Joyoung(SZ:002242) KAIYUAN SECURITIES·2024-04-21 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][31] Core Views - The company reported a revenue of 2.065 billion yuan in Q1 2024, representing a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 130 million yuan, up 7.06% year-on-year [6] - The internal sales have shown signs of recovery, with core product demand stabilizing after several quarters of adjustment, leading to an optimistic outlook for profit elasticity [6][28] - The company maintains its profit forecast for 2024-2026, expecting net profits of 438 million yuan, 500 million yuan, and 554 million yuan respectively, with corresponding EPS of 0.57 yuan, 0.65 yuan, and 0.72 yuan [6][10] Summary by Sections Sales Performance - In Q1 2024, the retail volume of soybean milk machines increased by 43.36% year-on-year, while the retail volume of wall-breaking machines decreased by 5.82% [7] - The retail revenue for soybean milk machines rose by 30.82% year-on-year, while that for wall-breaking machines fell by 13.32% [7] - The company’s brand share remains stable, and internal sales are expected to approach double-digit growth in Q1 2024 [7] Profitability and Cost Management - The gross margin for Q1 2024 is expected to remain stable at 26.92%, with a slight decrease of 0.95 percentage points [8] - The company has improved its sales, management, and R&D expense ratios, which are 13.23%, 4.33%, and 4.25% respectively [8] - The net profit margin for Q1 2024 is 6.29%, a decrease of 0.12 percentage points year-on-year [8] Future Outlook - The company is focusing on improving its product and channel structure in internal sales, with new product launches in the "Space Technology 3.0" series expected to enhance its market position [7][28] - The company anticipates that core product improvements will stabilize internal sales, with water appliances and personal care products expected to gradually contribute to revenue growth [7]