Investment Rating - The report maintains a "Buy" rating for JS Global Life [2][17] Core Views - The SharkNinja APAC division continues to experience rapid growth, while the Joyoung division faces temporary pressure [7] - The company is expanding its Southeast Asia distributor network, with significant market entry in Thailand [7] - For 2024, the company expects revenue growth of 12% to $1.59 billion, despite a projected net profit decline of 94% [7] - The SharkNinja APAC division achieved $340 million in revenue for 2024, with strong performances in Australia, Japan, and South Korea [7] - The Joyoung division is under pressure but has introduced new high-quality small appliances to capture market opportunities [7] - The earnings forecast for 2025 has been revised down to $6 million, with significant growth expected in subsequent years [7] Financial Data and Profit Forecast - Revenue projections for the years 2023 to 2027 are as follows: - 2023: $1.43 billion - 2024: $1.59 billion - 2025E: $1.72 billion - 2026E: $2.04 billion - 2027E: $2.36 billion [6] - Net profit projections for the same period are: - 2023: $132 million - 2024: $6 million - 2025E: $63 million - 2026E: $97 million - 2027E: $123 million [6] - The company’s price-to-earnings ratio is projected to be 6.6 in 2023, increasing to 140.6 in 2024, and then decreasing to 7.0 by 2027 [6]
JS环球生活（01691）：SN亚太分部延续快速增长，九阳分部阶段性承压