九阳股份（002242.SZ） 盈利水平环比上行，期待公司景气回升 事件：公司发布 2025 年一季报。公司 25Q1 实现营业收入 20.0 亿元， 同比-3.2%；归母净利润为 1.0 亿元，同比-21.9%；扣非归母净利润为 1.1 亿元，同比-15.1%。 证券研究报告 | 季报点评 gszqdatemark 2025 05 01 年 月 日 核心品类零售端恢复增长态势。根据奥维云数据，2025 年一季度九阳 品牌线上破壁机/空气炸锅品类销额同比+8.1%/+5.0%，市占率同比 提升 2.23pct/0.33pct 至 43.4%/19.8%。 盈利水平环比有所回升。1）毛利率：25Q1 公司毛利率 26.3%，同比 -0.6pct。2）费率端：25Q1 销售/管理费/研发/财务费率分别为 13.1%/4.4%/4.4%/-1.2%，同比变动-0.1pct/持平/+0.2pct/-0.1pct。 3）净利率：25Q1 净利率为 5.0%，同比-1.3pct，环比+4.5pct。 盈利预测与投资建议：考虑到公司 25Q1 利润率环比修复明显，我们 预计公司 2025-2027 年归母净利润分别为 4. ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a revenue of 16.82 billion yuan for 2024, representing a year-on-year increase of 14.8%, with a net profit attributable to shareholders of 1.05 billion yuan, up 7.8% year-on-year [1][4] - In Q1 2025, the company achieved a revenue of 3.83 billion yuan, a year-on-year increase of 10.4%, and a net profit of 250 million yuan, which is a significant increase of 43.0% year-on-year, indicating better-than-expected performance [1][2] Summary by Sections Revenue Performance - The company's total revenue for 2024 was 16.82 billion yuan, with domestic revenue declining by 4.4% due to weak consumer demand, while overseas revenue grew by 21.7% [2] - In Q1 2025, the company reported a revenue of 3.83 billion yuan, with overseas revenue increasing by 15.8% to 2.97 billion yuan, while domestic revenue decreased by 4.9% to 860 million yuan [2] Profitability - The company's net profit for 2024 was 1.05 billion yuan, with a net profit margin of 6.3%, a slight decrease of 0.4 percentage points year-on-year. In Q1 2025, the net profit margin improved to 6.4% [3] - The gross profit margin for 2024 increased by 0.5 percentage points to 22.4%, attributed to cost reduction and efficiency improvements, along with a significant reduction in hedging-related losses [3] Earnings Forecast and Valuation - The company is expected to maintain strong growth in overseas sales, with projected net profits for 2025, 2026, and 2027 at 1.16 billion yuan, 1.30 billion yuan, and 1.43 billion yuan, respectively, reflecting year-on-year growth rates of 10.1%, 12.0%, and 10.2% [4] - The corresponding price-to-earnings ratios for these years are projected to be 10x, 9x, and 8x, respectively [4]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's performance in 2024 was significantly under pressure, with a revenue of 4.147 billion yuan, a year-on-year decline of 18.03%, and a net profit of 458 million yuan, down 55.10% year-on-year [2][3] - In Q1 2025, the company reported a revenue of 1.157 billion yuan, a slight decline of 1.47% year-on-year, but a net profit of 181 million yuan, showing a year-on-year improvement of 0.49% [2][4] - The company is focusing on a dual-brand strategy, with the "FLYCO" brand emphasizing high-end products through innovation and design, while the "POREE" brand targets high-quality, cost-effective products [3] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 54.58%, a decrease of 1.90 percentage points year-on-year. The gross margins for personal care, household appliances, and other products were 55.35%, 38.46%, and 32.76%, respectively [4] - The net profit margin for 2024 was 11.04%, while in Q1 2025, it improved to 15.64% [4] Revenue and Profit Forecast - The revenue forecast for 2025-2027 is adjusted to 4.5 billion, 4.9 billion, and 5.1 billion yuan, respectively, with net profits expected to be 750 million, 860 million, and 980 million yuan [5][8] - The earnings per share (EPS) for the same period is projected to be 1.72, 1.97, and 2.26 yuan, respectively [5] Market Position and Strategy - The company is experiencing a shift in sales structure, with mid-to-high-end products accounting for 60.78% of sales, an increase of 9.83 percentage points year-on-year [3] - The sub-brand "POREE" achieved a sales revenue of 882 million yuan in 2024, up 1.55% year-on-year, with its sales proportion increasing to 21.36% [3]

Investment Rating - The investment rating for the company is "Accumulate" [3][2]. Core Views - The company has shown good performance in domestic sales, with a year-on-year revenue increase of 10.58% in Q1 2025, reaching 1.32 billion yuan. However, the net profit attributable to the parent company decreased by 13.96% year-on-year to 130 million yuan [1]. - The company is focusing on expanding its long-tail product categories and overseas markets while improving operational efficiency through cost reduction [2]. - The profit forecast for the company remains unchanged, with expected net profits of 350 million, 420 million, and 490 million yuan for the years 2025 to 2027, corresponding to P/E ratios of 20.6x, 16.9x, and 14.4x respectively [2]. Financial Performance - In Q1 2025, the company's gross margin was 36.81%, a decrease of 1.7 percentage points year-on-year, while the net margin was 10.28%, down 2.36 percentage points year-on-year but improved by 3.18 percentage points quarter-on-quarter [1]. - The company's total revenue for 2025 is projected to be 5.41 billion yuan, with a growth rate of 13.62% [8]. - The company’s total assets are expected to reach 7.44 billion yuan by 2025, with a debt-to-asset ratio of 37.64% [10]. Market Position - The company operates in the home appliance and small appliance industry, with a current stock price of 45.3 yuan and a target price yet to be specified [3]. - The company has a total market capitalization of approximately 7.11 billion yuan [4]. Key Financial Metrics - The company’s earnings per share (EPS) for 2025 is projected to be 2.20 yuan, with a P/E ratio of 20.59 [8]. - The company’s return on equity (ROE) is expected to be 11.36% in 2025 [10].

