Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company's core product categories have a solid market position, with traditional categories undergoing continuous iteration. New products such as vacuum cleaners, pet feeders, and rice cookers are expected to contribute additional growth. The forecast for the company's net profit attributable to the parent company for 2024-2026 is projected at $0.88 billion, $0.99 billion, and $1.11 billion, representing year-on-year growth of +14%, +13%, and +12% respectively [3][4]. Summary by Sections Sales Performance - In Q2, the company's sales increased by 23.7% year-on-year, with Amazon channel sales up by 16.7% and non-Amazon channel sales up by 55.0%. The overall sales growth for the first half of the year is estimated at approximately +10% [3]. Product and Channel Expansion - The company's strategy of expanding product categories and channels has proven effective, with significant brand recognition in core categories on Amazon. The company is gradually entering the overseas offline key account market, having established a presence in Walmart, Target, Costco, and Sam's Club in North America. The main category currently in these channels is air purifiers, with expectations for further revenue growth as additional products are introduced [3]. Financial Projections - The company is expected to outperform revenue growth in terms of profit growth due to continuous optimization of product structure and rapid sales scale expansion, which reduces the proportion of fixed costs relative to revenue. The impact of fluctuations in shipping costs on overall performance is anticipated to have a certain lag [3][6].

Investment Rating - The report maintains a BUY rating for Vesync with a target price of HK$ 6.79, based on a P/E of 11x for FY24E, reflecting a potential upside of 57% from the current price of HK$ 4.33 [2][5][15]. Core Insights - Despite slow sales growth in 1Q24, the end-demand remains healthy, supported by a strong sell-out growth and low inventory levels in the Amazon channel. The company expects orders growth to normalize in the upcoming quarters [2][8]. - The management has reiterated its FY24E guidance of over 20% sales growth and over 10% net profit margin, which aligns with the analyst's conservative positive outlook [2][8]. - The report highlights that Vesync's gross sales growth was only 1% in 1Q24, attributed to supply issues and reduced orders from Amazon, while non-Amazon channels saw a significant growth of 38% [2][8]. Financial Summary - Revenue is projected to grow from US$ 585 million in FY23 to US$ 675 million in FY24, representing a year-over-year growth of 15.3% [3][14]. - Net profit is expected to increase from US$ 77.4 million in FY23 to US$ 91.4 million in FY24, with a net profit margin improvement from 13.2% to 13.5% [3][14]. - The gross profit margin is anticipated to stabilize at 46.0% in FY24, slightly down from 46.9% in FY23, while the operating profit margin is expected to be around 15.3% [3][14]. Growth Outlook - The report projects a compound annual growth rate (CAGR) of 13% for sales and 16% for net profit from FY23 to FY26E, indicating robust growth potential [2][8]. - Specific brands under Vesync, such as Levoit and Cosori, are expected to achieve sales growth of 15% in FY24E, driven by new product launches and category expansions [8][10]. Valuation Metrics - The current valuation of Vesync at 7x FY24E P/E is considered attractive compared to its historical average of 12x, suggesting a favorable investment opportunity [2][5][15]. - The report notes that the average inventory days for major retailers have decreased, indicating improved channel inventory health, which bodes well for future sales [8][10].

[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 VESYNC（2148）公司研究报告 2024年04月24日 [Table_InvestInfo] 首次 品类拓展、渠道开发及区域拓展贡献增长 投资评级 优于大市 覆盖 股票数据 [Table_Summary] 投资要点： 0[4Ta月b2le3_日S收to盘ck价In（fo港]元） 4.440 52周股价波动（港元） 2.77-5.65 总股本（百万股） 1146.62 公司拥有三个核心品牌，覆盖不同小家电品类。公司拥有三个核心品牌  总市值/流通市值（百万港元） 5091/5091 Levoit、Cosori和Etekcity，其中Levoit专注环境电器，Cosori专注于厨房 元）255 电器，Etekcity专注于健康和个人护理等、户外娱乐产品和个人护理产品。 市《场V表es现ync：借道亚马逊实现自主品牌 公司2023年实现收入5.85亿美元，同比增长19.4%，实现归母净利7748 [Table_QuoteInfo] 万美元，2023年公司毛利率为46.9%，净利润率为13.2%。 品牌力渐强，持续进行品类拓展 ...

