[Click eStock] "APR to Continue Peak Season Momentum Next Year with Diversified Lineup"

DS Investment & Securities analyzed on the 26th that APR will continue its peak season momentum next year through lineup diversification. They newly issued a 'Buy' rating and a target price of 68,000 KRW.

APR recorded sales of 174.1 billion KRW and operating profit of 27.3 billion KRW in the third quarter. This represents increases of 42.8% and 24.7%, respectively, compared to the same period last year. Daehyung Cho, a researcher at DS Investment & Securities, explained, "They continued their growth by setting a quarterly record high in sales," adding, "Considering that the third quarter is usually a period of consolidation ahead of the peak fourth quarter, these results are encouraging."

DS Investment & Securities expects APR's growth to continue with high growth in beauty devices and cosmetics, along with export expansion driven by new product launches and channel diversification.

He said, "They have launched the high-frequency (RF) device Ultratun and the ultrasound (HIFU) device High Focus Shot, and especially Ultratun is being sequentially launched globally in markets such as Hong Kong and Japan," adding, "As of September in the domestic market, the shares of High Focus Shot and Ultratun have expanded to 20% each, and with lineup diversification including Booster Pro Mini, export growth is expected."

He continued, "The cosmetics lineup is also diversifying; the third factory, which will be used exclusively for PDRN, has been completed, and pilot production is expected as early as this year, so we anticipate continued co-growth through synergy with devices."

He emphasized, "The penetration rate of home beauty devices, estimated to be in the single digits domestically, is expected to rise to 20% by 2030, and the company's performance is expected to grow accordingly," adding, "The export method, which initially focused on the company’s own mall, is diversifying to platforms such as Amazon and TikTok Shop, so there is sufficient reason to be optimistic about next year’s performance."