Investment Rating - The investment rating for the company is "Accumulate" [4][7]. Core Views - The company reported better-than-expected earnings recovery in Q1 2025, with total revenue of 1.32 billion yuan, a year-over-year increase of 10.58%, and a net profit of 130 million yuan, down 13.96% year-over-year [1]. - The acquisition of Roman Smart in 2024 contributed significantly to the growth of personal and small home appliances, with notable revenue increases in emerging categories such as personal care and maternal and infant appliances [2]. - The company adjusted its revenue forecasts for 2025-2027 to 5.28 billion, 5.81 billion, and 6.39 billion yuan, reflecting year-over-year growth rates of 10.97%, 10.03%, and 9.99% respectively [4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 4.758 billion yuan, a slight increase of 1.0% year-over-year, with a net profit of 288 million yuan, down 35.4% year-over-year [9]. - The gross profit margin for 2024 was 35.3%, a decrease of 1.06 percentage points year-over-year [2]. - For Q1 2025, the gross profit margin was 36.81%, with a net profit margin of 9.83% [3]. Revenue Breakdown - In 2024, the revenue from kitchen small appliances was 3.276 billion yuan, a decrease of 10% year-over-year, while emerging categories saw significant growth: personal care (560 million yuan, +15%), maternal and infant (250 million yuan, +32%) [2]. - The overseas market revenue reached 670 million yuan, an increase of 81% year-over-year, accounting for 14% of total revenue [2]. Profitability Metrics - The company reported a net profit margin of 6.05% for 2024, down 3.40 percentage points year-over-year [2]. - The selling, general, and administrative expenses as a percentage of revenue were 18.17%, 4.95%, and 4.09% respectively for 2024 [2]. Future Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.56 yuan, 2.89 yuan, and 3.20 yuan respectively, with corresponding net profits of 402 million, 454 million, and 502 million yuan [4][9]. - The company expects to maintain a gross profit margin of around 36.6% from 2025 to 2027 [9].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 54.63 CNY for the next 6 months [4]. Core Views - The company reported a revenue of 1.32 billion CNY in Q1 2025, representing a year-over-year increase of 10.6%, while the net profit attributable to shareholders was 130 million CNY, down 14.0% year-over-year. The outlook remains positive as the company continues to expand its product categories and overseas markets, which are expected to drive revenue growth [1][2]. - The demand for kitchen small appliances has been boosted by the domestic appliance replacement policy, with online sales increasing by 22% year-over-year in Q1. Key product categories such as coffee machines, soybean milk machines, and blenders have seen rapid sales growth [1][2]. - The company is enhancing its overseas product development and marketing capabilities, actively expanding its international channels, which is expected to contribute to growth. Additionally, the consolidation of Roman Smart in July 2024 is anticipated to provide incremental revenue [1]. Financial Summary - In Q1 2025, the company's gross profit margin increased by 0.9 percentage points year-over-year, but the net profit margin decreased by 2.8 percentage points due to increased R&D and management expenses, as well as a reduction in tax benefits [2]. - The operating cash flow for Q1 2025 increased by 170 million CNY year-over-year, primarily due to revenue growth, with cash received from sales increasing by 200 million CNY [2]. - The company is positioned as a leading online small appliance company, capturing significant market share in the long-tail small appliance market. It is actively moving towards product refinement and enhancing brand strength, with expectations of improved profitability as consumer demand in the small appliance sector recovers [2][4]. Financial Projections - The projected earnings per share (EPS) for the company from 2025 to 2027 are 1.95 CNY, 2.14 CNY, and 2.37 CNY, respectively. The estimated price-to-earnings (P/E) ratio for 2025 is 28 times [2][9]. - The company's revenue is expected to grow from 52.3 billion CNY in 2025 to 60.7 billion CNY in 2027, with net profit projected to increase from 3.1 billion CNY to 3.7 billion CNY over the same period [9][14].