Financial Performance - Revenue for the 2023 fiscal year was $585.484 million, a 19.4% increase from $490.378 million in 2022[9] - Gross profit for 2023 was $274.372 million, a significant increase of 92.8% from $142.289 million in 2022[9] - Net profit attributable to owners of the company in 2023 was $77.481 million, compared to a loss of $16.276 million in 2022[9] - Revenue reached a new high of $585.5 million, a 19.4% increase compared to 2022, with gross profit of $274.4 million, a 92.8% increase year-over-year[11] - The company's revenue reached approximately $585.5 million in 2023, with a gross profit of approximately $274.4 million, representing year-over-year growth of 19.4% and 92.8%, respectively[17] - Revenue for 2023 reached approximately $585.5 million, a 19.4% increase compared to 2022[22] - Gross profit for 2023 was approximately $274.4 million, a 92.8% increase compared to 2022, with a gross margin of 46.9%, up 17.9 percentage points from 2022[22] - Net profit attributable to shareholders was approximately $77.5 million, with basic earnings per share of 6.92 cents, compared to a loss of 1.44 cents per share in 2022[22] - Total revenue for 2023 reached $585.484 million, up from $490.378 million in 2022[26] - Gross profit for 2023 was $274.4 million, a 92.8% increase from 2022, with a gross margin of 46.9% (up 17.9 percentage points)[27] - Net profit attributable to the parent company's owners was $77.5 million in 2023, compared to a loss of $16.3 million in 2022[39] Assets and Liabilities - Total assets increased to $565.134 million in 2023, up 23.6% from $457.294 million in 2022[9] - Current assets grew to $505.887 million in 2023, a 27.7% increase from $396.065 million in 2022[9] - Total equity rose to $327.516 million in 2023, up 18.1% from $277.457 million in 2022[9] - Current liabilities increased to $228.248 million in 2023, a 35.7% rise from $168.252 million in 2022[9] - The company's cash and cash equivalents increased from $93.6 million in 2022 to $104.3 million in 2023, primarily denominated in RMB, USD, and EUR[40] - Total bank borrowings rose significantly from $9.2 million in 2022 to $29.8 million in 2023, with $29.6 million due within one year[41][42][43] - The company's asset-liability ratio increased from 7.4% in 2022 to 11.7% in 2023, reflecting higher borrowing levels[48] - The company's asset pledges increased significantly from $12.0 million in 2022 to $82.4 million in 2023, primarily for bank acceptance bills[47] Market Performance and Product Success - Levoit air purifiers and humidifiers achieved the top market share in the U.S., with Cosori air fryers leading in Spain (31.5% market share) and Norway (43% market share)[11] - Non-Amazon channel revenue increased to 22.0% of total revenue, up 5.7 percentage points from 2022, with over 16,000 retail stores carrying the company's products[12] - Levoit air purifiers captured approximately 28.6% of the U.S. market share in 2023, an increase of 5.6 percentage points compared to 2022[18] - Cosori air fryers achieved a market share of approximately 31.5% in Spain and 43% in Norway in 2023[18] - Non-Amazon channel revenue grew by 61.2% in 2023, accounting for 22.0% of total revenue, up from 16.3% in 2022[18] - The company expanded its presence in over 11,000 retail stores in North America and over 3,200 stores in Europe in 2023[18] - North America revenue increased to approximately $429.9 million, driven by strong sales of Levoit air purifiers and non-Amazon channel growth[25] - Europe revenue increased by 16.5% to $125.7 million, driven by strong sales of Cosori air fryers and Levoit air purifiers[25] - Asia revenue increased by 83.4%, primarily due to strong sales growth in Japan[25] - The company launched over 10 new products in 2023, including the Levoit Vital series smart air purifier and LI401S air fryer, which received iF design awards[20] - Levoit brand revenue increased by $50.7 million in 2023 compared to 2022, driven by air purifiers and air purifier filters[26] - Cosori brand revenue grew by $29.0 million (17.4%) in 2023, primarily due to air fryer sales in the European market and a 70% increase in oven sales[26] - Etekcity product revenue rose by 31.5%, with body scale revenue increasing by 30.2% ($6.7 million)[26] Strategic Plans and Future Outlook - The company plans to launch over 10 new products in 2024, including air purifiers, humidifiers, air fryers, and vacuum cleaners, while expanding into new categories like pet products[15] - Non-Amazon channel expansion will accelerate in 2024, with increased focus on Europe and Asia, and more products entering offline retailers like Target[15] - The company will enhance its VeSync Holistic Wellness strategy, integrating hardware, software, content, and services to amplify the value of smart products for users[15] - Brand operations will expand in 2024, leveraging e-commerce and digital marketing practices in Asia, combined with user insights from the U.S., Europe, and Japan[15] - The company plans to expand its product portfolio in 2024, including new smart air purifiers, air fryers, and pet products, while increasing its presence in European markets[49] - The company aims