Joyoung(SZ:002242) EBSCN·2024-04-07 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 9.613 billion yuan in 2023, a decrease of 5.54% year-on-year, and a net profit of 389 million yuan, down 26.60% year-on-year, primarily due to declining traffic in the traditional e-commerce sector and increased fixed costs [12][15] - The company has seen a significant increase in its foreign sales, with a year-on-year growth of 68.79%, while domestic sales decreased by 16.68% [16] - The company is expected to improve its operational efficiency through refined management practices, despite short-term pressures from weak domestic demand [15] Financial Performance Summary - Revenue Forecast (in million yuan): - 2022: 10,177 - 2023: 9,613 - 2024E: 10,162 - 2025E: 11,027 - 2026E: 12,001 [3] - Net Profit Forecast (in million yuan): - 2022: 530 - 2023: 389 - 2024E: 474 - 2025E: 541 - 2026E: 598 [3] - EPS Forecast (in yuan): - 2022: 0.69 - 2023: 0.51 - 2024E: 0.62 - 2025E: 0.70 - 2026E: 0.78 [3] Profitability Metrics - Gross Margin for 2023 was 25.86%, a decrease of 3.22 percentage points year-on-year [15] - The company’s net profit margin for 2023 was 4.05%, down 1.16 percentage points year-on-year [15] - The company’s return on equity (ROE) is projected to be 11.21% in 2023, improving to 13.10% by 2026 [3] Market Position and Strategy - The company is recognized as a leading brand in the domestic small home appliance industry, focusing on product series such as space series and slow life series [15] - The company plans to enhance its operational efficiency through refined management practices, which is expected to yield positive results in the long term [15] Dividend Policy - The company announced a cash dividend plan of 1.5 yuan per 10 shares, resulting in a total cash dividend payout ratio of 29% for the year [12]