Investment Rating - The investment rating for the company is upgraded to "Accumulate" from "Buy" [1][8]. Core Views - The company reported a revenue of 8.85 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, primarily due to weak international market demand and increased sales expenses from channel optimization and digital transformation [5][8]. - The company expects improvement in domestic sales in 2025, driven by new government subsidies covering additional small appliance categories [6][8]. - The gross margin for 2024 was 25.50%, a slight decrease of 0.36 percentage points year-on-year, while the net profit margin was 1.38%, down 2.67 percentage points year-on-year [7][8]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 2.67 billion yuan, a year-on-year decrease of 5.8%, and a net profit of 24 million yuan, down 4.87% year-on-year [5][6]. - The company’s online sales increased by 1.44% to 5.29 billion yuan, while offline sales decreased by 19.05% to 3.56 billion yuan [6][8]. Profitability and Cost Structure - The sales expense ratio increased to 17.02% in 2024, up 2.18 percentage points year-on-year, mainly due to significant investments in channel optimization and digital transformation [7][8]. - The company’s net cash at the end of 2024 was 3.03 billion yuan, an increase of 13% year-on-year [7][8]. Future Outlook - The company has revised its net profit forecasts for 2025 and 2026 downwards to 239 million yuan and 300 million yuan, respectively, reflecting a decrease of 32% and 22% from previous estimates [8][9]. - The expected net profit for 2027 is projected at 340 million yuan, with corresponding price-to-earnings ratios of 33, 27, and 24 for the years 2025, 2026, and 2027, respectively [8][9].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price range of 9.36 to 10.4 yuan based on a projected PE of 18-20 times for 2025 [9][10]. Core Insights - The company reported a revenue of 8.849 billion yuan for 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 [5][9]. - The fourth quarter of 2024 saw revenues of 2.667 billion yuan, a decline of 5.80% year-on-year, with a net profit of 24 million yuan, down 4.87% year-on-year [5][9]. - The company announced a dividend of 1.5 yuan per 10 shares, resulting in a payout ratio of 94% and a dividend yield of 1.45% [5][9]. - The company experienced a significant drop in export sales, which fell by 27.97% to 1.612 billion yuan, while domestic sales decreased by 1.86% to 7.237 billion yuan [9][10]. - Online sales grew by 1%, while offline sales dropped by 10%, with online sales accounting for 73% of total sales [9][10]. - The report highlights the increasing competition in the industry, which has pressured the company's profit margins, leading to a decrease in gross margin to 25.5% [9][10]. Financial Summary - The company forecasts a revenue of 9.018 billion yuan for 2025, representing a year-on-year growth of 1.9% [7][12]. - The projected net profit for 2025 is 403 million yuan, with a significant rebound of 229.1% compared to 2024 [7][12]. - The report anticipates a gradual recovery in domestic sales driven by government subsidy policies [9][10]. - The gross margin is expected to improve to 27.3% in 2025, with a net asset return of 10.8% [7][12]. - The company’s total assets are projected to be 7.586 billion yuan in 2024, with a debt ratio of 53.9% [12].

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company's revenue performance exceeded expectations, with 2024 revenue at 88.49 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 1.22 billion yuan, down 69% year-on-year [6] - The company faces pressure from domestic competition and external sales are primarily affected by high base effects. The kitchen small appliance sector remains slightly sluggish due to intensified competition and limited scope for national subsidies [6] - The company has launched innovative products in the mid-to-high-end market, including the 40N9U Pro rice cooker and R5P space heating small purifier, aiming to enhance brand and product market share [6] - The gross profit margin improved by 0.66 percentage points year-on-year, while the expense ratio increased due to heightened sales expenses in a competitive environment [6] - The earnings forecast for 2025-2026 has been adjusted downwards to 3.3 billion yuan and 3.9 billion yuan respectively, with a new forecast for 2027 at 4.1 billion yuan, indicating a year-on-year growth of 172% [6] Financial Data and Profit Forecast - Total revenue for 2023 was 9,613 million yuan, with a projected decrease to 8,849 million yuan in 2024, followed by a slight recovery to 9,347 million yuan in 2025 [5][8] - The net profit attributable to shareholders is expected to recover from 122 million yuan in 2024 to 333 million yuan in 2025, reflecting a significant year-on-year increase of 171.9% [5][8] - The company's return on equity (ROE) is projected to improve from 3.5% in 2024 to 8.8% in 2025 [5]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's core product categories are under pressure, with significant declines in external sales impacting profit levels. In 2024, the company achieved operating revenue of 8.849 billion