Core Viewpoint - 欧圣电气 is a leading exporter of air compressors, focusing on a combination of OEM, brand authorization, and proprietary brands, with a strong presence in the North American market [1] Group 1: Company Overview - The company specializes in air compressors and cleaning appliances, with a projected revenue CAGR of 24% from 2019 to 2024, reaching 1.76 billion yuan [1] - The main revenue contributors for 2024 are air compressors and wet/dry vacuums, accounting for 37% and 50% of total revenue, respectively [1] - The company has entered the elder care market, with its elder care robots already achieving mass sales [1] Group 2: Market Potential - The global market for pneumatic tools is expected to exceed $10 billion, with consumer electric tools nearing $9 billion, cleaning appliances around $30 billion, and electric outdoor power equipment (OPE) over $5 billion, totaling approximately $54 billion [1] - Demand for these products is primarily concentrated in Europe and North America, with a strong and inelastic demand [1] - The elder care sector is anticipated to experience high growth due to domestic supply-demand imbalances and supportive policies [1] Group 3: Competitive Advantages - The company boasts over 80% self-manufactured motors and has a strong R&D capability due to over a decade of focus on niche markets [2] - Long-term partnerships with leading U.S. brands enhance customer stickiness and profitability, while local warehousing and service teams strengthen brand operations [2] - The company aims to increase market share, expand product categories, and penetrate new markets, particularly in Europe, where market concentration is low [2] Group 4: Growth Forecast and Valuation - Based on the company's growth strategy, net profit is projected to increase by 30%, 32%, and 27% from 2025 to 2027, reaching 330 million, 430 million, and 550 million yuan, respectively [3] - The expected EPS for the same period is 1.29, 1.69, and 2.15, with corresponding PE ratios of 26, 20, and 16 [3] - The reasonable valuation range for the company is estimated to be between 38.16 and 45.10 yuan per share, corresponding to a 2025 PE of 29-34 times [3]
欧圣电气(301187)：空压机与清洁工具出海龙头 养老护理业务助力远期成长