SIASUN(SZ:300024) Zhi Tong Cai Jing·2025-09-30 07:49Core Insights - The global pool market is experiencing growth due to urbanization and increased demand for residential and commercial pools, with the total number of pools expected to rise from approximately 32.9 million in 2022 to 39.3 million by 2029, representing a CAGR of 3.6% [1] - The global pool cleaning expenditure is projected to grow from $12.9 billion in 2024 to $16.7 billion by 2029, with a CAGR of 5.3% [1] - The pool cleaning robot market is expanding rapidly, with a market size increase from $1.2 billion in 2019 to $2.482 billion in 2024, and an expected growth to $4.211 billion by 2029, reflecting a CAGR of 15.7% [3] Company Overview - Tianjin Wangyuan Intelligent Technology Co., Ltd. (Wangyuan Technology) is the third-largest global supplier and the largest domestic supplier of pool cleaning robots, with a comprehensive product portfolio featuring advanced cleaning technologies [3] - Wangyuan Technology has a history of innovation, having developed its first pool cleaning robot in 2005 and introducing various product advancements over the years, including AI-driven products in 2023 [4] - The company's revenue has shown consistent growth, with figures of RMB 318 million in 2022, RMB 378 million in 2023, and an expected RMB 544 million in 2024, indicating an acceleration in growth [4] Revenue Structure - The majority of Wangyuan Technology's revenue comes from the sale of branded pool cleaning robots, which accounted for 72.4% of total revenue in 2024, up from 6% in 2022 [5] - The ODM (Original Design Manufacturer) revenue has decreased significantly, contributing only 13.1% of total revenue in the first half of 2025, down from 90.9% in 2022 [5] - The company's gross profit has improved, with gross profit figures of RMB 170 million in 2022, RMB 217 million in 2023, and RMB 315 million in the first half of 2025, reflecting a gross margin increase from 53.4% to 65.2% [6] Market Dynamics - The global pool cleaning robot market is highly concentrated, with the top five manufacturers holding a combined market share of 74.9% in 2024, dominated by companies from Israel and Spain [7][8] - Emerging markets, particularly China, are expected to see significant growth, with a projected CAGR of 22.3% from 2019 to 2024, outpacing global growth rates [7] - The competitive landscape suggests that new entrants will face high barriers to entry due to the need for specialized technology and industry knowledge, making it difficult for them to disrupt established players [7] Future Outlook - Wangyuan Technology's upcoming IPO on the Hong Kong Stock Exchange is anticipated to enhance its market visibility and potentially expand its sales channels [9] - The company's performance in the domestic market is crucial, with recent data indicating a return to growth after a period of decline, suggesting a positive trend moving forward [11]