Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 5.27 over the next six months [1][6]. Core Insights - The company, VESYNC, reported a strong revenue growth of 7.0% year-over-year (YoY) in H1 2024, achieving a revenue of USD 300 million and a net profit of USD 40 million, which is a 37.5% YoY increase [6][8]. - The company is expanding its product range and actively developing offline sales channels while entering European and Asian markets, which is expected to drive rapid revenue growth [6][8]. - VESYNC maintains a leading position in the small appliance market on Amazon in the U.S. and has established a long-term partnership with Amazon [6][8]. Financial Summary - Revenue projections for the company are as follows: USD 490.4 million in 2022, USD 585.5 million in 2023, USD 630.9 million in 2024, USD 689.6 million in 2025, and USD 752.0 million in 2026 [4][9]. - Net profit is expected to recover from a loss of USD 16.3 million in 2022 to USD 96.9 million in 2024, reaching USD 116.8 million by 2026 [4][9]. - Earnings per share (EPS) are projected to increase from -0.01 in 2022 to 0.10 in 2026 [4][9]. - The price-to-earnings (P/E) ratio is forecasted to improve from -37.1 in 2022 to 5.2 in 2026, indicating a significant recovery in profitability [5][9]. - The net profit margin is expected to rise from -3.3% in 2022 to 15.5% in 2026, reflecting improved operational efficiency [5][9]. Market Performance - The company's stock price as of September 4, 2024, is HKD 4.11, with a 12-month price range of HKD 2.81 to HKD 5.75 [1][6]. - The relative returns over different periods are as follows: 5.0% over 1 month, -9.0% over 3 months, and 30.7% over 12 months [2][6].
VESYNC：H1业绩高增长