Joyoung(002242) 光大证券·2025-04-01 01:00Investment 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].