Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company's core product categories have a solid market position, with traditional categories undergoing continuous iteration. New products such as vacuum cleaners, pet feeders, and rice cookers are expected to contribute additional growth. The forecast for the company's net profit attributable to the parent company for 2024-2026 is projected at 0.99 billion, and $1.11 billion, representing year-on-year growth of +14%, +13%, and +12% respectively [3][4]. Summary by Sections Sales Performance - In Q2, the company's sales increased by 23.7% year-on-year, with Amazon channel sales up by 16.7% and non-Amazon channel sales up by 55.0%. The overall sales growth for the first half of the year is estimated at approximately +10% [3]. Product and Channel Expansion - The company's strategy of expanding product categories and channels has proven effective, with significant brand recognition in core categories on Amazon. The company is gradually entering the overseas offline key account market, having established a presence in Walmart, Target, Costco, and Sam's Club in North America. The main category currently in these channels is air purifiers, with expectations for further revenue growth as additional products are introduced [3]. Financial Projections - The company is expected to outperform revenue growth in terms of profit growth due to continuous optimization of product structure and rapid sales scale expansion, which reduces the proportion of fixed costs relative to revenue. The impact of fluctuations in shipping costs on overall performance is anticipated to have a certain lag [3][6].
VESYNC：公司2024Q2经营数据公告点评：各渠道表现强劲，Q2销额实现高增