香江电器从2016年开展OBM业务，以自有品牌威麦丝、Accuteck、艾格丽设计、研发、生产及销售家 用电器，主要在电商平台销售。公司产品线涵盖电热类家电（如电烤炉、空气炸锅）、电动类家电（如 搅拌机、打蛋器）和电子类家电（如电子秤、加湿器），以及非电器类家居用品。招股书披露，香江电 器计划使用募资中的1亿元引进新品牌，以增强OBM业务实力，主要聚焦电热类和电动类生活家居用品 领域。 香江电器曾于2023年3月冲刺深交所主板，但在经历两轮问询后，于2024年5月主动撤回申请，转战港交 所。在两次递表后，日前香江电器通过了港交所聆讯，并于6月10日更新了聆讯后招股书。 财务数据显示，2022年至2024年，香江电器营业收入分别为10.97亿元、11.88亿元及15.02亿元，2024年 同比增长率为26.36%；净利润分别约为0.80亿元、1.21亿元、1.40亿元，2024年同比增长率为15.61%。 外销为主加快海外建厂 长江商报消息 ●长江商报记者 徐靓丽 通过港交所上市聆讯，湖北香江电器股份有限公司（下称"香江电器"）距离IPO更进了一步。 三战IPO通过港交所聆讯 香江电器成立于2012年，产品涵盖 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 16.47 [7] Core Views - The company reported a revenue of RMB 16.82 billion for 2024, a year-on-year increase of 14.84%, and a net profit of RMB 1.05 billion, up 7.75% year-on-year. For Q1 2025, total revenue grew by 10.36% year-on-year, with net profit increasing by 43.02% year-on-year. The performance for 2024 met expectations [1][2] - The company is a leader in small appliance exports, benefiting from strong demand in Q1 2025, although potential challenges from increased tariffs in the U.S. may impact Q2 performance. The company has significant experience in product planning, industrial design, and rapid production, indicating resilience in long-term export sales [1][3] - The domestic sales faced challenges, with a revenue decline of 4.5% in 2024 and a further decline of 4.9% in Q1 2025. The main brands are less sensitive to the new replacement subsidy policies, leading to a slower recovery compared to the industry [2] - The company's export growth was strong in 2024, with quarterly growth rates of 29.7%, 25.1%, 20.3%, and 14.1% respectively. However, the growth rate is expected to face pressure in Q2 2025 due to increased tariffs imposed by the U.S. [3][5] - The gross margin for 2024 was 20.91%, a decrease of 1.82 percentage points year-on-year, primarily due to a higher proportion of low-margin exports. The gross margin improved to 22.42% in Q1 2025 [4] - The company has initiated a share buyback and declared a dividend of RMB 0.45 per share, enhancing shareholder returns [1] Financial Summary - The company forecasts revenues of RMB 17.69 billion, RMB 18.89 billion, and RMB 20.15 billion for 2025, 2026, and 2027 respectively, with growth rates of 5.16%, 6.78%, and 6.70% [10] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.43, RMB 1.57, and RMB 1.75 respectively [10] - The average price-to-earnings (PE) ratio for comparable companies is projected at 15x for 2025, while the company is assigned a PE of 11.5x, leading to a revised target price of RMB 16.47 [5]