Investment Rating - The report assigns an "Overweight" rating to the company [1] Core Views - The company's fundamentals are solid, and its overseas market expansion is expected to bring new growth opportunities [3] - The company is expected to achieve net profits of 90 million, and 574 million, with Joyoung, Shark, and Ninja contributing 85%, 8%, and 1% respectively [6] - The company focuses on expanding its presence in the Asia-Pacific region, with a strategic shift towards direct operations in key markets such as Australia, New Zealand, Singapore, and Malaysia [10] Overseas Market Potential - The urbanization rate in several Asia-Pacific countries remains low, indicating significant potential for new home appliance demand [13] - Countries like Thailand, Malaysia, Vietnam, the Philippines, Cambodia, India, and Indonesia have urbanization rates ranging from 24% to 78%, suggesting room for growth in home appliance penetration [14] - The rapid growth of cross-border e-commerce platforms like Temu and TikTok provides new opportunities for Chinese companies to expand in the Asia-Pacific region [17] Product and Brand Strategy - Shark and Ninja brands have strong overseas influence, with a rich product portfolio and strong capabilities in launching new products [13] - Shark is a well-established brand in North America, with a diverse product range including vacuum cleaners, steam mops, and air purifiers [26] - Ninja has a strong presence in the kitchen appliance market, particularly in the US, with a 30% market share in the blender segment [31] - The company is leveraging its product innovation capabilities to introduce new products, such as the Ninja cordless blender, which is expected to drive growth in the Asia-Pacific market [31] Domestic Market Growth - Joyoung's product portfolio includes essential kitchen appliances like rice cookers, pressure cookers, and soy milk machines, which are expected to remain stable in the long term [37] - The company is actively promoting product iterations to stimulate replacement demand and innovate in traditional product categories [37] - Joyoung's market share in the rice cooker segment increased to 14.1% in 2023, up by 0.6 percentage points year-on-year [41] Financial Performance - The company's revenue in 2022 was 332.27 million, a year-on-year decrease of 21% [4] - The company's PE ratio in 2022 was 9.99, and the PB ratio was 2.22 [4] Future Outlook - The company is expected to achieve revenue growth of +9% and +11% in 2024 and 2025, respectively [47] - The gross margin is expected to remain stable at around 37.5% and 37.7% in 2024 and 2025 [48] - The company's net profit is forecasted to grow by +20% and +14% in 2024 and 2025, reaching 103 million, respectively [48]
基本盘稳固，海外市场拓展带来新增量