SharkNinja Is Coming for Your Home
鲨鱼忍者要进军你的家了

Chances are, you have probably come across one of SharkNinja’s products while shopping for a home appliance: Its Shark vacuums and Ninja blenders are strategically priced below those of premium sellers such as Dyson and Vitamix, but are backed up with quality. Over the years, the Needham, Mass.-based company has sunk its teeth into a range of products including air fryers, coffee makers, hair dryers and air purifiers.
你可能在购买家用电器时遇到过 SharkNinja 的产品：它的 Shark 吸尘器和 Ninja 搅拌机价格低于戴森和维他美仕等高端品牌，但质量有保障。多年来，这家总部位于马萨诸塞州尼德姆的公司已涉足 一系列产品，包括空气炸锅、咖啡机、吹风机和空气净化器。

Just this year, the company has introduced outdoor coolers, indoor/outdoor fans and a slushie maker that sold out quickly and accumulated a wait list of 100,000 people. In total, the company makes products in 34 subcategories, up from 27 at the end of 2022, according to its latest earnings call. Every year, the company aims to launch in two new categories—one in each brand, according to a report from William Blair.
今年，该公司推出了户外冷藏箱、室内/室外风扇和一台快速售罄并积累了 10 万人等候名单的冰沙机。根据该公司最新的财报电话会议，该公司总共生产 34 个子类别产品，高于 2022 年底的 27 个。据威廉·布莱尔的一份报告，该公司每年计划在两个新类别中推出产品，每个品牌一个。

Naturally, that raises the concern that SharkNinja might be spreading itself too thin, or that it is going for quantity over quality. Remarkably, though, it seems to have managed both, judging by where consumers are spending their dollars. SharkNinja has managed to increase its market share by a healthy margin in the categories it enters. Its market share in toaster ovens went from a mere 4% in 2019 to 23% in 2023, according to Circana. Its robot-vacuum market share went from 15% to 32% over that period. It has done this while retaining its position as the top blender and vacuum seller in the U.S. over the past four years.
当然，这引发了人们的担忧，即 SharkNinja 可能过于分散，或者是在追求数量而不是质量。然而，令人惊讶的是，从消费者在哪里花钱来看，它似乎在这两方面都做到了。SharkNinja 成功地在进入的类别中大幅提高了市场份额。根据 Circana 的数据，其烤面包机市场份额从 2019 年的 4%上升到 2023 年的 23%。其机器人吸尘器市场份额在同期从 15%上升到 32%。在过去四年中，它在保持其作为美国顶级搅拌机和吸尘器销售商地位的同时做到了这一点。

After a rocky debut on the public market last year, the company has beaten top-line and bottom-line expectations every quarter by a wide margin. In its latest earnings, the company roughly doubled its revenue-growth expectation for this fiscal year to 20%-22%. After a 76% jump in share price year-to-date, SharkNinja’s enterprise value is about 13.5 times forward 12-month earnings before interest, taxes, depreciation and amortization. 
在去年上市后经历了波折的开局，该公司每个季度都大幅超出营收和利润预期。在其最新的财报中，该公司将其本财年的收入增长预期几乎翻了一番，达到 20%-22%。在股价今年迄今上涨 76% 后，SharkNinja 的企业价值约为未来 12 个月息税折旧摊销前利润的 13.5 倍。

That is no bargain, but it is still cheaper compared with Australia-listed coffee- and kitchen-appliance maker Breville, which trades at a 17.5 times multiple. Not only is SharkNinja’s revenue base bigger, but it has also grown at a faster pace: Its revenue has swelled at a compound annual growth rate of about 23% since 2018, compared with an 18% rate for Breville.
这不算便宜，但与在澳大利亚上市的咖啡和厨房电器制造商Breville相比，它仍然更便宜，后者以 17.5 倍的倍数交易。SharkNinja 的收入基础不仅更大，而且增长速度也更快：自 2018 年以来，其收入以约 23% 的复合年增长率增长，而 Breville 的增长率为 18%。

What is the secret sauce? Probably a swift production cycle and a keen sense for consumer taste. SharkNinja looks for consumer pain points by scouring social media and online reviews and by closely observing consumers at home as they test one of the company’s prototype products. 
秘密武器是什么？可能是快速的生产周期和对消费者口味的敏锐洞察力。SharkNinja 通过浏览社交媒体和在线评论，以及在消费者家中密切观察他们测试公司原型产品，来寻找消费者的痛点。

