Investment Rating - The report maintains a "Buy" rating for the company, citing a 5% upside potential compared to the industry average PE ratio of 21.9x for 2025 [5] Core Views - The company's performance in 2024Q1-3 fell short of expectations, with revenue declining 9% YoY to 6.182 billion yuan and net profit attributable to shareholders plummeting 73% YoY to 98 million yuan [7] - Domestic sales remain sluggish, but a recovery is expected in Q4 due to government subsidies for appliance replacements [8] - The company has increased its related-party transaction quota with JS Global Life to 11.34 million USD, reflecting growing synergies in overseas markets [8] - Profit margins are under pressure due to rising expense ratios, with Q3 sales expenses increasing 8.07 percentage points YoY to 19.12% [9] Financial Performance - The company's 2024E revenue is projected at 9.107 billion yuan, a 5.3% YoY decline, with net profit expected to drop 61.7% to 149 million yuan [5] - For 2025E, revenue is forecast to grow 10.7% to 10.085 billion yuan, with net profit surging 145.6% to 366 million yuan [5] - Gross margin remains stable at around 26.6% for 2024E, with ROE expected to improve from 4.3% in 2024E to 10.6% in 2026E [6] Market Data - The stock closed at 10.00 yuan on November 1, 2024, with a PB ratio of 2.2x and a dividend yield of 1.50% [4] - The company's market capitalization stands at 7.657 billion yuan, with a 52x PE ratio for 2024E [5] Industry Context - The kitchen appliance sector remains challenging, with overall retail sales declining 4.6% YoY in 2024Q1-3, despite a 0.2% increase in unit sales [8] - The company is focusing on channel reform and new product categories like cleaning appliances to drive future growth [5]

公司报告 | 季报点评 行业低迷使公司增长承压，静待 Q4 以旧换新落地改善 事件：公司 2024 年前三季度实现营业收入 61.82 亿元，同比-8.84%，归母 净利润 0.98 亿元，同比-73.02%；其中 2024Q3 实现营业收入 17.95 亿元， 同比-27.12%，归母净利润-0.77 亿元，同比-166.46%。 收入端，内销由于厨房小家电内需表现较弱，大部分品类增速有所承压， 其中公司核心品类豆浆机表现相对较好，根据奥维数据显示，24Q3 线上 销额同比+10%。Q4 随着内销大促叠加部分厨房小家电品类以旧换新国补 的落地，我们预计公司收入增速有望环比继续向好。 2024 年前三季度公司毛利率为 26.27%，同比+0.88pct，净利率为 1.48%， 同比-3.9pct；其中 2024Q3 毛利率为 21.85%，同比-0.58pct，净利率为 -4.51%，同比-9.25pct。利润率方面，在内需低迷和行业竞争激烈的环境下， 毛利率同环比皆有所下降。 公司 2024 年前三季度销售、管理、研发、财务费用率分别为 17.18%、3.98%、 4.4%、-1.1%，同比+4.01、+0 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 九阳股份（002242.SZ） 销售费率提升明显，盈利水平下滑 事件：公司发布 2024 年三季度报告。公司发布 2024 年三季度报告。公 司 2024Q1-Q3 实现营业收入 61.82 亿元，同比-8.84%；实现归母净利润 0.98 亿元，同比-73.02%。扣非归母净利润 1.30 亿元，同比-61.62%。单 季度来看，2024Q3 实现营收 17.95 亿元，同比-27.12%；归母净利润-0.77 亿元，同比-166.46%；扣非归母净利润-0.81 亿元，同比-172.45%。 受行业需求低迷影响，公司 Q3 收入承压。 销售费用率提升明显，盈利水平下滑。1）毛利率：2024Q1-Q3/24Q3 同 比+0.88pct/-0.58pct 至 26.27%/21.85%。2）费率端：2024Q1-Q3 销售 /管理/研发/财务费率同比+4.01pct/+0.35pct/+0.67pct/-0.32pct 至 17.18%/3.98%/4.40%/-1.10%；24Q3 销售/管理/研发/财务费率同比 +8. ...