yuan, down 7.94% year-on-year, and a net profit attributable to shareholders of 122 million yuan, down 68.55% year-on-year [1][4] - The kitchen small appliance market is performing poorly due to intensified industry competition and limited government subsidies, leading to negative growth in most product categories except for food processors, which saw a slight increase of 1.8% [2][4] - The company's gross margin for 2024 was 25.5%, a decrease of 0.36 percentage points year-on-year, while the net margin was 1.2%, down 2.86 percentage points year-on-year [2][4] Financial Performance - In 2024, the company's operating cash flow was 178 million yuan, a decrease of 76.74% year-on-year, with cash inflow from sales of goods and services at 9.976 billion yuan, down 8.72% year-on-year [4][11] - The company has increased its expenses in sales, management, R&D, and financial costs, with sales expense ratio rising to 17.02% in 2024, reflecting a 2.19 percentage point increase year-on-year [3][4] - The forecast for net profit attributable to shareholders for 2025-2027 is 240 million, 320 million, and 410 million yuan respectively, with corresponding dynamic P/E ratios of 32.9x, 24.6x, and 19.5x [4][5] Market Outlook - The company is expected to see gradual improvement in revenue performance as domestic demand recovers and core product sales stabilize [4][5] - The external sales have significantly declined, with a year-on-year drop of 28% in 2024, indicating challenges in international markets [2][4]

Core Viewpoint - Jiuyang Co., Ltd. reported a significant decline in both revenue and net profit for the year 2024, indicating ongoing challenges in market competition and internal management [1][2]. Revenue and Profit Decline - The company achieved total revenue of 8.849 billion yuan in 2024, a year-on-year decrease of 7.94%, marking the fourth consecutive year of revenue decline [2]. - Net profit attributable to shareholders was 122 million yuan, down 68.55% year-on-year, reaching a new low in recent years [1][2]. - The company's net profit after deducting non-recurring items was 119 million yuan, a decrease of 66.40% year-on-year, reflecting weakened profitability in core operations [2]. Cost and Profitability Concerns - Operating costs for 2024 were 6.592 billion yuan, down 8.75% year-on-year, but the gross profit margin was only 25.51%, a slight increase of 0.66 percentage points [3]. - Sales expenses rose to 1.506 billion yuan, an increase of 13.43% year-on-year, with a sales expense ratio of 17.02%, up 3.21 percentage points [3]. - Management expenses increased to 385 million yuan, up 0.92% year-on-year, indicating inefficiencies in internal management [4]. Research and Development Investment - R&D investment was 361 million yuan, down 7.19% year-on-year, with R&D expenditure accounting for 4.08% of total revenue, a minimal increase of 0.03 percentage points [4]. Asset Management and Cash Flow Issues - The company made asset impairment provisions totaling 33.97 million yuan, reducing net profit by 30.11 million yuan, highlighting issues in asset management [5]. - The net cash flow from operating activities was 178 million yuan, a significant decline of 76.74% year-on-year, indicating weakened cash recovery capabilities [5]. - The year-end inventory value was 635 million yuan, accounting for 18.21% of net assets, with an increase in inventory impairment provisions, suggesting potential inventory management challenges [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 11.61 RMB [8][9]. Core Views - The company reported a revenue of 8.849 billion RMB for 2024, a decrease of 7.94% year-on-year, and a net profit attributable to the parent company of 122 million RMB, down 68.55% year-on-year [1][5]. - The report anticipates a potential recovery in 2025, driven by domestic consumption stimulus policies, which may lead to a decrease in expense ratios and an increase in profit elasticity [1][5]. - The company is expected to face challenges in external sales in 2025, while domestic sales may remain stable due to supportive consumption policies [2][5]. Summary by Sections Revenue and Profitability - The company's domestic sales for 2024 are projected at 7.237 billion RMB, a decline of 1.86% year-on-year, while overseas sales are expected to be 1.612 billion RMB, down 27.97% year-on-year [2]. - The overall gross margin for 2024 is reported at 25.50%, with a slight increase of 0.66 percentage points year-on-year, while the gross margin for overseas sales is 6.24%, down 2.36 percentage points [3]. Expenses and Financial Performance - The total expense ratio for 2024 increased by 3.06 percentage points, primarily due to heightened marketing efforts to stimulate demand [4]. - The report indicates a significant fair value loss of 113 million RMB in 2024, which adversely affected profits [4]. Future Projections - For 2025, the expected net profit attributable to the parent company is projected at 329 million RMB, reflecting a substantial increase of 169.26% year-on-year [7][20]. - The report forecasts earnings per share (EPS) for 2025 at 0.43 RMB, with a potential for profit elasticity due to a low base effect [5][20].

