扭亏为盈，非亚马逊渠道收入增速较快

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Insights - The company achieved a turnaround in 2023 with a net profit of $77.48 million, compared to a loss in the previous year, driven by a 19.4$590 million, primarily from strong sales of home products [3][6]. - The gross margin improved to 46.9%, up 17.9 percentage points year-on-year, benefiting from increased revenue and reduced international shipping and other costs [3][6]. - Non-Amazon channel revenue grew significantly by 61.2%, now accounting for 22.0% of total revenue, with a notable 150% increase in revenue from Walmart [3][6]. - The company plans to distribute a final dividend of 15.69 HKD per share, alongside an interim dividend of 5.39 HKD per share, resulting in an annual payout ratio of approximately 38.9% [3][6]. Financial Summary - For 2023, the company reported total revenue of $590 million, with a year-on-year growth of 19.4$692 million, $820 million, and$946 million, respectively, with growth rates of 18.2%, 18.6%, and 15.3% [5][10]. - The net profit attributable to the parent company is expected to reach $91 million,$108 million, and $126 million for the years 2024, 2025, and 2026, reflecting year-on-year growth of 17.2%, 18.8%, and 17.1% [5][10]. - The company’s gross margin is projected to remain stable around 45% over the next few years [5][10]. Market Position and Product Development - The company holds the number one market share in key product categories, with Levoit air purifiers capturing approximately 28.6% of the U.S. market, and air humidifiers also leading with a 22.7% share [3][6]. - The company introduced over 10 new products in 2023 and plans to launch more than 10 additional products in 2024, enhancing its product portfolio [3][6]. - The company is focusing on expanding its presence in the Asia-Pacific and European markets, with significant revenue growth of 83.4% in Asia and 16.5% in Europe in 2023 [3][6].