Investment Rating - The investment rating for Vesync (02148.HK) is "Buy" [4][10]. Core Views - Vesync reported a revenue of 585millionin2023,representingayear−on−yeargrowthof19.477.48 million, marking a turnaround from losses [1][2]. - The company plans to distribute a dividend of HKD 0.1569 per share [1]. - The rapid recovery in operational performance followed a recall incident, with revenue growth returning to a high rate [1]. - The gross margin reached a record high of 46.9%, up 17.9 percentage points year-on-year, driven by favorable factors such as raw material costs and exchange rates [1][8]. Revenue Growth and Channel Expansion - Non-Amazon channels saw a significant revenue increase of 61.2% to 129million,accountingfor22457 million, with first half and second half growth rates of 13.9% and 8.9%, respectively [1]. - The company has expanded its presence in global offline retail, with 11,000 stores in North America, 3,200 in Europe, and 1,900 in the Asia-Pacific region [1]. Regional Performance - Revenue in the Asian region surged by 83.4% to 30million,withfirsthalfandsecondhalfgrowthratesof49.5430 million, with growth rates of 15.7% and 18.9% in the first and second halves [1]. - European revenue grew by 16.5% to 130million,withanotableslowdowninthesecondhalfattributedtoahighbaseeffectandslowerproductrolloutinlarge−capacityairfryers[1].ProductCategoriesandProfitability−ThecompanymaintainsaleadingpositioninairpurifiersandhumidifiersinNorthAmerica,contributingtoarevenueincreaseof18.3330 million [1]. - Cosori kitchen appliances benefited from the popularity of air fryers and ovens in Europe, with a revenue increase of 17.4% to 200million[1].−Etekcity′srevenueroseby31.560 million, driven by sales of body scales [1]. Financial Forecasts - The profit forecast has been raised, with expected net profits of 92million,107 million, and 123millionfor2024,2025,and2026,respectively,reflectingyear−on−yeargrowthratesof180.08, 0.09,and0.11 for the same years, corresponding to P/E ratios of 8, 7, and 6 times [1][2].