证券代码：002242 证券简称：九阳股份 公告编号：2024-026 九阳股份有限公司 关于转让深圳甲壳虫智能有限公司股权的公告 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。 一、交易概述 九阳股份有限公司及公司控股子公司杭州九阳小家电有限公司（以下简称 "公司"、"本公司"或"卖方"或"出让方"）拟以 16,891.14 万元向 Honeycomb Robotics (HK) Limited （以下简称"买方"或"受让方"）转让其持有的 深圳甲壳虫智能有限公司（以下简称"深圳甲壳虫"或"标的公司"）68.4517% 的股权。本次交易完成后，公司不再持有标的公司股权，标的公司不再纳入公司 合并报表范围。 本公司于 2024 年 10 月 30 日召开第六届董事会第十一次会议，以同意票 6 票，反对票 0 票，弃权票 0 票的表决结果审议通过了《关于转让深圳甲壳虫智能 有限公司股权的议案》，并同意授权公司管理层及其进一步授权人士全权办理与 本次交易相关的具体事宜，包括但不限于签署工商变更所需各类文件、代表公司 与受让方及其指定第三方签署关于确认付款事宜的三方 ...

本报告根据中国资产评估准则编制 深圳甲壳虫智能有限公司拟股权转让 涉及的股东全部权益价值 资产评估报告 禄诚评报〔2024 〕090 号 共一册 第一册 景 目 杭州禄诚资产评估有限公司 二〇二四年十月十六日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3333190009202400101 | | | --- | --- | --- | | 合同编号: | 2024-073 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 禄诚评报(2024) 090号 | | | 报告名称: | 深圳甲壳虫智能有限公司拟股权转让涉及的股东全 部权益价值 | | | 评估结论: | 246,760,000 | | | 评估报告日: | 2024年10月16日 | | | 评估机构名称: | 杭州禄诚资产评估有限公 | | | 签名人员: | 陈雄伟 "("资产评估师 | 会员编号:33030101 | | | 汤婉君 (资产评估师) | 会员编号:33230018 | (可扫描二维码查询备案业务信息) 说明:报告备案回执仅证明此报告已在业务报备管理系统进行了备案,不作为 ...

