Joyoung(002242) 申万宏源证券·2025-03-30 12:42Investment 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]