新股前瞻｜九成营收来自美国，环球园艺的出海红利还能吃多久？

Group 1: Industry Overview - The "courtyard economy" is reshaping the global consumer market, particularly in Europe and North America, leading to a complete product ecosystem from cleaning tools to outdoor furniture [1] - The global lawn and garden e-commerce market is projected to reach approximately $80.9 billion by 2024, with a compound annual growth rate (CAGR) of over 7% expected to exceed $115 billion by 2029 [1] - The global gardening market has shown robust growth, with retail sales increasing from $91.6 billion in 2020 to an estimated $104.6 billion in 2024, reflecting a CAGR of 3.4% [2] Group 2: Company Profile - Global Garden Company, a leading manufacturer of decorative plastic flower pots, has submitted a listing application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor [2] - The company has over 90% of its revenue dependent on the U.S. market, highlighting a significant concentration risk [2][10] - Financial performance has shown volatility, with revenues of HKD 4.23 billion in 2022, HKD 3.58 billion in 2023, and HKD 4.74 billion in 2024, alongside net profits fluctuating from HKD 826 million to HKD 1.26 billion [9] Group 3: Market Dynamics - The global decorative gardening product market is expected to grow from $34 billion in 2024 to $47.1 billion by 2029, with a CAGR of approximately 6.7% [4] - The decorative gardening pot market is projected to grow from $4.4 billion in 2024 to $6.9 billion by 2029, with a CAGR of 9.1% [7] - The Asia-Pacific region is emerging as a new growth engine, with a projected CAGR increase from 13.1% (2020-2024) to 15.5% (2024-2029) [7] Group 4: Strategic Challenges - The company's revenue structure is heavily reliant on the U.S. market, with contributions from other markets like Canada and Mexico being minimal and declining [10][11] - The company faces systemic risks related to geopolitical factors and market demand fluctuations due to its concentrated market strategy [11] - The IPO presents an opportunity for the company to diversify its market presence, particularly in the rapidly growing Asia-Pacific region, which remains largely untapped [12]