Investment Rating - The investment rating for Vesync (02148.HK) is "Outperform the Market" [4][5]. Core Views - Vesync's sales performance showed significant improvement in Q2 2024, with total sales increasing by 24% year-on-year, driven by a 16.7% growth in Amazon channels and a 55.0% growth in non-Amazon channels [1]. - The company is expected to maintain stable profit margins despite rising costs in shipping and raw materials, as it has effectively managed promotional activities [1]. - The introduction of new products continues to provide growth momentum, particularly in the air purifier and vacuum cleaner segments, with several products ranking highly on Amazon's best-seller lists [1]. Summary by Sections Sales Performance - Q2 2024 total sales increased by 24% year-on-year, with Amazon channel sales up 16.7% and non-Amazon channel sales up 55.0% [1]. - Q1 2024 sales growth was impacted by high base effects and temporary adjustments in Amazon's policies, resulting in only a 1.0% increase [1]. Profitability - Despite cost pressures from shipping and raw materials, the overall profit margin is expected to remain stable due to effective promotional management in Q1 [1]. - Q1 net profit margin improved year-on-year as the company adjusted its promotional strategies [1]. Product Expansion - The growth in Q2 was primarily driven by increased sales of air purifiers, vacuum cleaners, nutritional scales, and tower fans in the US and European markets [1]. - New product categories have shown significant success, with top-ranking items in their respective categories on Amazon [1]. Financial Forecast - The company maintains its profit forecast, expecting net profits of 1.07 million, and 0.08, 0.11 for the same years, with corresponding P/E ratios of 7, 6, and 5 [1][2].
VESYNC：二季度销售总额同比增长超20%，增速环比明显改善