Tianfeng Securities·2025-03-12 00:10Investment Rating - The report gives a "Buy" rating for Yingpais (002899) based on its potential growth in fitness equipment and AI sports glasses [2][32]. Core Insights - Yingpais focuses on the research, manufacturing, and sales of a full range of fitness equipment, achieving a revenue of 896 million yuan in Q1-Q3 2024, a 36% year-on-year increase [2][32]. - The global fitness equipment market is expected to grow at rates of 3.8%, 3.6%, and 4.2% from 2023 to 2025, with China being a significant market [32]. - The company is expanding its ODM business and has a strong barrier to entry in the export market, with new production capacity supporting growth [32][33]. - The smart sports glasses market is identified as a blue ocean opportunity, with the company collaborating with leading brands to develop products for cycling and fitness [2][34]. Summary by Sections Yingpais Overview - Yingpais is a leader in the domestic fitness industry, focusing on mid-to-high-end products and successfully entering international markets through OEM/ODM partnerships [2][32]. Financial Performance - In 2024, Yingpais is projected to achieve net profits of 120 million, 160 million, and 200 million yuan for the years 2024 to 2026, with corresponding PE ratios of 31X, 24X, and 19X [2][32]. Market Trends - The report highlights the increasing demand for fitness equipment globally, with significant growth in the Chinese market, which reached 26.86 billion yuan in 2022 [32]. Strategic Initiatives - Yingpais is actively pursuing opportunities in the smart sports glasses sector, aiming to leverage AI advancements to enhance product offerings and capture new market segments [2][34].