VESYNC：2024年中报点评：拓渠道成效显著，经营质量优化

Investment Rating - The report maintains an "Outperform" rating for VESYNC (02148 HK) [1][4] Core Views - VESYNC achieved steady revenue growth and improved profitability in H1 2024, with revenue increasing by 7 0% YoY to $300 million and net profit attributable to shareholders rising by 37 5$45 million [1] - The company's gross margin improved by 3 3 percentage points YoY to 48 5%, driven by higher contribution from the high-margin Levoit brand and lower raw material costs [1] - Non-Amazon channels experienced rapid growth, with revenue increasing by 46 5% YoY to $84 million, while Amazon channel revenue declined by 3 4$212 million [1] - The Levoit brand maintained its leading position in the US market, with its air purifiers and humidifiers capturing 33% and 24% market share respectively in H1 2024 [1] Regional Performance - North America revenue grew by 13 0% YoY to $225 million, while Asia revenue surged by 43 4$18 million [1] - Europe revenue declined by 18 6% YoY to $53 million, primarily due to reduced demand for air fryers in the Turkish market [1] Brand Performance - Levoit brand revenue increased by 32 4$193 million, driven by strong performance in the US market and successful expansion into new markets like Germany [1] - Cosori brand revenue declined by 24 1% YoY to $72 million, while Etekcity brand revenue decreased by 16 0$30 million [1] Financial Metrics - The company's net profit margin improved by 3 4 percentage points YoY to 15 1% in H1 2024 [1] - Sales and management expense ratios decreased by 1 7 and 1 3 percentage points YoY to 15 6% and 14 2% respectively [1] Profit Forecast - The report raises the profit forecast for 2024-2026, with expected net profit attributable to shareholders of $92 million,$108 million, and $123 million, representing YoY growth of 19$0 08, $0 09, and$0 11, with corresponding P/E ratios of 7x, 6x, and 5x [1] Valuation - VESYNC's current market capitalization is HK$4 873 billion, with a closing price of HK$4 25 [4] - The company's 52-week high and low prices are HK$5 71 and HK$2 62 respectively, with an average daily trading volume of HK$2 16 million over the past three months [4]