - The report highlights that the company's gross margin for 2023 was 25.86%, down 3.22 percentage points from the previous year, with a gross margin of 27% in Q4 2023, down 2.84 percentage points [10][24]. - The company is expected to see improvements in net profit for 2024-2026, with projected net profits of 438 million yuan, 500 million yuan, and 554 million yuan respectively, reflecting a recovery in profitability driven by improvements in domestic sales [24][25]. Financial Summary - The company's revenue and net profit forecasts for 2024-2026 are as follows: - 2024E Revenue: 10.116 billion yuan, Net Profit: 438 million yuan - 2025E Revenue: 11.114 billion yuan, Net Profit: 500 million yuan - 2026E Revenue: 12.026 billion yuan, Net Profit: 554 million yuan [11][24]. - The report indicates that the company's earnings per share (EPS) for 2024-2026 are projected to be 0.57 yuan, 0.65 yuan, and 0.72 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 18.3, 16.0, and 14.5 [24][11]. Segment Performance - In terms of product categories, the revenue for 2023 showed varied performance: food processors decreased by 10.18%, nutritional cookers by 0.24%, Western-style appliances increased by 2.6%, and cookware decreased by 33.66% [25]. - The report notes that domestic and overseas revenues for 2023 were 7.37 billion yuan and 2.24 billion yuan respectively, with year-on-year changes of -16.68% and +68.79% [25].