Investment Rating - The report gives a "Buy" rating to Jiayi Co Ltd (301004 SZ) with a target PE of 11X for 2024, 9X for 2025, and 8X for 2026 [3][4] Core Views - Jiayi Co Ltd is experiencing rapid growth due to its strong manufacturing capabilities and deep partnership with Stanley, a leading global brand in the insulated drinkware market [2][3] - The company's revenue and net profit have shown impressive CAGR of 71% and 94% respectively from 2021 to 2023, driven by Stanley's market expansion [2] - Jiayi's export market share in insulated drinkware has increased significantly from 2 2% in 2021 to 5 2% in 2023, reflecting its growing dominance in the industry [2] Industry Analysis - The global insulated drinkware market is valued at over 55 billion yuan with a 5% CAGR, transitioning from durable goods to fashion items [10][11] - North America accounts for 17 6% of the global market, with Stanley emerging as a leading brand through innovative product design and marketing strategies [10][11] - The US insulated drinkware market heavily relies on imports, with 98 4% coming from China in 2023 [14][15] Company Strengths - Jiayi has maintained a long-term partnership with Stanley since 2012, becoming a key supplier for its popular Quencher series [3][55] - The company possesses advanced manufacturing capabilities including self-production, product stability, and surface treatment technologies [3][57] - Jiayi has implemented a global production layout with a new facility in Vietnam expected to start operations in H2 2024 [3][61] Financial Performance - Revenue from PMI (Stanley's parent company) grew from 301 million yuan in 2021 to 1 508 billion yuan in 2023, accounting for 85% of total revenue [2][49] - Gross margin improved by 6 percentage points to 41% in 2023, while net margin increased by 5 percentage points to 27% [50][51] - Revenue per employee reached 640,000 yuan in 2023, significantly higher than industry peers [50][53] Growth Prospects - Jiayi is expected to achieve revenue of 2 674 billion yuan in 2024, representing 51% YoY growth [3] - The company plans to expand its product portfolio and global footprint, following Stanley's market expansion strategy [3][36] - With Stanley's global market share at only 3 8%, there is significant room for growth in both existing and new markets [42][61]
嘉益股份深度：精益求精成“嘉”品，美益求美引潮流