证 券 研 究 报 告 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 8,849 | 8,432 | 9,105 | 9,854 | | 同比增速(%) | -7.9% | -4.7% | 8.0% | 8.2% | | 归母净利润(百万) | 122 | 242 | 334 | 392 | | 同比增速(%) | -68.6% | 98.2% | 37.6% | 17.3% | | 每股盈利(元) | 0.16 | 0.32 | 0.44 | 0.51 | | 市盈率(倍) | 60 | 30 | 22 | 19 | | 市净率(倍) | 2.1 | 2.0 | 2.0 | 1.9 | 资料来源：公司公告，华创证券预测 九阳股份（002242）2025 年半年报点评 推荐（维持） 国内市场经营稳健，海外业务有所承压 目标价：11.3 元 事项： ❖ 公司发布 2025 年半年报，实现营业收入 39.9 亿元，YoY-9.1%；实现归属于上 市公司股东的净利润 1.23 亿元，YoY-30.0 ...

Company Overview - Zhejiang Biyi Electric Appliance Co., Ltd. was established on March 20, 2001, and is listed on the Shanghai Stock Exchange with a registered capital of 187,947,951 RMB [14][15] - The company specializes in the research, design, manufacturing, and sales of small household appliances, particularly in the kitchen appliance segment [15][16] Stock Issuance Details - The company plans to issue A-shares to specific investors, pending approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [3][4] - The issuance will target qualified institutional investors, including securities investment funds, securities companies, trust companies, and qualified foreign institutional investors [3][4] Financial Information - The total amount raised from this issuance, after deducting issuance costs, will be allocated to specific investment projects, although the exact amounts will be determined post-approval [5][6] - The issuance price will not be lower than 80% of the average trading price over the 20 trading days prior to the pricing date [4][5] Shareholder Structure - As of March 31, 2025, the company has a total of 188,508,399 shares, with 99.32% being unrestricted shares [15] - The controlling shareholder is Biyi Group, which holds 55.86% of the shares, while the actual controller is Wen Jiwang, who indirectly holds 61.82% of the voting rights [15] Industry Characteristics - The company operates within the small household appliance sector, which is part of the broader home appliance industry [15][16] - The industry is regulated by various government bodies, including the National Development and Reform Commission and the Ministry of Industry and Information Technology, which oversee industry policies and standards [16][17] Market Risks - The company faces risks related to customer concentration, with the top five customers accounting for over 60% of revenue, and the largest customer’s revenue share increasing from 35% to over 45% [10] - International trade tensions and geopolitical risks may impact the company's overseas revenue, which constituted approximately 87.42% of total revenue in the reporting period [10] Future Outlook - The company emphasizes the importance of maintaining a stable profit distribution policy to ensure reasonable returns for investors [8] - The company is committed to enhancing its production capacity and expanding its market presence, although it acknowledges potential short-term impacts on earnings per share and return on equity due to increased capacity [9]