JS环球生活：亚太业务驱动营收快速增长

Investment Rating - The report maintains a "Buy" rating for JS Global Life with a target price of HK$1.88, representing a potential upside of 25$1.50 [1][2][5]. Core Insights - The report highlights that JS Global's revenue is expected to grow by 21.4% year-on-year in 2024, while the net profit attributable to shareholders is projected to decline by 50% [4][5]. - The domestic kitchen small appliance market is maturing, leading to short-term pressure on the Joyoung segment, but the Asia-Pacific market shows significant growth potential [4][5]. - The report emphasizes the successful expansion of SN's product offerings in the Asia-Pacific region, which has led to a substantial revenue increase of approximately 153% in the first half of 2024 [4][5]. Revenue and Profit Forecast - Revenue projections for JS Global are adjusted to reflect a 6.8% increase for 2024 and 2025, with expected revenues of US$1.735 billion and US$1.911 billion respectively [5][7]. - The net profit forecast for 2024 is revised down to US$66 million, a 50$84 million [5][6][7]. - The report introduces a 2026 forecast, estimating revenue of US$2.104 billion and net profit of US$105 million [6][7]. Market Dynamics - The report notes that the competitive landscape in the domestic kitchen small appliance market is intensifying, with a shift from price competition to a decline in both volume and price [4][5]. - SN's strategy of multi-category, multi-brand, and multi-channel development in the Asia-Pacific region is expected to replicate the success seen in Western markets, with a projected revenue growth of 75% in 2024 for this segment [4][5]. Valuation Metrics - The report sets a new target price based on a 10x P/E ratio for 2025, reflecting an increase of 19% from the previous target price [5][6]. - The expected earnings per share (EPS) for 2024 is revised down to US$0.02, with a gradual increase to US$0.03 by 2026 [5][6][7].