Core Viewpoint - In 2024, the company reported a significant decline in both revenue and net profit, reflecting the challenges faced in the small home appliance industry amid intensified competition and market demand weakness [1][3][4]. Financial Performance - The company achieved operating revenue of 8.849 billion yuan, a year-on-year decrease of 7.94% [2][3]. - Net profit attributable to shareholders was 122.35 million yuan, down 68.55% compared to the previous year [2][3]. - Basic earnings per share were 0.16 yuan, representing a decline of 69.23% [2][3]. - The net cash flow from operating activities was 177.56 million yuan, a decrease of 76.74% year-on-year [2][3]. Cost and Expenses - Operating costs amounted to 6.592 billion yuan, down 8.75% year-on-year, while the gross profit margin increased by 0.66 percentage points [3][4]. - Sales expenses rose to 1.506 billion yuan, an increase of 13.43%, with a sales expense ratio of 17.02%, up 3.21 percentage points [3][4]. - Research and development expenses were 360.97 million yuan, a decrease of 7.19% [3][4]. Revenue Structure and Market Dynamics - Traditional core products like soymilk machines and wall-breaking machines maintained stable performance, while emerging categories like air fryers and health pots accounted for 26% of revenue [4]. - Online sales represented 65.8% of total sales, with significant growth on platforms like Douyin [4]. - The overseas market faced challenges, with revenue declining by 23% due to rising international logistics costs and currency fluctuations [5]. Strategic Initiatives and Future Outlook - The company is focusing on high-end transformation and smart home ecosystem development, with a sales expense ratio of 12.0% [5]. - The management plans to restructure the organization and reduce investment in non-core businesses, aiming to enhance the conversion rate of R&D results to 40% [5]. - The company aims to optimize the supply chain to mitigate risks associated with overseas operations [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][10]. Core Views - The company reported a revenue of 8.849 billion yuan for 2024, a decrease of 7.94% year-on-year, with a net profit attributable to shareholders of 122 million yuan, down 68.55% year-on-year [1]. - The small home appliance industry is expected to see a clearing of long-tail brands due to intensified competition, which may optimize the competitive landscape [4]. Revenue Analysis - Domestic sales slightly declined, while foreign sales dropped significantly due to related party transactions. Domestic revenue for 2024 was 7.237 billion yuan, down 1.86% year-on-year, while foreign revenue was 1.612 billion yuan, down 28.0% year-on-year [2]. - The sales of kitchen small appliances in 2024 totaled 609 billion yuan, reflecting a slight decrease of 0.8% year-on-year [2]. Profitability and Cost Structure - The company maintained a stable gross margin of 25.50%, with a slight decrease of 0.36 percentage points year-on-year. The selling, general, and administrative expenses increased, leading to a net profit margin of 1.38%, down 2.66 percentage points year-on-year [3]. - The company’s operating profit for 2024 was significantly impacted, with an expected EPS of 0.40, 0.50, and 0.57 yuan for 2025, 2026, and 2027 respectively [4]. Financial Forecast - The company is projected to have a revenue of 8.872 billion yuan in 2025, with a growth rate of 0.25%, and an expected net profit of 311 million yuan, reflecting a significant recovery of 154.21% year-on-year [7]. - The report indicates a gradual improvement in profitability metrics, with a projected P/E ratio of 25, 21, and 18 for the years 2025, 2026, and 2027 respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][10]. Core Views - The small home appliance industry is expected to undergo a consolidation phase, with long-tail brands being eliminated, leading to an optimized competitive landscape [4]. - The company's revenue for 2024 is projected at 8.849 billion yuan, a decrease of 7.94% year-on-year, with a net profit of 122 million yuan, down 68.55% year-on-year [1][7]. Revenue Analysis - Domestic sales slightly declined, while foreign sales significantly dropped due to related party transactions. Domestic revenue for 2024 was 7.237 billion yuan, down 1.86% year-on-year, while foreign revenue was 1.612 billion yuan, down 28.0% year-on-year [2]. - The sales of kitchen appliances showed a mixed performance, with food processing and nutrition pots increasing by 1.8% and 36.2% respectively, while Western appliances and cookware saw declines of 26.9% and 25.2% [2]. Cost and Profitability - The company maintained a stable gross margin of 25.50%, with a slight decrease of 0.36 percentage points year-on-year. The net profit margin for 2024 was 1.38%, down 2.66 percentage points year-on-year [3]. - The increase in expense ratios was noted, with sales, management, and R&D expenses rising by 2.19, 0.38, and 0.03 percentage points respectively [3]. Earnings Forecast and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.40, 0.50, and 0.57 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 25, 21, and 18 [4].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 13.77 yuan for the next six months, based on a dynamic price-to-earnings ratio of 25 times for 2025 [2][4]. Core Views - The company reported a revenue of 8.85 billion yuan for 2024, a year-over-year decrease of 7.9%, and a net profit attributable to shareholders of 120 million yuan, down 68.6% year-over-year. However, the revenue decline in Q4 narrowed to 5.8% compared to a 27.1% decline in Q3, indicating a potential recovery driven by government subsidies for small appliances [1][2]. - The report highlights that the Q4 revenue decline was mitigated by the implementation of old-for-new subsidy policies, which positively impacted the consumption of small household appliances. Online sales for the company showed a year-over-year increase of 16.9% in Q4 [1][2]. - The company has effectively managed its expenses, resulting in a stable net profit margin of 0.9% in Q4, despite a decrease in gross margin by 3.3 percentage points year-over-year [2]. Financial Summary - The company's revenue is projected to recover to 9.61 billion yuan in 2025, with net profit expected to rise to 420 million yuan, reflecting a significant rebound from 2024 [4][12]. - Earnings per share (EPS) are forecasted to be 0.55 yuan in 2025, increasing to 0.84 yuan by 2027, indicating a positive growth trajectory [2][4]. - The report notes that the company’s cash reserves are robust, with a cash balance of 2.82 billion yuan at the end of the reporting period, up 16.1% year-over-year, despite a net cash outflow from operating activities of 240 million yuan in Q4 [2][4].