SDICSI 2026 年 2 月 4 日 乐欣户外(2720.HK) 乐欣户外 2720.HK-IPO 点评 公司概览 乐欣户外（下称"公司"）是钓鱼装备行业的全球引领者，根据弗若斯特沙利 文，按2024年收入计，公司在全球钓鱼装备行业中排名第一，市占率为23.1%。 公司的产品主要包括：床椅及其他配件（钓鱼椅、钓鱼床、鱼竿支架、钓鱼推 车及钓鱼箱）、包袋（单肩包、钓鱼渔包及鱼竿包）、帐篷（渔具篷、社交篷及 遮阳篷），产品适合多种钓鱼场景，如鲤鱼钓、比赛钓、路亚钓、飞钓及冰钓。 公司为户外装备品牌提供OEM/ODM服务，主要收入也是来自OEM/ODM，占收入比 超9成。此外，公司也在战略性扩展自有品牌业务，于2017年收购乐英国知名 鲤鱼钓品牌Solar。公司的主要客户包括全球知名户外用品零售商（如迪卡侬）、 全球知名钓鱼品牌（如Rapala VMC及Pure Fishing）、英国知名钓鱼品牌（如 Fox、Nash、Trakker及Preston），以及美国知名户外用品公司（如Ardisam）。 公司的产品向40多个国家销售，包括英国和美国等具有丰富钓鱼传统的成熟市 场，以及中国和东南亚等增长迅速的市场。 ...

据公司公告，乐欣户外(02720)于2026年1月31日-2026年2月5日招股，公司拟全球发售2820.5万股股份，香港公开发售占10%(可予重新分配)，国际发售占 90%(可予重新分配)。每股发售股份11.25-12.25港元，每手500股，独家保荐人为中金公司，预期股份将于2026年2月10日(星期二)上午九时正在联交所开始 买卖。 乐欣户外已与地平线创业投资管理有限公司、黄山德钧企业管理有限公司订立基石投资协议，据此，基石投资者已同意在符合若干条件的前提下，按发售 价认购或促使其指定实体认购可购买的发售股份数量，总金额为1.3亿港元。 综合 | 公司公告 招股书 编辑 | Arti 本文仅为信息交流之用，不构成任何交易建议 根据弗若斯特沙利文的资料，按2024年收入计，乐欣户外是全球最大的钓鱼装备制造商，市场份额为23.1%。钓鱼装备市场为钓鱼用具市场（包括钓具市 场）的一个子行业。根据弗若斯特沙利文的资料，以2024年零售额计，钓鱼装备市场占全球钓鱼用具市场约5.2%。 根据弗若斯特沙利文的资料，按2024年收入计，公司于全球钓鱼用具制造市场的市场份额为1.3%。钓鱼用具包括钓具及钓鱼装备。 钓具是 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴該等內容而引 致的任何損失承擔任何責任。 Ridge Outdoor International Limited 樂欣戶外國際有限公司 （於開曼群島註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向樂欣戶外國際有限公司（「本公司」）、本公司的保薦人、整體協調人、顧問及包銷團成 員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，不 會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依 據於香港公司註冊處處長註冊的本公司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士刊 發。 (a) 本文件僅向香港公 ...

Investment Rating - The report maintains a "Buy" rating for Midea Group (000333) with a target price based on the last closing price of 75.30 [1] Core Insights - Midea Group's Q3 performance shows a high single-digit growth, with total revenue for the first three quarters reaching 364.716 billion yuan, up 13.85% year-on-year, and net profit attributable to shareholders at 37.883 billion yuan, up 19.51% [4][5] - The company emphasizes its OBM (Original Brand Manufacturing) and robotics strategy, which is expected to empower its long-term growth in both home appliances and industrial manufacturing [5] Financial Performance - In Q3 2025, Midea Group achieved total revenue of 112.385 billion yuan, reflecting a 9.94% increase, and net profit of 11.870 billion yuan, up 8.95% [5] - For the first three quarters, the ToC (To Consumer) and ToB (To Business) business segments reported revenue growth of 13% and 18% respectively, with OBM revenue accounting for over 45% of ToC overseas revenue [5] - The company's gross margin in Q3 was 26.44%, an increase of 0.40 percentage points, attributed to improved product mix [6] Business Segments - The revenue from the B2B segment, including new energy and industrial technology, smart building technology, and robotics and automation, was 30.6 billion yuan, 28.1 billion yuan, and 22.6 billion yuan respectively, with year-on-year growth rates of 21%, 25%, and 9% [5] - The report highlights the strong performance of high-end brands COLMO and Toshiba in the consumer segment [5] Future Outlook - The report projects Midea Group's net profit for 2025-2027 to be 44.864 billion yuan, 49.106 billion yuan, and 53.018 billion yuan respectively, with corresponding EPS of 5.84 yuan, 6.39 yuan, and 6.90 yuan [6][8] - The current stock price corresponds to a PE ratio of 12.90 for 2025, 11.78 for 2026, and 10.91 for 2027, indicating potential for growth [6][8]

