JS環球生活(01691.HK)：產品創新+多市場拓展，全球小家電龍頭有望騰飛，給予“增持”評級
機構：廣發證券
評級：增持
核心觀點：
JS 環球生活：創新小家電全球領導者。公司目前已擁有 Shark、Ninja和九陽三大優質品牌，憑藉在中美市場的多年深耕，公司將繼續保持全球小家電市場的領先地位。根據半年報，公司 2020H1 營收 15.15 億美元（YoY+22.6%），歸母淨利潤 0.82 億美元（YoY+3243%）。
品牌一-Shark：深耕清潔家居領域，領跑北美市場。（1）產品端：Shark作為美國吸塵器第一品牌，長期領跑北美家居清潔市場。Shark 品牌與九陽品類互補，九陽在中國的運營能力強，有利於 Shark 快速切入中國市場，協同效應顯現。（2）渠道端：Shark 學習九陽線上運營的經驗，效果顯著。在海外疫情嚴重的背景下，Shark 持續在線上渠道發力。
品牌二-Ninja：專注廚房電器，產品力不斷加強。（1）以食物料理電器起家，持續推出新產品。Ninja 通過不斷的研發創新持續推出新品，積極拓展歐美市場。（2）九陽為 Ninja 品牌進行 ODM，增加 Ninja 產品力，拓展歐美市場更為順利。
品牌三-九陽：產品、渠道再升級，把握中國市場小家電消費升級趨勢。 （1）中國小家電進入消費升級加速期，九陽在國內市場領跑多個細分市場。（2）“價值登高”見成效，九陽產品再升級。九陽將產品線向高端化發展，積極拓展新品類並推出特色萌系產品，在進行傳統品類優化升級的同時尋求多元化突破。
投資建議：預計 2020-22 年歸母淨利分別為 2.3、3.1、3.8 億美元。最新收盤價對應 21 年 PE 估值 21 倍，參考小家電行業平均估值 2021 年PE33 倍，考慮 A/H 股存在估值差，我們給予公司 21 年 25 倍的 PE 估值，對應合理價值 17.52 港幣/股，首次覆蓋，給予“增持”評級。
風險提示：原材料價格上漲；行業需求趨弱、競爭加劇；全球擴張不力和整合風險。
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