Joyoung(SZ:002242) 光大证券研究·2025-04-01 09:14Core Viewpoint - The company reported a significant decline in both revenue and net profit for 2024, primarily due to weak international market demand and increased sales expenses from digital transformation efforts [3]. Financial Performance - In 2024, the company achieved revenue of 8.85 billion yuan, a year-over-year decrease of 7.94%, and a net profit of 122 million yuan, down 68.55% year-over-year [3]. - For Q4 2024, revenue was 2.67 billion yuan, a decline of 5.8% year-over-year, with a net profit of 24 million yuan, down 4.87% year-over-year [3]. - The cash dividend plan for 2024 is based on 763 million shares, with a payout of 1.5 yuan per 10 shares (including tax), resulting in a cash dividend ratio of 94% for the year [3]. Industry and Sales Analysis - The small home appliance industry is experiencing overall sluggishness, but there is potential for improvement in domestic sales in 2025 [4]. - Revenue performance by product shows that the food processing machine series had good growth, while other categories like nutrition pots and western-style small appliances saw declines [4]. - Domestic sales in 2024 decreased by 1.86% year-over-year, with increased competition and limited government subsidies impacting demand [4]. - The company’s foreign sales faced challenges, with a 27.97% year-over-year decline, partly due to a major client diversifying its supplier base [4]. - Online sales grew by 1.44% year-over-year, while offline sales dropped by 19.05% [4]. Profitability and Cost Structure - The overall gross margin for 2024 was 25.50%, a slight decrease of 0.36 percentage points year-over-year, with Q4 gross margin at 23.74%, down 3.26 percentage points [5]. - The net profit margin for 2024 was 1.38%, down 2.67 percentage points year-over-year, with Q4 net profit margin at 0.9%, showing a slight increase [5]. - The sales expense ratio increased to 17.02%, up 2.18 percentage points year-over-year, attributed to significant investments in channel optimization and digital transformation [5]. - The company reported a net cash position of 3.026 billion yuan at the end of 2024, an increase of 13% year-over-year [5]. - Operating cash flow decreased by 76.74% year-over-year, totaling 178 million yuan [5].