Joyoung(SZ:002242)2024-03-30 16:00Investment Rating - The report maintains an "Outperform" rating for Joyoung Co., Ltd. (002242) [5] Core Views - The company's revenue and performance fell short of expectations, with 2023 revenue at 9.613 billion yuan, a year-on-year decrease of 5.54%, and net profit attributable to shareholders at 389 million yuan, down 26.58% [5][6] - Q4 performance showed a slight increase in net profit but a significant decline in revenue, with Q4 revenue at 2.832 billion yuan, down 12.92% year-on-year [5] - The company experienced strong growth in overseas sales, with a 68.79% increase, while domestic sales faced challenges, decreasing by 16.68% [5] - The gross margin decreased by 3.22 percentage points to 25.86% due to lower margins on OEM products and declining sales in high-margin categories [5] Summary by Sections Financial Performance - Total revenue for 2023 was 9.613 billion yuan, with a year-on-year growth rate of -5.5% [6] - Net profit attributable to shareholders was 389 million yuan, reflecting a -26.6% year-on-year change [6] - Q4 revenue was 2.832 billion yuan, with a net profit of 26 million yuan, showing a slight increase of 0.86% [5][6] Sales and Market Dynamics - Domestic sales were 7.374 billion yuan, down 16.68%, while overseas sales reached 2.239 billion yuan, up 68.79% [5] - The kitchen small appliance market saw a decline of 9.6% in 2023, impacting domestic sales [5] - The company is focusing on enhancing its product value and supply chain advantages in overseas markets [5] Future Outlook - The profit forecast for 2024 and 2025 has been revised downwards, with expected net profits of 410 million yuan and 490 million yuan respectively [5][6] - The company anticipates a return to positive growth in the kitchen small appliance sector in 2024, driven by new product categories [5] - The report suggests that Joyoung's valuation remains attractive compared to peers, with a projected PE ratio of 19 times for 2024 [5]