Keeson(SH:603610) Tianfeng Securities·2024-01-31 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. Core Views - The company has experienced significant growth in various markets, with a 10% year-on-year increase in orders in the US market and over 70% growth in the European market for Q1-Q3 2023. The emerging markets are expected to continue contributing to growth [1]. - In China, the company reported a 50% year-on-year increase in orders, focusing on building its own brand "Shufude," which has now surpassed 100 offline stores. The brand's influence is expected to grow through partnerships, including with Huawei's HarmonyOS [1]. - The company has established an online sales subsidiary for overseas markets, with cross-border e-commerce sales reaching approximately $30 million in H1 2023, maintaining steady growth [1]. - The company is projected to achieve a net profit attributable to shareholders of between 200 million to 250 million yuan for the year 2023, representing a year-on-year increase of 680% to 875% [4]. Financial Summary - The company’s total A-share market capitalization is approximately 3,936.21 million yuan, with a total share capital of 358.49 million shares [3]. - The projected revenue for 2023 is 3,068.43 million yuan, with a growth rate of 15.21% compared to the previous year [6]. - The net profit attributable to the parent company for 2023 is estimated at 233.40 million yuan, with an impressive growth rate of 810.80% [6]. - The company has a current price of 10.98 yuan per share, with a target price yet to be specified [3]. Market Expansion and Production Capacity - The company is focusing on expanding its market presence in the smart electric bed sector, with a global production capacity that includes factories in China, Vietnam, and Mexico. The Vietnam factory has an annual assembly capacity of 600,000 units, while the Mexico factory has a capacity of 500,000 units [5][9]. - The company is actively working on enhancing its brand recognition and building its brand image, which is showing initial positive results [5].