Summary by Moomoo AI
Raytech Holding Limited reported strong financial results for the fiscal year ended March 31, 2024, with total revenue increasing 47.1% to HK$67.0 million from HK$45.5 million in FY2023. Net income grew 57.9% to HK$9.9 million, driven by higher sales in hair styling products and new tooling revenue. The gross margin slightly declined to 22.3% from 25.2% in the previous year.The company's hair styling series remained the largest revenue contributor at HK$31.8 million, representing 47.5% of total revenue, while trimmer series sales surged to HK$22.7 million. The company successfully expanded its market presence beyond Japan, with new customers in the U.S., UK, Germany and Australia contributing 25.1% of total revenue, reducing reliance on its largest Japanese customer.Looking ahead, Raytech Holding aims to become a leading product design and development office in the personal care appliances industry in Asia. The company plans to explore new product lines including oral care appliances, expand men's personal care products, and further broaden its geographic presence in the U.S., European and Asian markets through increased investments in sales and marketing.
