Joyoung has reported its 1Q26 results:revenue reached RMB1,812mn(-9.41%YoY),attributable net profit was RMB83mn(-18.37%YoY),and recurring attributable net profit stood at RMB81mn(-23.87%YoY).We attribute the pressure on profitability in 1Q26 mainly to:1)revenue decline due to industry cyclical fluctuations;and 2)FX volatility.In our view,consumption demand will drive growth in the small household appliances segment,and the company continues to advance product innovation,brand building,and omni-channel expansion to strengthen its competitive edge.We remain positive on Joyoung’s medium-to-long-term earnings recovery trajectory.Maintain OVERWEIGHT.
Rev.slightly strained;quality consumption broadens growth space
In 1Q26,Joyoung's revenue faced short-term pressure due to cyclical fluctuations in the kitchen appliance segment.Per AVC,the retail sales value of kitchen appliances in 1Q26 was RMB16.03bn(-1.6%YoY).By volume and price,retail volume declined by 12%YoY,while the average industry price rose by 14%YoY,reflecting a"volume contraction,price increase"trend.We believe the small household appliance segment will benefit from recovering consumer demand and policy support for appliance trade-ins,the fruits of aparadigm shift from scale expansion to structural upgrades,with growing demand for premium products.As aleading player in the industry,Joyoung excels in brand building and product innovation,having established abrand value system encompassing"home kitchens+community kitchens+space kitchens."The company is well-positioned to capitalize on the market's consumption upgrade trend,driving profit growth in its core business.
Deepening channel presence to build afull-domain operating system
1)Domestic:For offline channels,the company captures emerging retail opportunities such as on-demand delivery while enhancing O2O integration and refined operations to improve channel efficiency.For online channels,it focuses on product development and content marketing,building alive-streaming matrix centered on self-hosted broadcasts on platforms like Xiaohongshu and Douyin to effectively boost brand NPS(Net Promoter Score)and end-to-end conversion rates.2)Overseas:Since November 2025,the company has shifted its overseas operations from self-run to authorized distribution,leveraging JS Global Lifestyle's channel advantages in the Asia-Pacific market to drive synergies.We remain optimistic about overseas business returning to agrowth trajectory.
Earnings forecasts and valuation
Despite pressure on 1Q26 revenue,we maintain apositive full-year outlook given industry consumption upgrades,domestic demand stimulus policies,and potential overseas channel optimization.We keep our 2026/2027/2028 earnings forecast unchanged,projecting attributable net profit of RMB307/376/438mn,with EPS of RMB0.40/0.49/0.57.Based on its peers'average 2026E PE of 28x on Wind consensus(vs our previous 25x valuation),we raise our target price to RMB11.20(previous:RMB10.00,on 2026E PE of 25x and EPS of RMB0.40)while maintaining OVERWEIGHT.

　　事件：公司发布2026年一季报。2026Q1实现营业收入18.1亿元，同比-9.4%；实现归母净利润0.8亿元，同比-18.4%；实现扣非归母净利润0.8亿元，同比-23.9%。
　　破壁机线上增速略有下滑。根据奥维云网数据，2026年前三个月九阳品牌线上破壁机/豆浆机/电饭煲品类销额同比-5.3%/+23.3%/+2.9%。
　　盈利能力短期承压。毛利率：2026Q1公司毛利率同比-1.7pct至24.6%。费率端：2026Q1销售/管理/研发/财务费率为13.3%/4.5%/3.8%/-0.8%，同比变动+0.1pct/+0.1pct/-0.6pct/+0.4pct，财务费用率增加主要是汇率变动所致。净利率：公司2026Q1净利率同比-0.4pct至4.7%。
　　盈利预测与投资建议：考虑到公司25年盈利能力仍未完全恢复，我们预计公司2026-2028年归母净利润分别为1.45/1.55/1.64亿元，同比+23.5%/+6.8%/+5.9%，维持“增持”评级。
　　风险提示：消费恢复不及预期、行业竞争加剧、渠道开拓不及预期。