Financial Performance - Revenue for the third quarter was 1.795 billion yuan, a decrease of 27.12% year-over-year[2] - Net profit attributable to shareholders was -77.33 million yuan, a decrease of 166.46% year-over-year[2] - Total operating income for the period was 6,182,055,590.30 RMB, down 8.8% from 6,781,172,561.74 RMB in the previous period[12] - Total operating costs for the period were 6,095,146,683.64 RMB, down 5.1% from 6,425,277,119.84 RMB in the previous period[12] - Sales revenue from goods and services received was RMB 6,866,031,982.34, a decrease compared to the previous period's RMB 7,713,100,132.01[16] - Net profit attributable to the parent company's shareholders was RMB 98,063,944.12, a significant drop from the previous period's RMB 363,513,922.70[13] - Basic and diluted earnings per share were both RMB 0.13, down from RMB 0.49 in the previous period[15] - Total comprehensive income attributable to the parent company's shareholders was RMB 81,590,857.45, down from RMB 371,183,712.38 in the previous period[13] Assets and Liabilities - Total assets at the end of the reporting period were 7.515 billion yuan, a decrease of 1.28% compared to the end of the previous year[2] - The company's monetary funds at the end of Q3 2024 were RMB 2,582,279,500.01, an increase from RMB 2,431,377,953.47 at the beginning of the period[9] - Accounts receivable at the end of Q3 2024 were RMB 1,251,541,037.23, up from RMB 1,009,769,220.20 at the beginning of the period[9] - The company's notes receivable at the end of Q3 2024 were RMB 540,129,046.99, a decrease from RMB 1,145,265,457.70 at the beginning of the period[9] - The company's prepayments at the end of Q3 2024 were RMB 48,926,958.34, up from RMB 40,569,709.89 at the beginning of the period[9] - The company's other receivables at the end of Q3 2024 were RMB 23,578,548.14, down from RMB 81,174,451.49 at the beginning of the period[9] - The company's receivables financing at the end of Q3 2024 were RMB 145,704,162.34, up from RMB 113,072,886.20 at the beginning of the period[9] - The company's trading financial assets at the beginning of the period were RMB 5,022,027.78, with no balance at the end of Q3 2024[9] - Inventory increased to 622,761,328.39 RMB from 558,417,131.83 RMB, reflecting an 11.5% growth[10] - Total current assets decreased to 5,410,857,582.92 RMB from 5,626,769,908.76 RMB, a 3.8% decline[10] - Long-term receivables rose to 8,799,000.00 RMB from 5,883,450.00 RMB, marking a 49.6% increase[10] - Total non-current assets increased to 2,104,163,519.88 RMB from 1,985,310,121.66 RMB, a 6% growth[10] - Total assets decreased slightly to 7,515,021,102.80 RMB from 7,612,080,030.42 RMB, a 1.3% decline[10] - Contract liabilities increased to 236,188,057.96 RMB from 204,341,444.90 RMB, a 15.6% rise[10] - Total current liabilities decreased to 3,971,163,854.13 RMB from 4,066,583,096.84 RMB, a 2.3% decline[11] - Total liabilities decreased to 4,042,757,820.09 RMB from 4,125,833,068.41 RMB, a 2% decline[11] Cash Flow - Cash flow from investment activities increased by 170.86% to 89.62 million yuan due to increased investment recoveries[5] - Cash flow from financing activities improved by 40.11% to -164.29 million yuan due to reduced dividend distributions[5] - Net cash flow from operating activities was RMB 416,958,032.06, slightly lower than the previous period's RMB 427,086,101.85[16] - Net cash flow from investment activities was RMB 198,592,236.20, compared to RMB 33,088,499.28 in the previous period[16] - Cash and cash equivalents at the end of the period increased to 2,321,143,007.83 yuan, up from 1,392,974,152.26 yuan in the same period last year[17] - Net cash flow from financing activities was -164,292,598.78 yuan, compared to -274,331,953.65 yuan in the previous year[17] - Cash received from investments was 300,000.00 yuan, all from minority shareholders of subsidiaries[17] - Cash paid for dividends, profits, or interest payments decreased to 120,282,450.00 yuan from 228,905,100.00 yuan in the previous year[17] - The impact of exchange rate changes on cash and cash equivalents was -12,134,876.56 yuan, compared to 21,456,401.20 yuan in the previous year[17] - Net increase in cash and cash equivalents was 330,153,309.89 yuan, up from 207,299,048.68 yuan in the same period last year[17] - Cash paid for other financing activities was 44,310,148.78 yuan, slightly down from 45,426,853.65 yuan in the previous year[17] Investments and Income - The company's goodwill increased by 100% to 120.16 million yuan due to business mergers[5] - The fair value change loss of funds was -55.10 million yuan, a decrease of 1873.22% year-over-year[5] - Investment income decreased by 62.70% to 14.18 million yuan due to reduced income from associates[5] - Interest income rose sharply to RMB 73,136,123.89, compared to RMB 32,331,853.69 in the previous period[13] Shareholder Information - Shanghai Lihong Enterprise Management Co., Ltd. holds 50.13% of the company's shares, totaling 384,523,746 shares[7] - BILTING DEVELOPMENTS LIMITED holds 16.94% of the company's shares, totaling 129,924,090 shares[7] - The company's repurchase account held 4,000,000 shares, accounting for 0.52% of the total shares[7] Expenses and Costs - R&D expenses increased to RMB 272,308,636.26, up from RMB 253,378,153.81 in the previous period[13] - Sales expenses increased to RMB 1,061,819,478.58, up from RMB 892,555,999.96 in the previous period[13] - Cash received from tax refunds was RMB 186,210,379.70, an increase from RMB 140,157,462.78 in the previous period[16] Other Financial Metrics - The company's weighted average return on equity was -2.20%, a decrease of 5.61 percentage points[2] - Accounts receivable decreased by 70.95% to 23.58 million yuan due to the recovery of receivables[5] - The company's third-quarter report was unaudited[17]

