Investment Rating - The report maintains a "Recommended" investment rating for VESYNC (02148.HK) with a target price of HKD 6.9, compared to the current price of HKD 5.09 [1]. Core Views - VESYNC achieved a robust revenue growth of USD 586 million in 2023, representing a year-on-year increase of 19.4%. The net profit attributable to shareholders reached USD 80 million, a significant increase of 576.0% year-on-year [2][3]. - The company's performance exceeded market expectations, driven by a decline in shipping costs and improved operational efficiency, leading to a gross margin increase of 17.9 percentage points to 46.9% [3]. - VESYNC's product categories and distribution channels continue to expand, with strong market positions in air purifiers and air fryers, indicating a promising growth outlook [3]. Financial Summary - Revenue and Profitability: In 2023, VESYNC's revenue was USD 586 million, with a year-on-year growth rate of 19.2% projected for 2024. The net profit is expected to grow to USD 93 million in 2024, reflecting a 20.3% increase [4]. - Earnings Per Share (EPS): The EPS for 2023 was USD 0.07, with projections of USD 0.08, USD 0.10, and USD 0.11 for 2024, 2025, and 2026 respectively [4]. - Valuation Metrics: The price-to-earnings (P/E) ratio is projected to be 10, 8, 7, and 6 for the years 2024, 2025, and 2026 respectively [4]. Market Performance - Brand Performance: The Levoit, Cosori, and Etekcity brands generated revenues of USD 330 million, USD 200 million, and USD 60 million respectively in 2023, with year-on-year growth rates of 18%, 17%, and 32% [3]. - Regional Revenue Growth: Revenue from North America, Europe, and Asia reached USD 430 million, USD 130 million, and USD 30 million respectively, with year-on-year growth rates of 17% for North America and Europe, and 83% for Asia [3].
2023年业绩公告点评：全年营收稳健增长，盈利能力显著修复