Core Insights - The company is focusing on self-developed battery packs to enhance its product offerings and sales capabilities, aiming to become a key player in the electric tools market in Europe through partnerships with major retailers like ALDI [1][2] - The company has established a multi-brand strategy with brands such as "恒动", "纽迈特", "PRULDE", "BATAVIA", and "PHALANX" to cater to different market segments and consumer groups [2] - The company has achieved significant market presence, with its core product, hot air guns, leading in annual sales among domestic competitors, indicating strong brand pricing power and market dominance [3] Company Developments - The company has formed partnerships with nearly 300 enterprises, expanding its product reach to almost 100 countries across Europe, America, and Asia-Pacific [2] - In October 2023, the company acquired BATAVIA B.V. to leverage its design and sales resources, enhancing synergies in research, production, and marketing [2] - The company projects that in 2024, revenue contributions from electric heating products will be approximately 25%, spray products 28%, and blow/suction products 14%, with ongoing efforts to extend product lines into professional and industrial-grade categories [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company's mid-year performance aligns with forecasts, showing significant growth in electric tools, with a revenue increase of 4.87% year-on-year to 7.027 billion yuan in H1 2025 [1]. - The report anticipates better industry conditions in the second half of the year, driven by potential interest rate cuts that could enhance demand elasticity [7]. - The company is focusing on product innovation to sustain high growth in electric tools, which have seen a revenue increase of 56.03% year-on-year, raising their revenue share from 7.1% to 10.56% [7]. - The report projects revenues of 15.56 billion yuan for 2025, with a year-on-year growth of 5%, and net profits of 2.564 billion yuan, reflecting an 11% increase [2][7]. Financial Performance Summary - H1 2025 financials: Total revenue of 7.027 billion yuan, net profit of 1.273 billion yuan, and a non-recurring net profit of 1.254 billion yuan [1]. - Q2 2025 performance: Revenue of 3.371 billion yuan, net profit of 0.812 billion yuan, and a non-recurring net profit of 0.792 billion yuan [1]. - The company’s gross margin for H1 2025 was 31.95%, with a slight year-on-year decrease, while the net margin improved to 18.69% [7]. Revenue and Profit Forecast - Projected total revenue for 2025 is 15.56 billion yuan, with subsequent years expected to grow to 17.201 billion yuan in 2026 and 19.021 billion yuan in 2027 [2][14]. - Forecasted net profit for 2025 is 2.564 billion yuan, increasing to 2.896 billion yuan in 2026 and 3.255 billion yuan in 2027 [2][14]. Valuation Metrics - Current price-to-earnings (PE) ratio is projected at 16x for 2025, decreasing to 14x in 2026 and 13x in 2027 [7]. - The price-to-book (PB) ratio is expected to decline from 2.3 in 2025 to 1.8 by 2027 [2][14].

Group 1: Company Performance Overview - In 2024, the company achieved a revenue of 2.214 billion CNY, a year-on-year increase of 31.76% [3] - The net profit attributable to shareholders was 188 million CNY, up 18.16% year-on-year [3] - Strong demand from European clients and the expansion of the MicroTouch™ brand contributed to revenue and profit growth [3] Group 2: 2025 Business Strategy - The company plans to adjust strategies across three main business segments: ODM, OBM MicroTouch™, and smart cockpit [3] - Focus on enhancing global manufacturing systems and core competitiveness [3] - Continuous improvement in core technology R&D capabilities [3] - Development of an efficient global team to expand and maintain global customer relationships [3] Group 3: Revenue Breakdown and Forecast - In Q1 2025, the company reported a revenue of 622 million CNY, with ODM contributing nearly 60%, MicroTouch™ at 10%, and smart cockpit at approximately 30% [4] - The company expects sufficient orders for Q2 2025 and aims to meet performance targets set in the 2024 stock incentive plan despite challenges [5] Group 4: Profit Margins and Market Strategies - The gross margin for ODM and MicroTouch™ in Q1 2025 remained above 30%, with slight decreases due to changes in product mix [6] - Strategies to enhance revenue and profit in the commercial display sector include focusing on new projects in retail, finance, and industrial control [7] - The company aims to increase penetration among global top clients and enhance its mainboard design capabilities [7] Group 5: Revenue Contribution and Supply Chain - In 2024, domestic and international revenue contributions were 6% and 94%, respectively, indicating a strong reliance on overseas markets [8] - The impact of U.S. tariffs on the supply chain is limited due to domestic sourcing of most raw materials [9] Group 6: Industry Competition and Expansion - The smart cockpit and vehicle display industry is highly competitive, with many players and low concentration [10] - The Thai factory began mass production in 2024, contributing to a dual manufacturing layout and enhancing supply chain resilience [11] Group 7: R&D Investment - The company invested 98 million CNY in R&D in 2024, an increase of nearly 30 million CNY from the previous year, representing 4.42% of revenue [12]

