Core Viewpoint - The report highlights that Ousheng Electric is a leading player in the air-powered equipment and cleaning device market, focusing on small air compressors and wet-dry vacuum cleaners, with a projected revenue of 1.76 billion yuan in 2024, primarily driven by the North American market recovery and new product categories [1][2]. Group 1: Company Overview - Ousheng Electric specializes in small air compressors and wet-dry vacuum cleaners, with over 90% of its revenue coming from the U.S. market [1]. - The company is expected to achieve a revenue growth rate of 45% in 2024, supported by market recovery and expansion into new product categories [1][2]. - The company has a forward-looking strategy with a new factory in Malaysia set to start mass production in May 2025, with an expected output value of 2 billion yuan [1]. Group 2: Product and Market Expansion - The company is expanding its product line into pneumatic tools, benefiting from the high demand for such tools in the European and American markets [2]. - Revenue from wet-dry vacuum cleaners and small air compressors is projected to reach 880 million yuan and 650 million yuan respectively in 2024, with year-on-year growth rates of 35% and 50% [2]. - The sales model primarily involves brand licensing and ODM, with expected revenues of 870 million yuan and 800 million yuan in 2024, reflecting year-on-year growth of 67% and 28% [2]. Group 3: Emerging Business Opportunities - Ousheng Electric has over a decade of experience in developing nursing robots, which are now in their fifth generation and have received certifications in multiple regions [2]. - The demand for smart nursing devices is anticipated to grow significantly due to the aging population, positioning the nursing robot business for rapid growth [2]. Group 4: Financial Projections - The company is projected to achieve net profits of 329 million yuan, 429 million yuan, and 549 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.29, 1.68, and 2.15 yuan [3]. - The current price-to-earnings ratio (PE) of the company is 24.5, which is relatively low compared to the average PE of 32 for comparable companies in 2025 [3].