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《大行報告》中金首予VESYNC(02148.HK)「跑贏行業」評級 目標價18.53元
阿思達克 03-12 14:55
中金發表研究報告,首予VESYNC(02148.HK)「跑贏行業」評級,目標價18.53元,相當於明年預測市盈率30倍。報告稱,中國品牌全球擴張勢頭類似日本1980至1990年代,該行預計三至五年中國消費電器、消費電子品牌有望在全球成為主流。供應鏈、產品創新及線上渠道運營的優勢正在幫助中國背景的小家電企業在全球興起,代表性企業包括石頭科技(688169.SH)、JS環球生活(01691.HK)以及VESYNC。

報告稱,VESYNC自2011年開始在北美經營線上小家電業務,目前擁有Levoit、Etekcity、Cosori三個品牌。公司具有線上渠道先發優勢。中金稱,VESYNC抓住線上化率提升趨勢,2019年公司有99%營收通過亞馬遜(AMZN.US)銷售,同年在美國線上小家電銷售額規模排名第五。

中金解釋,VESYNC充分利用中國供應鏈,以OEM採購方式實現輕資產運營。2017至2019年公司收入年均複合增長約42%,去年上半年公司收入按年增長72%。隨著品牌力及規模效應的提升,公司淨利潤率快速提升。2019年VESYNC淨利潤率僅4%,去年上半年提升至17%,報告預計2020年將提升至16%。

報告料VESYNC在2020至2022年各年每股盈測分別4美仙、6美仙及8美仙,年均複合增長約35%。

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