Core Viewpoint - Le Xin Outdoor International Limited has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1] Company Overview - Le Xin Outdoor is the largest fishing equipment manufacturer globally, holding a market share of 23.1% based on projected 2024 revenue [5] - The company focuses on fishing gear and has developed a diverse product portfolio, including fishing chairs, beds, rod holders, carts, bags, and tents suitable for various fishing scenarios [5] - The company operates a dual business model, combining OEM/ODM manufacturing capabilities with a growing OBM business to meet diverse market demands [5] Financial Performance - Revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 818.4 million, RMB 463.3 million, and RMB 573.5 million, respectively [7] - Net profit for the same periods was approximately RMB 114 million, RMB 49 million, and RMB 59.4 million, respectively [7] - The revenue from the OEM/ODM model accounted for 94.1%, 90.2%, 92.3%, and 92.9% of total revenue for the years 2022, 2023, 2024, and the four months ending April 30, 2025 [5][7] Business Expansion - The company strategically expanded into its own brand business, acquiring the UK-based carp fishing brand Solar in 2017, which has seen sales grow to approximately three times its 2018 level by 2024 [6] - The experience gained from Solar has provided a standardized framework for brand management, product development, and efficient marketing strategies under the OBM model [6]

Company Overview - Hubei Xiangjiang Electric Co., Ltd. is a manufacturer of household products in China, primarily operating under ODM/OEM models and serving a client base that includes well-known brands such as Walmart, Telebrands, SEB Asia Ltd, Sensio, Hamilton Beach, and Philips [3][4] - The company focuses on the research, design, production, and sales of both electrical and non-electrical household products, with a significant portion of revenue derived from kitchen small appliances [3][4] Market Position - According to a report by Frost & Sullivan, Xiangjiang Electric ranks as the tenth largest company in China's kitchen small appliance industry, holding a market share of 0.8% based on export value projected for 2024 [3][5] - The company has a notable market share in specific product categories, with approximately 24.6% and 59.6% market shares in electric kettles exported to the U.S. and Canada, respectively, and around 3.8% market share for electric mixers [3][5] Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is projected to be approximately RMB 1.097 billion, RMB 1.188 billion, and RMB 1.501 billion, respectively [5][6] - Net profit for the same periods is expected to be around RMB 80.26 million, RMB 121.46 million, and RMB 140.43 million [5][6] - The gross profit margins are expected to improve, with gross profits of RMB 223.87 million, RMB 286.02 million, and RMB 328.52 million for the fiscal years 2022, 2023, and 2024, respectively [6] Industry Insights - The global household goods market is projected to reach a retail value of USD 1,071.2 billion in 2024, with the small appliance sector expected to grow significantly, reaching USD 183.5 billion [4] - The kitchen small appliance segment is anticipated to account for the largest share of the small appliance market, with a projected retail value of USD 74.1 billion in 2024 [4]

Core Insights - The company reported a total revenue of 409.1 billion yuan for 2024, representing a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 38.5 billion yuan, up 14.3% year-on-year [1] - The company plans to repurchase shares worth 5 to 10 billion yuan at a price not exceeding 100 yuan per share, with over 70% of the repurchased shares intended for cancellation [1] Group 1: Smart Home Sector - The smart home segment generated 269.5 billion yuan in revenue for 2024, reflecting a year-on-year growth of 9.4% [2] - Overseas business showed significant growth, with overseas revenue (mainly home appliances) increasing by 12.0%, outpacing domestic growth [2] - The domestic market experienced a slowdown in growth during the first half of the year, but benefitted from government subsidies in the second half [3] Group 2: Commercial and Industrial Solutions - The commercial and industrial solutions segment achieved revenue of 104.5 billion yuan in 2024, a year-on-year increase of 6.9% [4] - The smart building technology sector generated 28.5 billion yuan, with a profit margin increase of 0.8 percentage points year-on-year [4] - The renewable energy and industrial technology segment saw a revenue increase of 20.6% year-on-year, driven by advancements in traditional compressor and motor technologies [4] Group 3: Investment Outlook - Revenue projections for 2025-2027 are estimated at 438.5 billion, 471.1 billion, and 506.6 billion yuan, with year-on-year growth rates of 7.2%, 7.4%, and 7.5% respectively [5] - Net profit forecasts for the same period are 43.4 billion, 48.6 billion, and 53.6 billion yuan, with growth rates of 12.5%, 12.1%, and 10.2% respectively [5] - The current stock price corresponds to P/E ratios of 13.6x, 12.1x, and 11.0x for the years 2025, 2026, and 2027, indicating a relatively low valuation level [5]