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Roughly 70%+ of revenue is recurring. That's SaaS-like economics in a tangible consumer product. The right comparison is not Pensonic or Senheng, but more like a telco's post-paid subscriber base or a SaaS company's ARR. The valuation should reflect that, eventually.
That recurring revenue model is essentially a goldmine for cash flow stability and definitely warrants a much higher valuation multiple than your typical retail player. Once the market wakes up to the fact that this is basically a subscription business disguised as home appliances, the rerating will be massive.
