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卡罗特：厨具品牌的轻资产崛起与创新之路
First Shanghai Securities·2024-10-15 08:39

Investment Rating - The report does not provide a specific investment rating for the company CAROTE [1]. Core Insights - CAROTE has successfully transitioned from an OEM model to a brand operation model, launching its own brand in 2016 and focusing on online retail, which has significantly increased its market share [1]. - The company achieved a CAGR of 120.7% from 2020 to 2023, with 2023 revenue reaching 1.38 billion RMB, and a Q1 2024 revenue of 450 million RMB, marking an 82.6% year-on-year growth [1]. - CAROTE's strategic focus on a light asset management model and rapid product iteration is expected to further solidify its leading position in the global cookware industry [1]. Summary by Sections Company Overview - CAROTE, established in 2007 and headquartered in Hangzhou, China, initially provided OEM services before shifting to an ODM model in 2013 and launching its own brand in 2016 [1]. - The company has become one of the fastest-growing brands in the global cookware industry, actively selling on major platforms like Amazon, Walmart, and Shopee [1]. Financial Performance - The company's market capitalization is 3.85 billion HKD, with a share price of 7.19 HKD [1]. - CAROTE's revenue growth is driven by successful expansion in the US and Southeast Asian markets, with US sales increasing by 54% year-on-year [1]. Business Model - CAROTE's business model consists of five key elements: Direct-to-Consumer (DTC) approach, rapid product design and development, efficient supply chain management, global sales network, and dynamic inventory management [4][5]. - The brand's product offerings have expanded significantly, with over 2,500 SKUs available as of March 31, 2024, reflecting a strategy focused on selling product sets rather than individual items [1]. Market Position - CAROTE ranks among the top five in the online cookware market across major regions, with a market share of 1.2% in China and 13.1% in the US [7]. - The global online cookware market is projected to reach 22.6 billion USD by 2028, with a CAGR of 7.5% from 2023 to 2028, presenting significant growth opportunities for CAROTE [7].