to enhance its VeSync app as a home IoT platform and increase brand awareness through multi-dimensional marketing strategies[49] - The company has increased its focus on non-Amazon sales channels, including mainstream retail stores and TikTok platform operations in the US[49] Leadership and Governance - Yang Lin, the founder of the company, has over 18 years of experience in the small household appliances and smart home devices industry[50] - Yang Lin holds a Master of Laws degree from East China University of Political Science and Law[50] - Yang Hai, the Vice President, has over 20 years of experience in the communication technology industry[50] - Yang Hai holds a Bachelor's degree in Thermal Energy and Power Engineering and a Master's degree in Engineering[51] - Chen Zhaojun, the CFO and Vice President, has over 20 years of experience in accounting and business management[52] - Chen Zhaojun holds a Bachelor's and Master's degree in Economics from Xiamen University and an MBA from Hong Kong University of Science and Technology[52] - Yang Yuzheng, a non-executive director, has over 30 years of experience in government service[53] - Fang He, an independent non-executive director, has over 40 years of experience as a lawyer and holds a Bachelor's degree in Engineering and a Doctor of Laws degree[54][55] - Fang He serves as an independent non-executive director for multiple listed companies, including Shanghai Bank (Hong Kong) Limited and TVB[55] - The company's leadership team has extensive experience in technology, finance, and legal fields, supporting its strategic growth and operations[50][52][54] ESG and Sustainability - The company has established a robust ESG governance framework, with the Board of Directors taking full responsibility for ESG strategy and reporting, and regularly reviewing ESG performance and target progress[142] - The Audit Committee is responsible for formulating and reviewing the company's ESG policies, supervising ESG-related matters, and reporting to the Board of Directors[143] - The ESG Working Group is responsible for implementing specific ESG actions, assisting the Audit Committee in reviewing and evaluating ESG measures, and regularly reporting progress and performance to the Board and Audit Committee[141] - The company has identified 33 material ESG issues, including 8 highly material issues, 14 moderately material issues, and 11 generally material issues, based on stakeholder input and internal assessments[149] - The company has set environmental-related goals and is continuously reviewing progress against these ESG targets[139] - The Audit Committee holds at least two meetings annually to monitor and review the implementation of ESG strategies and policies[140] - The company engages with various stakeholders, including shareholders, customers, employees, and business partners, through multiple channels to understand their expectations and improve sustainability performance[146] - The company has integrated sustainability into its corporate culture and long-term development strategy, with a top-down ESG governance structure[140] - The company's ESG governance framework includes the Board of Directors, Audit Committee, and ESG Working Group, ensuring alignment of ESG matters with corporate strategy[140] - The company conducts regular stakeholder surveys and assessments to identify and prioritize ESG issues, ensuring that high-materiality issues are given priority in operations and reporting[148] Product Quality and Compliance - The company has established a quality management system certified by GB/T 19001-2006 and ISO9001:2015, ensuring strong quality risk control throughout the entire process[151] - The company implemented a product compliance certification control system, ensuring that all products meet safety and compliance requirements in the sales regions[152] - The company has a dedicated R&D quality engineer for each product development project, responsible for monitoring quality risks and ensuring product safety and reliability[153] - The company voluntarily recalled approximately 2,000,000 units in the US, 250,000 units in Canada, and 21,000 units in Mexico of specific Cosori-branded air fryer models due to safety concerns[154] - The company's internal customer service satisfaction rate was 90.5% during the reporting period, with no significant impact on business due to product or service complaints[157] - The company utilizes Zendesk and a self-developed after-sales system to optimize customer service and improve complaint handling efficiency[156] - The company focuses on product and service innovation, with VeSync products praised for their ease of use, high performance, and excellent compatibility[158] - Levoit air purifiers are highly praised for their stylish design, strong purification performance, and low noise levels, making them suitable for home use, especially for children and pets[159] - Cosori air fryers are popular for their fine craftsmanship, ease of use, and ability to produce low-oil, low-fat healthy meals[159] - VeSync's smart home products have received numerous international awards, including the German Innovation Award, Red Dot Award, and iF Design