Investment Rating - The investment rating for the company is "Buy" with a target price set at a significant upside potential [4][3]. Core Insights - The company reported a revenue of 11.8 billion HKD for 2024, reflecting a year-on-year growth of 5.3%, while net profit decreased by 20.8% to 1.303 billion HKD [1]. - The company maintains its position as a global leader in the manufacturing of vaporization devices, with a notable increase in its proprietary brand business [2]. - The company is expected to benefit from the tightening regulations in the industry, leading to increased concentration within the supply chain [3]. Summary by Sections Financial Performance - Revenue from enterprise customer business reached 9.324 billion HKD, accounting for 79.0% of total revenue, with a slight decline of 0.3% year-on-year. However, the second half of 2024 saw a recovery with a revenue of 5.357 billion HKD, up by 9.7% [7]. - The company’s proprietary brand business generated 2.475 billion HKD, representing 21.0% of total revenue and a growth of 34% year-on-year [7]. - The gross margin for 2024 was 37.4%, a decrease of 1.3 percentage points, primarily due to changes in product mix [7]. Market Position and Growth - The company holds a market share of approximately 13.1% in the electronic vaporization device sector, maintaining its status as the largest manufacturer globally [7]. - The company’s proprietary brand "VAPORESSO" has seen an increase in market share within the open product market, contributing to overall growth [7]. Research and Development - R&D expenditure for 2024 was 1.572 billion HKD, a 6.0% increase year-on-year, representing 13.3% of total revenue. This investment is focused on vaporization medical products and heated non-combustible products [7].
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