Core Viewpoint - Company SharkNinja is expanding its distribution in Southeast Asia, achieving significant revenue growth in the Asia-Pacific region, while facing challenges in its Chinese market segment [1][2][3] Group 1: Revenue and Profit Performance - In 2024, SharkNinja achieved a revenue of $1.59 billion, a year-on-year increase of 12%, but net profit dropped to $0.09 million, a decline of 94% [1] - The Asia-Pacific segment generated a total revenue of $340 million in 2024, while the Joyoung segment contributed $1.02 billion [2] - The Asia-Pacific division saw strong revenue growth in key markets: Australia (up 236.1%), Japan (up 22.1%), and South Korea (up 455.1%) [2] Group 2: Product and Market Expansion - SharkNinja launched several new products in the Asia-Pacific region, including the Shark EvopowerNeo/Neo+, CarpetXpert, and Ninja Blast, which have performed well [2] - The company is actively expanding into Southeast Asia, with agreements signed with local distributors for product shipments [2] - Joyoung is focusing on high-quality, innovative small appliances, achieving growth in the domestic market despite overall sluggish sales in kitchen appliances [3] Group 3: Future Outlook and Investment Rating - The company has adjusted its profit forecast for 2025 to $0.63 million, down from a previous estimate of $1.07 million, but projects significant growth in 2026 and 2027 [3] - The Asia-Pacific business outlook remains positive, with potential for growth compared to industry peers, suggesting over 20% upside in valuation [3]

Investment Rating - The report maintains a "Buy" rating for JS Global Life [2][17] Core Views - The SharkNinja APAC division continues to experience rapid growth, while the Joyoung division faces temporary pressure [7] - The company is expanding its Southeast Asia distributor network, with significant market entry in Thailand [7] - For 2024, the company expects revenue growth of 12% to $1.59 billion, despite a projected net profit decline of 94% [7] - The SharkNinja APAC division achieved $340 million in revenue for 2024, with strong performances in Australia, Japan, and South Korea [7] - The Joyoung division is under pressure but has introduced new high-quality small appliances to capture market opportunities [7] - The earnings forecast for 2025 has been revised down to $6 million, with significant growth expected in subsequent years [7] Financial Data and Profit Forecast - Revenue projections for the years 2023 to 2027 are as follows: - 2023: $1.43 billion - 2024: $1.59 billion - 2025E: $1.72 billion - 2026E: $2.04 billion - 2027E: $2.36 billion [6] - Net profit projections for the same period are: - 2023: $132 million - 2024: $6 million - 2025E: $63 million - 2026E: $97 million - 2027E: $123 million [6] - The company’s price-to-earnings ratio is projected to be 6.6 in 2023, increasing to 140.6 in 2024, and then decreasing to 7.0 by 2027 [6]