Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 67.32 CNY per share based on a 12x PE valuation for 2024 [52][89]. Core Insights - The company, Zhejiang Jiayi Holding Co., Ltd., is a leading manufacturer of stainless steel vacuum insulated containers, focusing on ODM and OEM businesses, with a strong presence in the international market, particularly in the U.S. [3][75]. - The company has shown robust revenue and profit growth, with a revenue increase from 340 million CNY in 2017 to 1.26 billion CNY in 2022, representing a CAGR of 29.94%. The net profit grew from 26 million CNY to 272 million CNY during the same period, with a CAGR of 60.13% [9][75]. - The company has established long-term relationships with major clients such as PMI and Takeya, with the top five clients contributing over 94% of sales in 2022 [40][75]. Summary by Sections Company Overview - Jiayi Holdings specializes in the research, design, production, and sales of various beverage and food containers, including stainless steel vacuum insulated vessels. The company has a strong ODM business and has developed multiple proprietary brands [3][75]. Financial Performance - The company reported a revenue of 1.23 billion CNY in the first three quarters of 2023, a year-on-year increase of 46.95%. The gross margin was 39.37%, up 7.13 percentage points, and the net profit reached 314 million CNY, a year-on-year increase of 87.34% [9][75]. - The company expects continued revenue growth, with projections of 1.78 billion CNY, 2.20 billion CNY, and 2.63 billion CNY for 2023, 2024, and 2025, respectively, reflecting year-on-year growth rates of 41.0%, 23.9%, and 19.4% [52][75]. Market Position - The company primarily serves the international market, with overseas revenue contributing over 80% of total sales. In 2022, overseas revenue was 1.19 billion CNY, accounting for 94.58% of total revenue [12][75]. - The global stainless steel insulated container market is expected to grow, driven by outdoor activities and e-commerce channels, with the U.S. being the largest consumer market [15][35]. Competitive Landscape - The stainless steel insulated container industry is characterized by a fragmented market with significant growth potential. Jiayi Holdings, along with other brands like Hars and Xino, occupies a mid-to-high-end market position, while many smaller brands face intense competition [20][75]. Production and R&D - The company has invested in R&D to enhance product quality and production efficiency, focusing on lightweight and aesthetically appealing designs. The company is also expanding production capacity through new projects in Vietnam and domestic facilities [33][45][75].
保温杯代工龙头，与大客户共生成长