上 市 公 司 家用电器 2025 年 04 月 30 日 九阳股份 (002242) ——2025 年一季报点评：盈利有所承压，期待新品突破 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 30 日 | | | --- | --- | | 收盘价（元） | 9.50 | | 一年内最高/最低（元） | 13.12/8.68 | | 市净率 | 2.0 | | 息率（分红/股价） | 1.58 | | 流通 A 股市值（百万元） | 7,274 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："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） | 4.66 | | 资产负债率% | 53.20 | | 总股本/流通 A 股（百万） | 767/766 | | 流通 B 股/H 股（百万） | -/- | 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- ...

公司报告 | 季报点评 九阳股份（002242） 证券研究报告 内销平稳增长，预计外销或有所承压 事件：2025Q1 公司实现营业收入 20 亿元，同比-3.17%，归母净利润 1.01 亿元，同比-21.91%。 分地区看，25Q1 内销同比增长，预计外销增速或有所承压。内销方面， 根据奥维数据，25Q1 九阳豆浆机线上/线下销额同比+21%/+73%，养生壶 线上/线下销额同比+37%/+30%，电炖锅线上/线下销额同比-13%/-40%，整 体内销表现较好，公司收入增速承压我们认为可能是外销收入下滑所致。 2025Q1 公司毛利率为 26.33%，同比+0.32pct，净利率为 5.05%，同比 -1.27pct。2025Q1 公司季度销售、管理、研发、财务费用率分别为 13.13%、 4.38%、4.41%、-1.21%，同比+0.82、+0.05、+0.16、-0.08pct。整体利润率 和费用率基本保持平稳。公司投资收益同比-88%，主要由于联营企业投资 收益减少所致；公允价值变动收益同比-579.3 万元，主要系基金公允价值 变动所致；其他收益同比-47%，主要由于政府补助减少所致。 投资建议： ...

九阳股份有限公司 2025 年第一季度报告 证券代码：002242 证券简称：九阳股份 公告编号：2025-017 九阳股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完整。 3.第一季度报告是否经审计 □是 否 1 九阳股份有限公司 2025 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 会计政策变更 □会计差错更正 □同一控制下企业合并 □其他原因 | | 本报告期 | 上年同期 | | 本报告期比上年同 | | --- | --- | --- | --- | --- | | | | | | 期增减（%） | | | | 调整前 | 调整后 | 调整后 | | 营 ...

九阳股份（002242）公告，2025年第一季度营收为20亿元，同比下降3.17%；净利润为1.01亿元，同比 下降21.91%。 ...

证券代码：002242 证券简称：九阳股份 公告编号：2025-016 九阳股份有限公司 关于 2024 年年度股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 特别提示： 1、本次股东大会无增加、修改、否决议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、股东大会届次：2024 年年度股东大会 5、股权登记日：2025 年 4 月 14 日（星期一） 6、会议召开方式：本次股东大会所采用现场表决、网络投票相结合的方式 召 开 。 公 司 将 通 过 深 圳 证 券 交 易 所 交 易 系 统 和 互 联 网 投 票 系 统 (http://wltp.cninfo.com.cn)向股东提供网络形式的投票平台，股东可以通过上述系统 行使表决权。 股东应选择现场投票、网络投票中的一种方式进行表决，如果同一表决权出 现重复投票表决的，以第一次有效投票表决结果为准。 7、会议主持人：公司董事长杨宁宁女士。 8、本次股东大会会议召开符合有关法律、行政法规、部门规章、规范性文 2、会议召集人：公司董事会 3、会议召开时间 ...

国浩律师（上海）事务所 关于 九阳股份有限公司 上海市静安区山西北路 99 号苏河湾中心 25-28 楼。邮编：200085 电话: (8621) 5234-1668 传真: (8621) 5243-3320 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于九阳股份有限公司 2024 年年度股东大会的法律意见书 致：九阳股份有限公司 2024 年年度股东大会的 法律意见书 九阳股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简称"本 次股东大会"）现场会议于 2025 年 4 月 21 日（星期一）下午 15:00 在杭州市钱 塘新区下沙街道银海街 760 号杭州公司会议室召开。国浩律师（上海）事务所（以 下简称"本所"）接受公司的委托，指派李晗律师、潘雨晨律师（以下简称"本 所律师"）出席会议并见证。现依据《中华人民共和国公司法》《中华人民共和国 证券法》和《九阳股份有限公司章程》（以下简称"《公司章程》"）出具本法律意 见书。 本所律师按照有关法律、法规及规范性文件的规定对本次股东大会的召集、 召开程序是否合 ...

