空压机增速放缓，吸尘器小幅增长。分产品看，2023 年公司吸尘器实现营业收入6.53 亿元（同比+2.67%），销售量287.32 万台（同比+13.44%），毛利率为39.39%；空压机实现营业收入4.36 亿元（同比-2.48%），销售量73.34 万台（同比-0.06%），毛利率为27.63%；工业风扇实现营业收入0.31 亿元（同比-73.81%），销售量8.48 万台（同比-61.39%），毛利率40.26%。近日公司又收到家得宝对小型空压机产品（HUSKY 品牌）的采购承诺，订单金额约2000 万美元，占2023 年公司营业收入的12%。Incidents:
Ousheng Electric released its annual report for 2023. In 2023, the company achieved operating income of 1,216 million yuan (-5.27% year over year); net profit to mother of 175 million yuan (+8.43% year over year); Q4 company achieved operating income of 380 million yuan (+51.07% year over year); and net profit to mother of 50 million yuan (+86.90% year over year).
Comment:
The growth rate of air compressors has slowed, and vacuum cleaners have increased slightly. By product, in 2023, the company's vacuum cleaners achieved operating revenue of 653 million yuan (YoY +2.67%), with sales volume of 2.8732 million units (YoY +13.44%), gross margin of 39.39%; air compressors achieved operating income of 436 million yuan (YoY -2.48%), sales volume of 733,400 units (-0.06% YoY), gross margin of 27.63%; industrial fans achieved operating revenue of 0.31 million yuan (-73.81% YoY), sales volume of 88,800 units (YoY -61.39%), gross profit margin 40.26% Recently, the company also received a purchase commitment from Home Depot for small air compressor products (HUSKY brand). The order amount is about US$20 million, accounting for 12% of the company's revenue in 2023.
Brand licensing revenue declined year over year, and gross margin increased markedly. Looking at the business model, in 2023, the company's ODM achieved revenue of 620 million yuan (+9.44%), with a gross margin of 29.76%, an increase of 3.94 pct over the previous year; brand licensing achieved operating income of 521 million yuan (-16.07%), with a gross margin of 43.27%, an increase of 9.41 pct over the previous year. Despite the year-on-year decline in revenue from the brand licensing model, the premium paid by the brand side is higher, and the gross margin is higher than that of the ODM model. The company is gradually trying to promote its own brands on the Amazon platform, and has launched brands such as “Stealth,” “Ecomax,” and “Ecowell” for e-commerce retail customers. The development prospects are promising.
Nursing robots have achieved many technological breakthroughs, and the elderly just need to be released soon. The fifth-generation nursing robot went from concept to clinical practice, realized functions such as automatic sensing, automatic detection, and automatic disposal of excrement for disabled people, and can also remotely monitor and exchange data on cloud platforms, greatly improving comfort.
Profit forecast: Taking into account the competitiveness and innovation of the company's products, we expect the company's revenue in 2024-2026 to be 1,59/ 20.1/ 2.47 billion yuan, up 31.0%/26.2%/23.0% year on year; net profit to mother will be 2.2/2.8/ 340 million yuan, up 27.7%/23.8%/24.4% year on year. First coverage, giving a “buy” rating.
Risk warning: raw materials rise, overseas demand falls, performance forecasts and valuations fall short of expectations