Award[160][161] - The company ensures compliance with advertising regulations, including the US FTC Act and EU directives, to prevent false or exaggerated claims[161] Supply Chain and Supplier Management - VeSync integrates environmental and social responsibility into its supply chain management, requiring suppliers to comply with local laws and regulations[162] - The company has established a supplier performance management system, evaluating suppliers based on material quality and other factors, and implementing a supplier grading system[164] - VeSync requires suppliers to sign a "Supplier Code of Conduct" and conducts regular on-site audits to ensure compliance, with non-compliant suppliers facing corrective actions or termination of cooperation[165] - The company prohibits forced labor, child labor, and discrimination, ensuring fair working hours, wages, and freedom of association for employees[166] - VeSync mandates that suppliers adhere to anti-corruption policies, protect intellectual property, and ensure fair competition and privacy protection[167] - The company has 184 suppliers in China, with 44 located in the East China region and 140 in the South China region, primarily supplying small home appliances and related components[169] Employee Management and Development - The total number of employees reached 1,296 by December 31, 2023, with 620 female employees and 676 male employees[180][181] - The employee distribution by region includes 1,164 employees in China, 125 in the US, and 7 in other regions (Japan and Germany)[181] - The company has implemented strict anti-bribery, anti-corruption, and anti-fraud policies, with no reported cases of corruption or complaints during the reporting period[177][179] - Employees are required to sign a compliance commitment letter upon joining, ensuring awareness of anti-corruption and anti-fraud policies[177] - The company conducts regular anti-corruption training for all employees, including directors and senior management[177] - The company has established a confidential reporting mechanism for fraud and corruption, with zero tolerance for violations[179] - The employee age distribution includes 582 employees under 30, 683 between 30 and 50, and 31 over 50 years old[181] - The company has a patent reward system and intellectual property management system to encourage employee innovation[176] - The company ensures equal employment opportunities and focuses on employee growth and development as a strategic priority[182] - The company strictly complies with labor laws and regulations in China and the US, ensuring equal employment and protection of employee rights[183] - The company has established a standardized recruitment process, emphasizing fairness and diversity, and prohibits discrimination based on nationality, gender, age, etc[183] - The company provides comprehensive employee benefits, including paid leave, medical insurance, and various welfare activities[185] - The company has not reported any major violations related to wages, dismissals, working hours, or discrimination during the reporting period[185] - The company has established a union to promote employee welfare activities and improve the quality of life for employees[186] - The company organizes various employee activities to enhance happiness and a sense of belonging, such as anniversary celebrations and holiday events[186] - The company values employee communication and has set up multiple channels, including employee meetings and anonymous satisfaction surveys[187] - The company focuses on employee growth and development, offering training programs to enhance skills and career advancement opportunities[188] - The average training hours for female employees is 6.36 hours, with a training participation rate of 42.45%[191] - The average training hours for male employees is 9.99 hours, with a training participation rate of 57.55%[191] - Full-time junior employees have an average training duration of 8.15 hours, with a participation rate of 95.35%[191] - Full-time middle management employees have an average training duration of 14.38 hours, with a participation rate of 2.32%[191] - Full-time senior management employees have an average training duration of 0.80 hours, with a participation rate of 1.55%[191] - The company upgraded and optimized its job level and position management system in 2023, which will be implemented and promoted in 2024[190] - The company provides annual health check-ups for employees, including routine check-ups and X-rays, with additional gynecological examinations for married female employees[195] - The company has not received any complaints or lawsuits related to health and safety violations during the reporting period, and there have been no work-related fatalities in the past three years[195] Environmental Impact - The company adheres to environmental protection laws and regulations, including the Environmental Protection Law, Energy Conservation Law, and Air Pollution Prevention and Control Law, and has not received any penalties for environmental violations[196] - The company has established environmental goals and policies to reduce its environmental footprint and