Investment Rating - The investment rating for Vesync (02148.HK) is "Buy" [4][10]. Core Views - Vesync reported a revenue of $585 million in 2023, representing a year-on-year growth of 19.4%, and a net profit of $77.48 million, marking a turnaround from losses [1][2]. - The company plans to distribute a dividend of HKD 0.1569 per share [1]. - The rapid recovery in operational performance followed a recall incident, with revenue growth returning to a high rate [1]. - The gross margin reached a record high of 46.9%, up 17.9 percentage points year-on-year, driven by favorable factors such as raw material costs and exchange rates [1][8]. Revenue Growth and Channel Expansion - Non-Amazon channels saw a significant revenue increase of 61.2% to $129 million, accounting for 22% of total revenue [1]. - Amazon channel revenue grew by 11.2% to $457 million, with first half and second half growth rates of 13.9% and 8.9%, respectively [1]. - The company has expanded its presence in global offline retail, with 11,000 stores in North America, 3,200 in Europe, and 1,900 in the Asia-Pacific region [1]. Regional Performance - Revenue in the Asian region surged by 83.4% to $30 million, with first half and second half growth rates of 49.5% and 120.0%, respectively [1]. - North America revenue increased by 17.4% to $430 million, with growth rates of 15.7% and 18.9% in the first and second halves [1]. - European revenue grew by 16.5% to $130 million, with a notable slowdown in the second half attributed to a high base effect and slower product rollout in large-capacity air fryers [1]. Product Categories and Profitability - The company maintains a leading position in air purifiers and humidifiers in North America, contributing to a revenue increase of 18.3% for the Levoit brand, totaling $330 million [1]. - Cosori kitchen appliances benefited from the popularity of air fryers and ovens in Europe, with a revenue increase of 17.4% to $200 million [1]. - Etekcity's revenue rose by 31.5% to $60 million, driven by sales of body scales [1]. Financial Forecasts - The profit forecast has been raised, with expected net profits of $92 million, $107 million, and $123 million for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 18%, 17%, and 15% [1][2]. - The diluted EPS is projected to be $0.08, $0.09, and $0.11 for the same years, corresponding to P/E ratios of 8, 7, and 6 times [1][2].
2023年业绩点评：收入重回较快增长，毛利率创下新高