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《大行报告》中金首予VESYNC(02148.HK)「跑赢行业」评级 目标价18.53元
阿思达克 03-12 14:55
中金发表研究报告,首予VESYNC(02148.HK)「跑赢行业」评级,目标价18.53元,相当於明年预测市盈率30倍。报告称,中国品牌全球扩张势头类似日本1980至1990年代,该行预计三至五年中国消费电器、消费电子品牌有望在全球成为主流。供应链、产品创新及线上渠道运营的优势正在帮助中国背景的小家电企业在全球兴起,代表性企业包括石头科技(688169.SH)、JS环球生活(01691.HK)以及VESYNC。

报告称,VESYNC自2011年开始在北美经营线上小家电业务,目前拥有Levoit、Etekcity、Cosori三个品牌。公司具有线上渠道先发优势。中金称,VESYNC抓住线上化率提升趋势,2019年公司有99%营收通过亚马逊(AMZN.US)销售,同年在美国线上小家电销售额规模排名第五。

中金解释,VESYNC充分利用中国供应链,以OEM采购方式实现轻资产运营。2017至2019年公司收入年均复合增长约42%,去年上半年公司收入按年增长72%。随着品牌力及规模效应的提升,公司净利润率快速提升。2019年VESYNC净利润率仅4%,去年上半年提升至17%,报告预计2020年将提升至16%。

报告料VESYNC在2020至2022年各年每股盈测分别4美仙、6美仙及8美仙,年均复合增长约35%。

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