九阳股份：内销表现较好，经营质量稳健

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company has shown strong domestic sales growth, with a notable increase in revenue of 20.65 billion yuan in Q1 2024, representing a year-on-year growth of 9.15%. The domestic sales of the soy milk machine category have seen significant growth, while the overall market share remains stable [3][4]. - The company has launched several new products in April 2024, which are expected to positively impact sales in the future [3]. - The operational efficiency has improved significantly, with inventory decreasing by 22% year-on-year and inventory turnover days reduced by 12.98 days [7]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 1.30 billion yuan, up 7.06% year-on-year, and a net profit excluding non-recurring items of 1.25 billion yuan, up 7.23% year-on-year [23]. - The gross profit margin for Q1 2024 was 26.92%, a slight decrease of 0.95 percentage points year-on-year, attributed to improved cost control and product structure optimization in domestic sales [24]. - The company’s operating cash flow increased by 2.09% year-on-year, with a cash collection ratio of 1.37 and a net cash ratio of 2.41, indicating stable operational quality [7]. Market Position and Strategy - The company is positioned as a high-quality small home appliance manufacturer, actively adapting to changes in demand and channels, and effectively leveraging consumer insights to develop targeted products [4]. - The company has maintained a stable market share in key categories, with online sales growth rates for soy milk machines, wall-breaking machines, rice cookers, and electric pressure cookers showing varied performance [3]. Future Outlook - The company is expected to achieve net profits of 4.58 billion yuan, 5.13 billion yuan, and 5.68 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21.19, 18.93, and 17.08 [4].