identify opportunities for energy conservation and emission reduction[196] - Total greenhouse gas emissions (Scope 1 and 2) for 2023 were 1,198.06 metric tons of CO2 equivalent[198] - Direct greenhouse gas emissions (Scope 1) in 2023 were 42.47 metric tons of CO2 equivalent[198] - Indirect greenhouse gas emissions (Scope 2) in 2023 were 1,155.59 metric tons of CO2 equivalent[198] - Greenhouse gas emissions per square meter (Scope 1 and 2) in 2023 were 0.03 metric tons of CO2 equivalent per square meter[198] - Greenhouse gas emissions per employee (Scope 1 and 2) in 2023 were 0.77 metric tons of CO2 equivalent per employee[198] - Nitrogen oxide (NOX) emissions in 2023 were 14.69 kilograms[199] - Sulfur dioxide (SO2) emissions in 2023 were 0.02 kilograms[199] - Particulate matter (PM) emissions in 2023 were 0.82 kilograms[199] - The company has implemented measures to reduce greenhouse gas emission density compared to 2022[199] - The company adheres to national environmental regulations and conducts annual greenhouse gas inventories based on ISO14064-1 and the GHG Protocol[197] Shareholder and Investor Relations - The company's dividend policy allows for the declaration of dividends in any currency at shareholder meetings, but the amount declared should not exceed the amount recommended by the Board of Directors[64] - The Board of Directors will consider various factors, including the overall business environment, the company's financial condition and operating performance, capital requirements, and future prospects, when deciding whether to recommend dividends to shareholders[64] - The company proposes a final ordinary dividend of HK$0.1569 per share (approximately US$0.0201) for the reporting period, payable on July 26, 2024, to shareholders registered on July 5, 2024[65] - The company's distributable reserves as of December 31, 2023, were approximately $170.3 million, compared to $187.0 million as of December 31, 2022[68] - The net proceeds from the global offering amounted to HK$1,662.9 million, with 15% allocated to new product R&D, 5% to upgrading existing products, and 10% to expanding sales channels and geographic coverage[69][70] - The company's top five customers accounted for approximately $513.8 million in sales, representing 87.7% of total revenue, with the largest customer contributing $444.1 million, or 75.9% of total revenue[72] - The company's top five suppliers accounted for approximately $171.9 million in purchases, representing 60.8% of total procurement, with the largest supplier contributing $67.4 million, or 23.8% of total procurement[72] - The company plans to use the remaining net proceeds of HK$477.

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Insights - The company achieved a turnaround in 2023 with a net profit of $77.48 million, compared to a loss in the previous year, driven by a 19.4% increase in revenue to $590 million, primarily from strong sales of home products [3][6]. - The gross margin improved to 46.9%, up 17.9 percentage points year-on-year, benefiting from increased revenue and reduced international shipping and other costs [3][6]. - Non-Amazon channel revenue grew significantly by 61.2%, now accounting for 22.0% of total revenue, with a notable 150% increase in revenue from Walmart [3][6]. - The company plans to distribute a final dividend of 15.69 HKD per share, alongside an interim dividend of 5.39 HKD per share, resulting in an annual payout ratio of approximately 38.9% [3][6]. Financial Summary - For 2023, the company reported total revenue of $590 million, with a year-on-year growth of 19.4% [5][9]. - The projected revenues for 2024, 2025, and 2026 are $692 million, $820 million, and $946 million, respectively, with growth rates of 18.2%, 18.6%, and 15.3% [5][10]. - The net profit attributable to the parent company is expected to reach $91 million, $108 million, and $126 million for the years 2024, 2025, and 2026, reflecting year-on-year growth of 17.2%, 18.8%, and 17.1% [5][10]. - The company’s gross margin is projected to remain stable around 45% over the next few years [5][10]. Market Position and Product Development - The company holds the number one market share in key product categories, with Levoit air purifiers capturing approximately 28.6% of the U.S. market, and air humidifiers also leading with a 22.7% share [3][6]. - The company introduced over 10 new products in 2023 and plans to launch more than 10 additional products in 2024, enhancing its product portfolio [3][6]. - The company is focusing on expanding its presence in the Asia-Pacific and European markets, with significant revenue growth of 83.4% in Asia and 16.5% in Europe in 2023 [3][6].

公司研 究 证 券研究 报 告 家电 2024年03月28日 V ESYNC（02148.HK）2023年业绩公告点评 推 荐 （维持） 目标价：6.9港元 全年营收稳健增长，盈利能力显著修复 当前价：5.09港元 华创证券研究所 事项： 证券分析师：秦一超  公司发布2023年业绩公告，实现收入5.86亿美元，同比+19.4%；实现归母净 利润0.8亿美元，同比+576.0%。拆分半年度来看，23H2实现收入3.1亿美元， 邮箱：qinyichao@hcyjs.com 同比+15.7%；实现归母净利润0.4亿美元，同比+241.9%。 执业编号：S0360520100002 评论： 证券分析师：樊翼辰  全年营收稳健增长，两大品牌表现良好。23年公司实现营收5.86亿美元，同 邮箱：fanyichen@hcyjs.com 比+19.4%，其中23H2收入3.1亿美元，同比+15.7%，仍然延续稳健增长。分 执业编 号：S0360523080004 品牌看，23 年 Levoit/Cosori/Etekcity 收入 3.3/2.0/0.6 亿美元，同比分别+18% /+17%/+32%，一方面得益于公司 ...