证券研究报告 | 2025年04月17日 九阳股份（002242.SZ） 优于大市 2024 年报点评：内销收入表现稳健，盈利有所承压 经营表现承压。公司 2024 年实现营收 88.5 亿/-7.9%，归母净利润 1.2 亿 /-68.6%，扣非归母净利润 1.2 亿/-66.4%。其中 Q4 收入 26.7 亿/-5.8%，归 母净利润 0.2 亿/-4.9%，扣非归母净利润-0.1 亿/-179.0%。公司拟每 10 股 派发现金股利 1.5 元，现金分红率为 93.5%。2024 年公司内销面临消费趋势 及小家电竞争加剧的影响、外销受关税政策波及，经营表现有所承压。 内销收入表现稳健，外销下降较多。2024 年我国厨房小家电量增价减，奥维 云网数据显示，2024 年厨房小家电零售额 609 亿/-0.8%，其中销量同比增长 1.2%，均价同比下降 1.1%。公司 2024 年内销收入下降 1.9%至 72.4 亿，其 中 H1/H2 分别+4.7%/-7.4%；外销收入同比下降 28.0%至 16.1 亿，H1/H2 分 别-9.7%/-40.8%。公司外销收入拖累较大，主要与关联交易有关，2024 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company is expected to achieve operating revenue of 8.849 billion yuan in 2024, a year-on-year decrease of 7.94%, and a net profit attributable to shareholders of 122 million yuan, down 68.55% year-on-year [2][5] - In Q4 2024, the company reported operating revenue of 2.667 billion yuan, a decline of 5.80% year-on-year, with a net profit of 24.29 million yuan, down 4.87% year-on-year [2][5] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 93.54% [2][5] Summary by Sections Financial Performance - The company experienced a decline in revenue and profit in 2024, with total revenue down 7.94% and net profit down 68.55% year-on-year [2][5] - The overall gross margin slightly increased, but various expense ratios rose, leading to a significant decrease in operating profit, which fell by 78.04% year-on-year [11] - The company’s inventory at the end of 2024 was 630 million yuan, representing an increase of 1.03% in total asset proportion [11] Market Dynamics - The kitchen small appliance market faced challenges, with overall retail sales down 0.8% in 2024, attributed to market saturation and integration of product categories [11] - Domestic sales revenue decreased by 1.86%, while overseas sales revenue saw a more significant decline of 27.97% [11] - Online sales revenue grew by 1.44%, contrasting with a 19.05% decline in offline sales revenue [11] Future Outlook - The company is expected to benefit from national subsidies, with projected net profits of 253 million yuan, 278 million yuan, and 303 million yuan for 2025, 2026, and 2027 respectively [11] - The company is positioned as a high-quality small appliance manufacturer, adapting to market changes and optimizing operational efficiency [11]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in both domestic and international markets [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 8.849 billion yuan, a year-on-year decrease of 7.94%, and a net profit attributable to shareholders of 122 million yuan, down 68.55% [1] - The fourth quarter of 2024 saw operating revenue of 2.667 billion yuan, a decline of 5.80%, with a net profit of 24.29 million yuan, down 4.87% [1] - The company declared a cash dividend of 1.5 yuan per 10 shares, with a payout ratio of 93.54% [1] Sales Performance - Domestic sales revenue decreased by 1.86%, while international sales revenue fell by 27.97% in 2024 [2] - Online sales revenue increased by 1.44%, but offline sales revenue dropped by 19.05% [2] - The company’s food processing machine series saw a revenue increase of 1.84%, while other categories like Western-style appliances and cookware experienced significant declines of 26.91% and 25.24%, respectively [2] Profitability and Costs - The overall gross margin slightly increased by 0.66 percentage points in 2024, with variations across product categories [3] - Sales expense ratio rose by 3.21 percentage points, while management and R&D expense ratios also increased, leading to a significant decline in operating profit by 78.04% [3] - The company’s inventory at the end of 2024 was 630 million yuan, representing an increase in the proportion of total assets [3] Future Outlook - The company is positioned as a high-quality small appliance manufacturer, adapting to market changes and optimizing operational efficiency [4] - Projected net profits for 2025, 2026, and 2027 are 253 million, 278 million, and 303 million yuan, respectively, with corresponding PE ratios of 30.1, 27.3, and 25.1 [4]

Core Viewpoint - The performance of Joyoung Co., Ltd. has significantly declined, with both revenue and net profit decreasing for four consecutive years, indicating a challenging market environment for the small home appliance industry [1][2][6]. Financial Performance - In 2024, Joyoung reported revenue of 8.849 billion yuan, a year-on-year decrease of nearly 8%, and a net profit attributable to shareholders of 122 million yuan, down approximately 70% [1][4]. - The company has experienced a continuous decline in revenue and net profit since 2021, with 2024 figures representing only 78.84% of 2020's revenue and 12.98% of its net profit [6]. - Quarterly performance in 2024 showed fluctuations, with revenue in Q1, Q2, Q3, and Q4 being 2.065 billion yuan, 2.321 billion yuan, 1.795 billion yuan, and 2.667 billion yuan respectively, reflecting a year-on-year change of 9.15%, -4.29%, -27.12%, and -5.80% [4][5]. Cost Structure - Despite declining revenue, sales expenses increased to 1.506 billion yuan in 2024, marking a growth of 13.43% compared to the previous year, while R&D expenses decreased to 361 million yuan, a reduction of 7.19% [2][9]. - The company’s R&D expenses have been on a downward trend for two consecutive years, indicating a potential risk in innovation capabilities [8][10]. Market Position and Strategy - Joyoung continues to maintain a high cash dividend payout ratio of 94% despite its declining performance, reflecting a commitment to returning value to shareholders [3]. - The company has faced challenges due to intensified competition, limited scope for national subsidies, and a saturated market for essential small appliances [2][10]. - Joyoung aims to focus on its core small appliance business, leveraging its brand strength and intellectual property to innovate and capture new market opportunities [10].