金吾财讯 | 申万宏源研报指，JS环球生活(01691)进一步开拓东南亚地区经销商。2025Q1，SharkNinja APAC携手泰国大型电子产品零售商Power Buy正式进入泰国市场，并于3月举办了Shark CleanSense iQ+无绳吸尘器发布会，展示了CleanSense iQ+吸尘器产品。公司在亚太地区完成日本、韩国、澳新等市场的布局后，实现收入高速增长，并进一步拓展东南亚市场，成为新的增长点。 该机构指，公司SN亚太分部实现快速增长，但九阳分部仍有所承压，该机构下调25年盈利预测为0.63亿美元（前值为1.07亿美元），新增26/27年盈利预测0.97/1.23亿美元，25-27年同比分别+912%/+54%/27%，对应估值为14/9/7倍。公司亚太业务前景广阔，九阳分部破壁机等品类有所回暖，对比同属厨房小电行业领先企业苏泊尔、九阳股份，25年平均PE为19倍，公司对应可比公司仍有20%以上的上升空间，维持“买入”投资评级。
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