Hyundai Motor Securities analyzed on the 14th that APR has secured growth momentum through continuous new product launches. The investment opinion was maintained as 'Buy,' and the target price was raised to 600,000 KRW.
Minjung Kwak, a researcher at Hyundai Motor Securities, said, "APR's new product Ultra Tune allows mode switching only through the app," adding, "As a result, this can be applied to the company's future new product targeting and consumer behavior analysis by securing user data, which establishes a strong moat and will be a strong differentiating point from other beauty devices."
He especially expected continuous new product launches through the Pyeongtaek 2nd factory. Researcher Kwak said, "In addition to Ultra Tune, the launch of the HIFU device is also scheduled from the third quarter of this year, securing growth momentum through continuous new product launches," and added, "With the expansion of production capacity up to 8 million units annually by 2025 based on the Pyeongtaek 2nd factory, it will be possible to actively respond to increasing demand, accelerating global market penetration." He further added, "Growth is expected to increase further through new retail store entries in the United States."
Growth in the Chinese market is also anticipated. He said, "APR is targeting major Chinese platforms' large live commerce markets such as TikTok, Kuaishou, Taobao, and Xiaohongshu," and evaluated, "In the first quarter of this year, it achieved 9th place in the beauty device category on Douyin, known as 'Chinese TikTok.'"
He emphasized, "The characteristic of the Chinese home beauty device market is the increasing interest in 'skin aging prevention,' with the consumer age group gradually getting younger and a high interest in 'skincare high-tech' products," adding, "Accordingly, the Chinese market is expected to reach 21.3 billion yuan (approximately 4 trillion KRW) by 2026, from which APR is expected to benefit."
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