Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 6.66 [7]. Core Insights - The company's profitability has significantly improved in FY23, with a net profit of USD 77 million, compared to a loss of USD 16 million in FY22. Revenue reached USD 590 million, a year-on-year increase of 19.4% [2]. - The gross margin increased by 17.9 percentage points to 46.9%, with a further improvement in the second half of FY23 [2]. - The company is expanding its non-Amazon sales channels, achieving a 61.2% year-on-year growth in this segment [3]. - The company maintains a leading position in the air fryer market in Spain and Norway, and its air purifier market share in the U.S. has risen to 28.6% [4]. - In FY24, the company plans to focus on content marketing through platforms like TikTok and YouTube, expecting revenue and net profit to grow by 20.2% and 25.1%, respectively [5]. Financial Summary - FY23 revenue was USD 590 million, with a growth rate of 19.4%. The forecast for FY24 revenue is USD 704 million, representing a growth rate of 20.2% [6]. - The net profit for FY23 was USD 77 million, with a forecast of USD 97 million for FY24, indicating a growth rate of 25.1% [6]. - The diluted earnings per share for FY23 was USD 0.068, projected to rise to USD 0.086 in FY24 [6]. - The company has a dividend payout ratio of 40% for FY23, with a dividend of HKD 0.1569 per share [2].
盈利能力显著改善；2024夯实市场推广