九阳股份有限公司（以下简称：公司）于 2024 年 10 月 21 日以书面的方式发 出关于召开公司第六届监事会第十次会议的通知，会议于 2024 年 10 月 30 日以 通讯表决的方式召开。会议应参与表决监事 3 名，实际参与表决监事 3 名。本 次会议由监事会主席朱宏韬主持。本次会议的召开与表决程序符合《公司法》和 《公司章程》等的有关规定，表决所形成的决议合法、有效。经与会监事认真审 议并表决，通过如下决议： 1、会议以同意票3票，反对票0票，弃权票0票，审议通过了《公司2024年第 三季度报告》。 证券代码：002242 证券简称：九阳股份 公告编号：2024-023 九阳股份有限公司 第六届监事会第十次会议决议公告 本公司及监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。 1、监事会决议。 特此公告 经审核，监事会认为：董事会编制和审核《公司2024年第三季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映 了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 九阳股份有限公司监事会 公司2024年第三季度报告 ...

证券代码：002242 证券简称：九阳股份 公告编号：2024-025 公司独立董事于 2024 年 10 月 29 日召开 2024 年第三次独立董事专门会议， 以 3 票同意、0 票反对、0 票弃权审议通过《关于调整 2024 年度日常关联交易预 计的议案》，并同意提交董事会审议；公司于 2024 年 10 月 30 日召开第六届董事 会第十一次会议，以 4 票同意、0 票反对、0 票弃权审议通过《关于调整 2024 年 度日常关联交易预计的议案》，关联董事杨宁宁、韩润属于《深圳证券交易所股 票上市规则》6.3.8 条所述关联董事，回避表决。 根据《深圳证券交易所股票上市规则》、《公司章程》等有关规定，本次交易 事项在公司董事会审批权限范围内，无需提交公司股东大会审议。 九阳股份有限公司 关于调整 2024 年度日常关联交易预计的公告 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。 一、 日常关联交易基本情况 （一） 本次调整日常关联交易的概述 因公司相关业务发展实际需要，现拟新增九阳股份有限公司（以下简称：九 阳股份、公司）全资子公司杭州九阳小家电有限公 ...

第六届董事会第十一次会议决议公告 九阳股份有限公司 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。 证券代码：002242 证券简称：九阳股份 公告编号：2024-022 公司2024年第三季度报告详见巨潮资讯网（http://www.cninfo.com.cn）以及2024 年10月31日《证券时报》、《中国证券报》上公司公告编号为2024-024号的《公司 2024年第三季度报告》。 2、经表决，会议以同意票 4 票，反对票 0 票，弃权票 0 票，审议通过了《关 于调整 2024 年度日常关联交易预计的议案》。关联董事杨宁宁、韩润属于《深 圳证券交易所股票上市规则》6.3.8 条所述关联董事，回避表决。 公司独立董事已召开专门会议审议本议案，一致同意将本议案提交董事会审 议。 该议案的详细情况详见巨潮资讯网（http://www.cninfo.com.cn）以及2024年10月 31日《证券时报》、《中国证券报》上公司公告编号为2024-025号《关于调整2024 年度日常关联交易预计的公告》。 3、经表决，会议以同意票 6 票，反对票 0 票，弃权票 ...

证券代码：002242 证券简称：九阳股份 公告编号：2024-027 九阳股份有限公司 关于第一期员工持股计划第二个锁定期届满的提示性公告 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。 九阳股份有限公司（以下简称：公司）于 2022 年 3 月 28 日召开第五届董事 会第十四次会议和第五届监事会第十三次会议审议通过了《关于<九阳股份有限 公司第一期员工持股计划（草案）>及其摘要的议案》《关于<九阳股份有限公司 第一期员工持股计划管理办法>的议案》《关于提请股东大会授权董事会办理公 司第一期员工持股计划有关事项的议案》。2022 年 4 月 1 日公司召开第五届董事 会第十五次会议和第五届监事会第十四次会议、2022 年 4 月 22 日公司召开 2021 年年度股东大会，审议通过了《关于<九阳股份有限公司第一期员工持股计划（草 案修订稿）>及其摘要的议案》《关于<九阳股份有限公司第一期员工持股计划管 理办法（修订稿）>的议案》《关于提请股东大会授权董事会办理公司第一期员 工持股计划有关事项的议案》等相关议案，同意公司实施第一期员工持股计划（以 下简称"本 ...