Jinwu Financial News | According to CITIC Construction Investment Research Report, VESYNC (02148) FY23's revenue continued to grow throughout the year, and profits recovered at an accelerated pace. FY23's revenue was 585 million US dollars (yoy +19.4%). From the perspective of channels, regions, and products, the company's revenue all achieved year-on-year increases, mainly reflected in smooth market expansion and strong brand demand. At the profit level, gross profit improved significantly, with gross profit of 46.9% (29.0% in the same period last year) and net profit to mother of US$77 million. The bank believes that the company has actively invested in content marketing promotion and product research and development for 24 years, and demand is expected to remain strong while overseas sales have already gone out of the inventory cycle.
The bank expects revenue of US$710 million and US$840 million for the year 24 and 25, respectively, up 20.5% and 19.6% year-on-year, respectively; net profit to mother is US$0.94 and US$112 million. Maintain a “buy” rating.