Investment Rating - The report assigns a "Hold" rating for the company, indicating a neutral outlook for the stock over the next 6 to 12 months [67]. Core Insights - The company, Greebo, is positioned as a leader in the lithium battery outdoor power equipment (OPE) sector, driven by both consumer (C-end) and commercial (B-end) markets [3][20]. - The transition from traditional fuel-powered and electric-powered tools to lithium battery alternatives is gaining momentum, supported by declining battery costs and stricter environmental regulations [4][36]. - The company has developed a comprehensive product matrix for both household and commercial applications, enhancing customer loyalty and repeat purchase potential [20][61]. Financial Data and Valuation - The company reported a revenue of 4,617 million yuan in 2023, a decline of 11% year-on-year, primarily due to inventory destocking by downstream customers [11]. - The forecast for 2024 anticipates a revenue increase to 5,470 million yuan, with a projected growth rate of 18% [2][40]. - The net profit is expected to recover significantly, with projections of 299 million yuan in 2024, representing a year-on-year growth of 163% [66]. - The company's price-to-earnings (P/E) ratio for 2024 is estimated at 23.8, slightly above the average of comparable companies [67]. Market Trends - The global OPE market is currently valued at approximately 25 billion USD, with fuel-powered products still holding a significant market share [18]. - The penetration rate of lithium battery OPE products remains low at 14%, indicating substantial growth potential as the industry shifts towards electrification [18][20]. - The company is expected to benefit from a recovery in demand as inventory destocking in North America concludes, leading to normalized growth in OPE demand [11][61].
格力博：锂电OPE龙头，C端+B端双轮驱动