2 0 2 3 ] y r t s u d n I _ e l b a T [ [ VT Ea Sb Yl Ne C_ （Ti 0t 2l 1e 4] 8 .HK）动态点评 公 司 研 扭亏为盈，产品及渠道双发力 究 挖掘价值 投资成长 / [Table_Rank] 家 增持 （首次） 电 2024 年 03 月 28 日 / 证 券 研 [东Ta方bl财e_富Au证th券or研] 究所 究 报 [【Tab事le_项Sum】ma ry] 证券分析师：高博文 告 证书编号：S1160521080001  公司公布 2023 年业绩公告：2023 年实现营业收入 5.85 亿美元， 联系人：班红敏 YoY+19.4%,归母净利润 0.77 亿美元，去年同期亏损-0.16 亿美元，实 电话：021-23586475 现大幅扭亏为盈。 [相Ta对b指le数_P表ic现Qu ote] 63.77% 46.31% 【评论】 28.84% 11.38%  渠道加速拓展，各品类产品快速增长。亚马逊渠道收入YoY+11%，非亚 -6.08% ...

股 票 研 究 [Table_industryInfo] 家用电器业 [ Table_Main[ VI Tn Eafbo Sl]e Y _ NTi Ctle（] 2148） [评Tab级le_：Inv est] 增持 当前价格（港元）： 5.05 拓渠道、拓品类成效显著，业绩符合预期 2024.03.27 海 ——2023年年报点评 [ 交Ta易bl数e_M据a rket] 外 蔡雯娟(分析师) 樊夏俐(分析师) 谢丛睿(分析师) 52周内股价区间（港元） 2.81-5.65 当前股本（百万股） 1,147 公 021-38031654 021-38676666 021-38038437 当前市值（百万港元） 5,790 司 caiwenjuan024354@gtjas.co fanxiali@gtjas.com xiecongrui@gtjas.com 证书编号 mS0 880521050002 S0880523090006 S0880523090004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 新品吸尘器、宠物喂食器、电饭锅等有望带来新增量，增持。 国 VESYNC 恒 ...

2024年03月27日 公 司点评 公 买入 / 首次 司 VESYNC(02148) 研 究 目标价: 昨收盘:5.05 2023H2 业绩扭亏为盈，亚洲地区营收端增速亮眼  走势比较 事件：2024年3月25日，Vesync发布2023年年报。2023年公司实 现总营收5.86亿美元(+19.4%)，归母净利润0.77亿美元(2022年同期为 70% -0.16亿美元)。2023H2公司实现总营收3.09亿美元(+15.53%)，归母净 太 50% 利润0.45亿美元(2022年同期为-0.32亿美元)。 平 30% 分渠道看，2023H2非亚马逊渠道高增，亚马逊渠道稳健增长。1）亚 洋 10% 马逊渠道：2023H2营收达2.37亿美元（+8.87%）, 增速较快主系公司空 证 (10%) 气净化器、塔扇、烤箱等品类销量增加。2）非亚马逊渠道：2023H2营收 72/3/32 8/6/32 02/8/32 1/11/32 31/1/42 62/3/42 券 达0.72亿美元（+44.87%），实现高速增长，主系连锁零售商门店进驻数 (30%) 股 量大幅增加、门店销售额大幅提升；2023年公司进驻超约 ...

证券研究报告 | 2024年03月28日 VESYNC（02148.HK） 买入 2023 年业绩点评：收入重回较快增长，毛利率创下新高 核心观点 公司研究·财报点评 收入实现良好增长，盈利能力快速修复。Vesync发布2023年业绩公告，2023 家用电器·其他家电Ⅱ 年实现收入5.85亿美元，同比增长19.4%，归母净利润0.77亿美元，同比 证券分析师：陈伟奇 证券分析师：王兆康 扭亏。公司拟每股派发股息0.1569港币。在经历召回事件后，公司经营情 0755-81982606 0755-81983063 chenweiqi@guosen.com.cn wangzk@guosen.com.cn 况快速修复，收入重回较高增速；在原材料、汇率及海运等成本端因素带动 S0980520110004 S0980520120004 下，公司盈利能力达到历史较好水平。 证券分析师：邹会阳 0755-81981518 渠道快速扩张。公司非亚马逊渠道快速扩张，2023年收入增长61.2%至1.29 zouhuiyang@guosen.com.cn 亿美元，其中H1/H2分别增长87.7%/44.9%，全年营收占比达到22 ...