Joyoung(002242) 国金证券·2025-03-28 02:23Investment 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].