　　公司发布26年一季报：1Q26实现营收18.12亿元/同比-9.41%，归母净利润0.83亿元/同比-18.37%，扣非归母净利润0.81亿元/同比-23.87%。公司1Q26利润端承压，我们判断主要是：1）受行业周期性波动影响，营收同比下滑；2）汇率变动影响。展望未来，品质型消费需求为小家电行业注入动能，公司持续推动产品创新、品牌建设及全域渠道布局，夯实竞争优势，看好中长期业绩修复趋势，维持“增持”评级。
　　营收表现小幅承压，品质型消费拓宽增长空间
　　1Q26厨房小家电行业周期性波动影响下，公司营收端短期承压。据奥维云网推总数据，1Q26厨房小家电零售额为160.3亿元/同比-1.6%；分量价看，零售量同比-12%，行业均价同比+14%，呈现“量缩价升”特征。我们认为，小家电行业受益于居民消费需求回暖及家电“以旧换新”政策催化，行业正经历从规模扩张向结构升级的范式转变，品质型消费需求日益提升。公司为小家电行业领军企业，品牌建设、产品创新能力突出，已构建“家庭厨房+公益厨房+太空厨房”品牌价值体系；有望充分受益行业消费升级趋势，赋能主业释放利润弹性。
　　持续深化渠道布局，构建全域运营体系
　　1）国内：线下方面积极把握即时零售等新兴渠道、协同拓展线下门店，推动O2O渠道融合及精细化运营，提升渠道效能；线上方面布局产品开发与内容营销，在小红书、抖音等内容平台构建以自播为核心的直播矩阵，有效提高品牌NPS（净推荐值）及全链路转化效率。2）海外：25年11月起境外运营模式由自营调整为授权经销，借助JS环球生活在亚太市场的渠道优势持续发挥协同性价值，看好未来海外业务发展重回增长轨道。
　　毛利率同减1.75pct，费用水平保持稳健
　　公司1Q26综合毛利率为24.58%/同比-1.75pct，我们判断主要是产品结构变化所致。费用端，销售/管理/研发/财务费用率为13.25/4.45/3.80/-0.81%，同比+0.12/+0.07/-0.61/+0.40pct，其中财务费用率提升主要受汇率变动影响；合计期间费用率20.69%/同比-0.02pct，保持稳健水平。此外，增值税加计扣除增加带来当期其他投资收益同比+133.06%。综合影响下，1Q26归母净利率为4.57%/同比-0.50pct。
　　盈利预测与估值
　　公司一季度营收有所承压，但行业消费升级、扩内需政策加码、海外渠道优化预期下全年基本面仍向好。我们维持26-28年盈利预测，预计26-28年归母净利润为3.07/3.76/4.38亿元，对应26-28年EPS为0.40/0.49/0.57元。参考可比公司26年Wind一致预期PE均值为28倍，给予公司26年28倍PE估值，对应目标价11.2元（前值10.0元，对应26年25倍PE估值，对应EPS为0.40元），维持“增持”评级。
　　风险提示：市场竞争加剧；海外高通胀风险，新品不及预期风险。

　　收入业绩略不及预期。九阳股份2026年Q1单季度实现营收18.12亿元，同比下降9%；实现归母净利润8284.82万元，同比下降18%；实现扣非归母净利润8108.59万元，同比下降24%。公司收入略不及预期。公司业绩端受到一定汇率波动影响，26Q1公司财务费用-1464万元，同比增长39%，人民币升值带来汇兑负贡献。此外，公司投资收益为506万元，同比增长918%，主要系本期收到基金分红款所致。
　　内销实现增长，基本盘品类表现稳健。分品类来看，公司2025年食品加工机实现收入31.03亿元，同比+3.64%，营养煲实现收入30.56亿元，同比-15.62%，西式电器实现收入15.26亿元，同比-9.47%，炊具系列实现收入3.31亿元，同比+5.30%。公司坚持发挥“太空科技”技术路径，推出九阳天净加热净水器、有钛不粘0涂层电饭煲以及不用手洗低嘌呤豆浆机；分内外销来看，公司内销实现收入73.85亿元，同比+2.04%，外销实现收入8.25亿元，同比-48.83%。内销方面，根据奥维云网数据，2025年厨房小家电零售额为633亿元，同比上涨3.8%；均价242元，同比上涨11.4%，刚需基本盘如电饭煲、电压力锅等品类，依托稳定的日常需求，市场表现稳健；健康属性的豆浆机、养生壶等逆势增长。外销方面，公司主要受到前期基数较高、对美业务关税影响，显现一定压力，但预计2026年后降幅将逐渐收窄，借助JS在亚太的渠道优势推动外销业务的长期成长。
　　进行有效的成本管控，发布2026年员工持股计划。2025公司进行销售费用优化，同比下降7.61%，管理费用同比下降0.88%，研发投入同比下降16.07%，整体成本管理有效可控。公司发布员工持股计划，拟筹集资金总额上限2亿元，依据持有人2026-2028年考核年度考核结果，分批次解锁，按考核结果的A/B/C解锁100%/70%/0%。
　　盈利预测与评级。公司受到内销低迷、费用投放加剧拖累，外销25年受关税拖累但目前影响减弱，我们维持26-28年盈利预测分别为2.65/3.06/3.17亿元，同比分别+125%/+16%/+4%，对应当前PE分别为31/27/26倍。厨小销售基数较低，国补有望带动增长，公司内销份额提升+渠道改革有望贡献增长。长期来看，公司清洁电器等新品类具有较强成长性，供应链成本及研发优势有望与外销代工进一步协同，维持“增持”投资评级。
　　风险提示：原材料价格波动风险；汇率波动风险。