Investment Rating - The investment rating for the company is "Accumulate" [3][2] Core Views - The company's domestic sales in core categories have shown signs of recovery, and with the gradual improvement in domestic demand, the revenue performance is expected to improve [2] - The company reported a revenue of 2 billion yuan in Q1 2025, a year-on-year decrease of 3.17%, and a net profit attributable to the parent company of 1.01 billion yuan, down 21.91% year-on-year [1] - The gross margin for Q1 2025 was 26.33%, an increase of 0.32 percentage points year-on-year, while the net profit margin was 5.05%, a decrease of 1.27 percentage points year-on-year [1] Financial Performance Summary - In Q1 2025, domestic sales of key products such as soybean milk machines and health pots increased significantly, with online sales growing by 21% and 37% respectively, while offline sales grew by 73% and 30% respectively [1] - The company’s investment income decreased by 88% year-on-year, primarily due to reduced investment income from joint ventures [1] - The company’s total market capitalization is approximately 7.29 billion yuan, with a total share capital of 767.02 million shares [4] Financial Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 239.65 million yuan, 320.81 million yuan, and 405.43 million yuan respectively, with corresponding dynamic P/E ratios of 30.41x, 22.71x, and 17.97x [2][8] - The expected revenue growth rates for 2025-2027 are 4.93%, 4.64%, and 4.63% respectively [11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.52 RMB [7][8]. Core Insights - The company reported Q1 2025 revenue of 1.32 billion RMB, a year-on-year increase of 10.58%, while net profit attributable to shareholders was 130 million RMB, a decrease of 13.96% year-on-year. The growth in revenue is attributed to a low base effect and the consolidation of Roman Smart since July 2024. The company is expected to continue its revenue and net profit recovery in Q2 2025 due to increased investment in product development and strong performance in the Douyin channel [1][5]. - Online sales channels showed positive performance in Q1 2025, with sales on Tmall, JD, and Douyin increasing by 21%, 16%, and 80% year-on-year, respectively. The company anticipates a significant recovery in demand for subsidized products as various regions implement replacement policies [2]. - The gross margin for Q1 2025 was 36.81%, reflecting a year-on-year decline of 1.7 percentage points, influenced by the consolidation of Roman Smart, which has a higher ODM ratio and lower gross margin compared to the company's branded business [3]. - The company achieved a reduction in expense ratios in Q1 2025, with a total expense ratio down by 1.66 percentage points year-on-year. Sales expense ratio decreased by 2.55 percentage points due to revenue growth and efficiency improvements, while management expenses increased slightly due to consolidation effects [4]. Financial Projections - The company forecasts net profit attributable to shareholders for 2025 to be 349.8 million RMB, with corresponding EPS of 2.23 RMB. The average PE ratio for comparable companies in 2025 is expected to be 26.6x, while the company is assigned a PE of 24x for 2025 [5][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][5][12] Core Views - The company reported a significant revenue growth of 86.2% year-on-year in Q1 2025, achieving a total revenue of 34.3 billion yuan. However, the net profit decreased by 32.9% to 2.7 billion yuan [4][5] - The company is expected to see a bottoming out of its net profit margin due to the launch of new products and the scale effect of new categories [4][5] - The company has adjusted its profit forecast for 2025-2027, estimating net profits of 2.0 billion, 2.7 billion, and 3.5 billion yuan respectively [4][5] Revenue Growth - Domestic sales are expected to double, driven by national subsidies and new product categories. Online sales of the company's sweeping and washing machines increased by 90% and 349% year-on-year respectively in Q1 2025 [4][5] - The market share of washing machines reached 13.8%, with a significant increase in the share of the A30 Pro Combo model [4][5] - International sales also saw rapid growth, with Europe expected to grow by approximately 100% and North America by about 50% [4][5] Profitability and Cost Structure - The gross margin for Q1 2025 was 45.5%, down 11.0 percentage points, attributed to the increase in domestic washing machine revenue and growth in European offline channels [5][6] - The net profit margin for Q1 2025 was 7.8%, down 13.9 percentage points, indicating a strategic decision to compress profit margins in exchange for market share [5][6] Financial Summary and Valuation Metrics - The company’s revenue is projected to grow from 86.54 billion yuan in 2023 to 317.89 billion yuan in 2027, with a year-on-year growth rate of 30.5%, 38.0%, 55.2%, 32.8%, and 29.1% respectively [6][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 10.84 yuan, 14.66 yuan, and 19.03 yuan respectively, with corresponding P/E ratios of 17.1, 12.7, and 9.7 [6][8]

上 市 公 司 家用电器 2025 年 04 月 30 日 飞科电器 (603868) ——2024 年年报及 2025 年一季报点评：25Q1 净利率 环比显著修复，品牌出海蓄势待发 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： 2025 年 04 月 29 日 | | | --- | --- | | 收盘价（元） | 33.95 | | 一年内最高/最低（元） | 52.88/32.00 | | 市净率 | 4.9 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 14,789 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.38 | | 资产负债率% | 16.51 | | 总股本/流通 A 股（百万） | 436/436 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-2 ...