VESYNC：收入略受影响；但核心能力增强

Investment Rating - The report maintains a "Buy" rating for Vesync with a target price of HK$6.20 [6][9]. Core Insights - Vesync's revenue for the first half of the year was US$290 million, a year-on-year increase of 7.0%, slightly below the previous double-digit growth expectation. The non-Amazon sales channels showed strong performance, with a 46.5% year-on-year increase, accounting for 28.4% of total revenue. However, Amazon channel revenue decreased by 3.4% due to inventory destocking [2]. - The company's net profit reached approximately US$45 million, a 37.7% increase year-on-year, marking a record high for the first half of the year. The interim dividend was set at HK$0.0888 per share, with a payout ratio of 30% [2]. - North American business remained stable with a revenue of US$230 million, a 13.0% year-on-year increase, driven by more products on supermarket shelves and new TikTok retail channels. Conversely, European sales dropped by 18.6% due to weakened demand in Turkey and earthquake impacts [3]. - The main brand, Levoit, accounted for 65.1% of revenue, with air purifiers and humidifiers capturing 33.3% and 23.9% market shares in the U.S. respectively. The company plans to expand its product categories, including hair care, massage, and pet-related products [4]. - The forecast for FY24E and FY25E net profit is expected to increase by 20.5% and 15.9% respectively, with revenue projections adjusted to US$640 million for FY24E and US$740 million for FY25E [4]. Financial Summary - Revenue for FY22 was US$490 million, with a growth rate of 8.0%. For FY23, actual revenue was US$585 million, with a growth rate of 19.4%. The forecast for FY24 is US$643 million, with a growth rate of 9.8% [5]. - Net profit for FY22 was a loss of US$16 million, while FY23 showed a profit of US$77 million. The forecast for FY24 is US$93 million, reflecting a growth rate of 20.5% [5]. - The diluted earnings per share (EPS) for FY24 is projected at US$0.086, with a price-to-earnings (P/E) ratio of 6.6 times [5].