Joyoung has reported 2025 revenue of RMB8.21bn (-7.23% YoY), an attributable net profit of RMB118mn (-3.85% YoY), and a recurring net profit of RMB212mn (+78.41% YoY). For 4Q25, revenue was RMB2.63bn (-1.60% YoY) with an attributable net loss of RMB6mn (-124.46% YoY). While the gross margins showed continued recovery through 2025, significant fair-value losses and FX translation impacts dragged earnings below our prior forecast (RMB153mn). For 2026, we expect product-mix optimization to drive an earnings recovery. Maintain OVERWEIGHT.
Export sales fell YoY, domestic growth slowed
For 2025, Joyoung’s domestic revenue was RMB7.39bn, up by 2.04% YoY, but growth moderated to -0.28% YoY in 2H25 (1H25: +4.66%) amid increasingly rational consumption. Overseas revenue decreased by 48.83% YoY to RMB825mn owing to US tariff hikes. By product, food-processor revenue grew by 3.64% YoY to RMB3.10bn on new launches; cooking appliance and Western-style appliance revenues declined by 15.62% and 9.47% YoY to RMB3.06bn and RMB1.53bn respectively. For 2026, we expect domestic revenue to sustain growth driven by favorable policies to expand domestic demand, and overseas sales to stabilize.
Mix optimization and cost control offset by FV and FX losses
The company’s 2025 gross margin improved by 1.27pp YoY to 26.77%, driven by product-mix optimization. By product category, food processors and cooking appliances saw gross margin expansion of 1.59pp and 1.45pp YoY respectively. The sales expense ratio edged down by 0.07pp YoY to 16.95%, with 4Q25 showing a more pronounced reduction of 2pp YoY to 18.20%, reflecting enhanced marketing cost discipline. The full-year gross-to-sales margin spread widened by 1.34pp YoY to 9.82%. However, fair-value losses on trust and fund products totaled RMB123mn, and FX volatility pushed the financial expense ratio down by 0.29pp YoY to -0.93%. Consequently, the net profit margin was 1.43%, up by 0.23pp YoY.
Earnings forecasts and valuation
While 2025 revenue met our prior forecast (RMB8.20bn), below-expectation earnings were primarily dragged by non-recurring items. We revise our 2026/2027 attributable net profit forecasts to RMB307/376mn (+0.29/1.02% vs prior estimates), and add our 2028 projection at RMB438mn, with EPS at RMB0.40/0.49/0.57. Applying the company’s comparable peers’ average 2026E PE of 25x on Wind consensus, we maintain our 25x 2026E PE valuation and RMB10 target price.
Risks: intensifying market competition; overseas inflationary pressures; weaker new product performance than we expect.

　　在2H26更低基数下，营收有望重回增长，当前九阳处于近三年股价区间~20%分位，基本面边际改善可能推动股价反弹；
　　但公司短期依旧承压，我们预计九阳2Q26营收低双位数下滑，扣非归母净利率同比持平于4.0%，当前风险收益比有限；
　　下调至持有评级，下调目标价23%至8.50元，对应25倍2027年P/E。
　　2Q26业绩大概率继续承压。AVC数据显示，包含料理机、饭煲与空炸等品类的厨房小家电市场一季度零售额同比下滑~2%。行业量缩价增背景下（零售量与零售均价分别同比-12%/+14%），九阳1Q26营收同比下滑~9%。二季度行业维持量缩价增趋势，均价涨幅收窄但零售量下滑仍然加大，整体零售额下滑~8%（其中618期间下滑~10%）。考虑九阳定位中高端且2Q26基数效应有所改善，我们预计2Q26营收同比低双位数下滑。于利润端，考虑今年原材料成本提升且618折扣力度加大，我们预计毛利率在去年同期高基数下同比下滑1ppt至~27%，但环比改善2.5ppts。结合公司持续的费用管控和汇兑损失边际改善，我们预计九阳2Q26扣非归母净利率同比持平于4.0%。
　　九阳去年10月首创太空热风烘烤机上天，也继续将变频轻音无刷电机（寿命10倍、噪音-85%）、0涂层物理不粘（钛+316L不锈钢）和1,000次/秒精准温控等太空技术民用化至豆浆机、破壁机、电饭煲、净水器等品类。今年AWE还推出多款太空科技新品，进一步强化高端心智，尝试借此摆脱当前内销的发展瓶颈。在下半年更低基数下，营收有望重回增长，我们预计九阳2026全年营收同比下滑3.0%，扣非归母净利率从2.6%改善至2.9%。复盘公司30余年的发展历史，九阳的挖掘市场空白能力、产品创新能力、激活潜在需求能力与营销能力经过多次检验，也贯穿其品类多元化始终。当前九阳处于近三年股价区间~20%分位，2H26基本面边际改善可能推动股价反弹。但如上所述，2Q26营收与利润端大概率依旧承压，我们认为公司短期风险收益比有限。
　　盈利预测与估值：下调至持有评级，下调目标价23%至8.50元，对应25倍2027年P/E：我们预计九阳2026-28年营收分别同比-3.0%/+2.5%/+2.2%至79.6/81.6/83.4亿元；预计归母净利润分别同比增长95.6%/12.5%/13.3%至2.3/2.6/2.9亿元。我们将估值基准年份切换至2027年，并给予九阳25倍P/E，对应新目标价8.50元，较旧目标价下调23%。虽然公司2H26基本面边际改善可能推动股价反弹，但二季度业绩大概率依旧承压，短期风险收益比有限，下调至持有评级。风险提示：上行风险——以旧换新政策扩围；行业竞争格局优化；分红超预期；下行风险——小家电需求疲软；原材料价格上涨；宏观经济下行。