中金公司此前指出，公司产品力及渠道力提升，收入稳健增长；运营效率优化，盈利能力创新高。考虑海外小家电需求仍具有不确定性，下调2024/2025年收入7.4%/8.5%至6.52亿美元/7.66亿美元，但由于公司盈利能力提升，我们维持2024/2025年盈利预测不变。但考虑近期板块估值有所回落，下调目标价19%至5.2港元。VESYNC (02148) fell by nearly 5%. As of press release, it was down 4.72% to HK$4.04.
The Zhitong Finance App learned that VESYNC (02148) fell by nearly 5% again. As of press release, it fell 4.72% to HK$4.04.
According to a research report released by Zhongtai International, VESYNC's half-year revenue was 0.29 billion US dollars, up 7.0% year on year, slightly lower than the bank's original expectations of double-digit growth. Falling raw materials and transportation costs drove gross margin expansion 3.3 percentage points to 48.5% in the first half of the year, in line with expectations. According to the bank, the revenue forecast for FY24 was lowered by 8.6% to 0.64 billion; the net profit forecast was lowered by 3.7% to 93 million; the company will maintain a dividend rate of 40% for the whole year, with a dividend ratio of about 6%-7%.
CICC previously pointed out that the company's product strength and channel power have improved, revenue has grown steadily; operational efficiency has been optimized, and profitability has reached a record high. Considering that overseas demand for small household appliances is still uncertain, 2024/2025 revenue was lowered by 7.4%/8.5% to 0.652 billion dollars/0.766 billion US dollars, but due to the increase in the company's profitability, we kept our 2024/2025 profit forecast unchanged. However, considering the recent decline in sector valuations, the target price was lowered by 19% to HK$5.2.
