Hi,
moomoo ID:NaN
Log Out
English
Back
Log in to access Online Inquiry

山西证券:给予倍轻松增持评级
Shanxi Securities: give it a rating to increase its holdings easily.

證券之星 ·  {{timeTz}}

2021-12-13山西证券股份有限公司对倍轻松进行研究并发布了研究报告《公司品类矩阵逐渐完善,用户精准定位打开想象空间》,本报告对倍轻松给出增持评级,当前股价为103.8元。

2021-12-13 Shanxi Securities Co., Ltd. conducted a research on Bailuan and issued a research report entitled "the company category matrix is gradually improved, and the accurate positioning of users opens the imagination space". This report gives an overweight rating to Bailuan, and the current stock price is 103.8 yuan.


  倍轻松(688793)
  公司是国内小型智能按摩器具的龙头企业。公司专注于智能便携按摩器的研发、生产、销售及服务,目前已经形成了以眼部、颈部、头部及头皮四大品类为主体,人体其余易疲劳部位与其他智能健康产品为辅的产品体系。新发布的艾灸养护系列属于带耗材运营模式的硬件。公司通过易耗品的复购降低获客成本、提升客户粘性。预计未来将持续为公司贡献稳定收入。
  国内按摩器具市场渗透率低,发展空间广阔。按摩器具全球市场规模呈现出稳定发展态势,增速保持在10%左右。2019年按摩器具的全球市场规模首次超过150亿美元。根据我们测算,预计2021年按摩器具市场能达到178亿美元,同比增长11%。中国已成为全球按摩器具市场需求增长最快的地区之一。目前我国按摩器具的渗透率不到2%,而日韩等成熟市场的渗透率接近20%,约有10倍的渗透率提升空间。
  公司用户定位清晰,品牌知名度明显打开。随着个人健康云管理、健康数据分析及人工智能交互等科技概念不断涌现,公司产品智能化不断升级,创新周期不断缩短,公司每年保持8个左右的新品推出,以现有产品的迭代为主,兼顾新品类的开拓。公司产品定位中高端,以新品+创新定价法作为定价策略,产品客单价远高于市场平均,主营产品毛利率均在50%以上。公司采取多元化的营销手段,加大在渠道的推广力度和终端促销活动通过签约代言人进行了有效的品牌传播与理念宣导,进一步提升了公司品牌的知名度,年轻消费用户显著增加。
  盈利预测与投资评级
  我们预测,公司2021-2023年营业收入分别为12.15/17.25/23.46亿元,归母净利润分别为1.2/1.92/2.81亿元,当前股价对应46/28.8/19.6倍PE。考虑到行业未来较大的发展空间,以及公司在便携式可移动按摩器的市场地位,首次覆盖给予“增持”评级。
  风险提示:消费需求不足,产品更新放缓,线下门店发展缓慢,原材料大幅波动。


Relaxed (688793)
The company is the leading enterprise of small intelligent massage apparatus in China. The company focuses on the R & D, production, sales and service of intelligent portable massage. at present, it has formed a product system with four categories of eyes, neck, head and scalp as the main body, and the rest of the body prone to fatigue and other intelligent health products as the supplement. The newly released moxibustion maintenance series belongs to the hardware with consumable operation mode. Through the repurchase of consumable goods, the company can reduce the cost of obtaining customers and improve the stickiness of customers. It is expected that it will continue to contribute stable income to the company in the future.
The domestic massage equipment market penetration rate is low, the development space is broad. The global market scale of massage equipment shows a stable development trend, with a growth rate of about 10%. The global market for massage equipment exceeded $15 billion for the first time in 2019. According to our estimates, the massage equipment market is expected to reach US $17.8 billion in 2021, an increase of 11% over the same period last year. China has become one of the regions with the fastest growing market demand for massage equipment in the world. At present, the penetration rate of massage equipment in China is less than 2%, while the penetration rate of mature markets such as Japan and South Korea is close to 20%, with about 10 times the permeability improvement space.
The positioning of the company's users is clear, and the brand awareness is obviously opened. With the continuous emergence of scientific and technological concepts such as personal health cloud management, health data analysis and artificial intelligence interaction, the intelligent products of the company continue to upgrade, and the innovation cycle continues to shorten. The company maintains about 8 new product launches every year, focusing on the iteration of existing products and taking into account the development of new categories. The company's products are located in the middle and high end, with the new product + innovative pricing method as the pricing strategy, the product customer unit price is much higher than the market average, and the gross profit margin of the main products is more than 50%. The company adopts diversified marketing means to increase the promotion efforts in the channel and terminal promotion activities through the signing spokesman to carry out effective brand communication and concept promotion, further enhance the brand awareness of the company, and significantly increase the number of young consumers.
Profit Forecast and Investment rating
We forecast that the operating income of the company from 2021 to 2023 is 12.15pm 17.25 / 2.346 billion yuan, and the net profit returned to the parent is 1.2pm 1.92 / 281 million RMB respectively, and the current stock price corresponds to 46pm 28.8max PE. Considering the large development space of the industry in the future, as well as the company's market position in portable mobile massages, the "overweight" rating was given for the first time.
Risk tips: insufficient consumer demand, slow product updates, slow development of offline stores, and substantial fluctuations in raw materials.

该股最近90天内共有24家机构给出评级,买入评级15家,增持评级9家;过去90天内机构目标均价为126.29;证券之星估值分析工具显示,倍轻松(688793)好公司评级为4.5星,好价格评级为1星,估值综合评级为2.5星。(评级范围:1 ~ 5星,最高5星)

A total of 24 agencies have rated the stock in the last 90 days, including 15 buy ratings and 9 overweight ratings; the average institutional target price in the past 90 days is 126.29; according to the Securities Star valuation analysis tool, the good company has a rating of 4.5 stars, a good price rating of 1 star and a comprehensive valuation rating of 2.5 stars. (rating range: 1-5 stars, up to 5 stars)

This page is machine-translated. Moomoo tries to improve but do not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.

This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose of the above content.

Moomoo is a financial information and trading app offered by Moomoo Technologies Inc.
In the U.S., investment products and services available through the moomoo app are offered by Moomoo Financial Inc., a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) and a member of Financial Industry Regulatory Authority (FINRA)/Securities Investor Protection Corporation (SIPC).
In Singapore, investment products and services available through the moomoo app are offered through Moomoo Financial Singapore Pte. Ltd. regulated by the Monetary Authority of Singapore (MAS). Moomoo Financial Singapore Pte. Ltd. is a Capital Markets Services Licence (License No. CMS101000) holder with the Exempt Financial Adviser Status. This advertisement has not been reviewed by the Monetary Authority of Singapore.
In Australia, financial products and services available through the moomoo app are provided by Futu Securities (Australia) Ltd, an Australian Financial Services Licensee (AFSL No. 224663) regulated by the Australian Securities and Investment Commission (ASIC). Please read and understand our Financial Services Guide, Terms and Conditions, Privacy Policy and other disclosure documents which are available on our websites https://www.futuau.com and https://www.moomoo.com/au. Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd. and Futu Securities (Australia) Ltd are affiliated companies.