Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Insights - The company achieved a turnaround in profitability in H2 2023, with total revenue reaching $586 million, a 19.4% increase year-on-year, and a net profit of $77 million, compared to a loss of $16 million in the same period of 2022 [2][3]. - Revenue growth was particularly strong in the Asian market, with a remarkable 120.04% increase in H2 2023, driven by sales growth in Japan [2][3]. - The company has expanded its product matrix with three major brands and is expected to see additional business growth from new product lines in pet appliances and smart wearables [3]. Summary by Sections Financial Performance - In H2 2023, the company reported total revenue of $309 million, up 15.53% year-on-year, and a net profit of $45 million, reversing a loss of $32 million in the same period of 2022 [2]. - Revenue from Amazon channels was $237 million, growing by 8.87%, while non-Amazon channels saw a significant increase to $72 million, up 44.87% [2]. - The gross margin for H2 2023 was 48.37%, an increase of 27.88 percentage points year-on-year, while the net margin was 14.53%, up 26.44 percentage points [2][3]. Revenue Breakdown - By region, North America generated $231 million in H2 2023, an 18.89% increase, while Europe saw a slight decline of 7.05% to $60 million [2]. - The Asian market's revenue reached $17 million, reflecting a strong growth trajectory [2]. Brand Performance - The Levoit brand generated $182 million in H2 2023, a 17.15% increase, primarily from air purifiers and filters [2]. - Cosori brand revenue was $101 million, up 10.46%, driven by air fryer sales in Europe, which saw nearly 70% year-on-year growth [2]. - Etekcity brand revenue reached $25 million, a 22.39% increase, with significant growth in body scale products [2]. Future Projections - The company expects net profits of $94 million, $111 million, and $128 million for 2024, 2025, and 2026, respectively, with corresponding EPS of $0.08, $0.10, and $0.11 [4][3]. - Revenue growth rates are projected at 19.24%, 20.45%, and 18.12% for the next three years [4].
2023H2业绩扭亏为盈，亚洲地区营收端增速亮眼