Joyoung(SZ:002242) GF SECURITIES·2024-04-19 05:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.35 CNY per share, reflecting a 20x PE for 2024 [4][20]. Core Insights - In Q1 2024, the company achieved a revenue of 2.07 billion CNY, representing a year-on-year increase of 9.2%, and a net profit of 130 million CNY, up 7.1% year-on-year. The gross margin was 26.9%, down 0.9 percentage points, while the net margin was 6.3%, down 0.1 percentage points [1][2]. Summary by Relevant Sections Revenue and Profit Growth - The company reported positive growth in both revenue and profit for Q1 2024, with revenue at 2.07 billion CNY and net profit at 130 million CNY, indicating a recovery trend [1][2]. Sales Performance - External sales are expected to maintain growth, while internal sales show signs of improvement. The increase in revenue is attributed to the end of inventory destocking in overseas markets and improved domestic sales, particularly in small kitchen appliances [2]. Financial Forecast - The company is projected to see net profit growth of 11.8%, 12.0%, and 10.0% for the years 2024, 2025, and 2026, respectively. The report emphasizes the company's strong product innovation and channel capabilities [2][3]. Financial Metrics - The report provides financial metrics including revenue growth rates, EBITDA, and net profit forecasts, indicating a gradual recovery in the company's financial performance [3].