It then asks the engineering team to come up with a solution. SharkNinja has more than 1,000 engineers across different time zones in Boston, London and China, a structure that allows for a 24-hour innovation cycle and a faster turnaround. It also helps that its manufacturing-order lead time is about 30 days compared with the industry’s standard of 75 to 90 days, according to a report from William Blair, which notes that SharkNinja has longstanding relationships with an extensive base of Asian manufacturers.
然后，它要求工程团队提出解决方案。SharkNinja 在波士顿、伦敦和中国拥有超过 1000 名工程师，分布在不同的时区，这种结构可以实现 24 小时的创新周期，并加快周转速度。此外，据威廉·布莱尔的一份报告称，SharkNinja 的制造订单交货时间约为 30 天，而行业标准为 75 到 90 天，这得益于该公司与亚洲众多制造商建立了长期合作关系。

For example, a few years ago the company’s employees noticed that, after consumers were done vacuuming, they took a knife or scissor to slice the accumulated hair off the brush roll, SharkNinja Chief Executive Mark Barrocas said in an interview. The engineering team subsequently came up with a feature that prevents hair from wrapping. 
例如，几年前，该公司员工注意到，消费者吸尘完毕后，会用刀或剪刀将刷辊上积累的头发切掉，鲨鱼忍者首席执行官马克·巴罗卡斯在接受采访时说。随后，工程团队想出了一个防止头发缠绕的功能。

A more recent example occurred when the company observed consumers dealing with soggy sandwiches in their ice-filled coolers. It came up with a cooler that features a dry storage area for food. Online reviews say the cooler is heavy, but note the drawers are successful at keeping items such as meat or cheese cool and dry. 
最近的一个例子是，该公司观察到消费者在装满冰块的冷却箱中处理湿透的三明治。于是他们设计了一种带有干货储存区域的冷却箱。网上评论说这款冷却箱很重，但指出抽屉成功地将肉类或奶酪等物品保持凉爽干燥。

The constant innovation cycle means SharkNinja can’t skimp on research and development, where it spent about 6% of revenue last year. It also spent about 20% of revenue on sales and marketing. This means its margins look less robust compared with others—such as Breville and Oxo owner Helen of Troy—but operating margins are still respectable at roughly 9%.
持续的创新周期意味着 SharkNinja 不能在研发方面吝啬，去年它在这方面花费了约 6%的收入。它还花费了约 20%的收入用于销售和营销。这意味着与其他公司相比，其利润率看起来不太强劲——例如 Breville 和 Oxo 的母公司 Helen of Troy——但其营业利润率仍然可观，约为 9%。

The big question is whether SharkNinja can keep its pace of innovation going. After all, there is only a finite number of home appliances out there. But there are still categories where it is in the early innings, such as outdoor appliances. SharkNinja also has filed patents for skin-care products, a new market for the company. And SharkNinja has been able to create demand in smaller markets such as ice-cream makers. The ice-cream-maker market was only about $50 million in the U.S. in 2021 but SharkNinja’s version, CREAMi, is now a $200 million business in the country—with a roughly 80% market share.
最大的问题是 SharkNinja 能否保持其创新步伐。毕竟，家用电器数量是有限的。但它在一些领域仍处于早期阶段，例如户外电器。SharkNinja 还为护肤产品申请了专利，这是该公司的一个新市场。SharkNinja 还能够在冰淇淋机等较小的市场上创造需求。2021 年，美国冰淇淋机市场规模仅为 5000 万美元，但 SharkNinja 的 CREAMi 现在已成为该国 2 亿美元的业务，市场份额约为 80%。

SharkNinja also has a long runway for expansion overseas. While its exposure to Chinese manufacturers presents tariff risks, Barrocas said the company has been diversifying its supplier base and will be able to make all U.S. products outside of China by the end of 2025.
SharkNinja 在海外扩张方面也拥有很长的跑道。虽然其对中国制造商的依赖带来了关税风险，但巴罗卡斯表示，该公司一直在多元化其供应商基础，并将在 2025 年底前能够在美国以外地区生产所有美国产品。

SharkNinja is a big fish. The pond still has plenty of room for it.
SharkNinja 是一条大鱼。池塘里还有足够的空间容纳它。

Write to Jinjoo Lee at jinjoo.lee@wsj.com