JS环球生活-立足产品打造品牌开启小家电环球之旅-220601（41页）.pdf

1、JS Global Lifestyle（1691.HK） Equity ResearchCompany ResearchHousehold Appliances 1 / 41 东吴证券（香港）东吴证券（香港） 请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分 JS Global Lifestyle is building its brand globally in small household appliances market, based on high-quality and innovative products Outperform（Initiation） Fore

2、cast & Valuation 2021A 2022E 2023E 2024E Revenue (USD mn) 5,150.59 5,958.30 6,782.91 7,354.24 Growth (YoY %) 22.76 15.68 13.84 8.42 Net profit (USD mn) 420.50 494.32 573.39 653.18 Growth (YoY %) 22.09 17.56 15.99 13.92 EPS (USD) 0.12 0.14 0.16 0.19 P/E (X) 13.92 8.08 6.96 6.11 Investment Thesis The

3、root of the companys success lies in its excellent products. The ability to understand consumer needs, to solve their pain points and to rely on the supply chain to quickly launch new products is decisive in dominating the market. The companys product expansion can be divided into vertical and horiz

4、ontal expansion. The vertical one is the expansion in kitchen small appliances scene guided by Joyoung; the horizontal expansion refers to the acquisition of SharkNinja to cultivate new markets, and multi-brand operation to develop overseas market. Small household appliances are generally characteri

5、zed by low use frequency, low price, and diversified demand. The core of JS Global Lifestyles channel and marketing is brand outputting and brand power increasing. As more sales of small household appliances has shifted online, Joyoung maintains leadership and helps its parent company take full adva

6、ntage of synergy. Diversified channels and new marketing method enable the company to better reach users, ultimately forming a closed loop of new retail O2O shopping experience. JS Global Lifestyle can identify market needs and even create consumer demand. The growth of the company is powered by exp