7月4日，截至港股收盘，恒生指数下跌0.64%，报23916.06点。百得利控股（06909.HK）收报0.67港元/ 股，上涨15.52%，成交量35.6万股，成交额22.46万港元，振幅27.59%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 最近一个月来，百得利控股累计涨幅19.59%，今年来累计跌幅38%，跑输恒生指数19.99%的涨幅。 本文源自：金融界 财务数据显示，截至2024年12月31日，百得利控股实现营业总收入87.46亿元，同比减少18.48%；归母 净利润-2405.9万元，同比减少142.35%；毛利率3.19%，资产负债率43.69%。 作者：行情君 行业估值方面，专业零售行业市盈率（TTM）平均值为13.85倍，行业中值-0.1倍。百得利控股市盈 率-13.9倍，行业排名第50位；其他陈唱国际（00693.HK）为4.7倍、宝胜国际（03813.HK）为5.78倍、 傲基股份（02519.HK）为6.14倍、周生生（00116.HK）为7.38倍、ASIA COMM HOLD（00104 ...

行业估值方面，专业零售行业市盈率（TTM）平均值为5.57倍，行业中值-0.25倍。傲基股份市盈率6.26 倍，行业排名第5位；其他宝光实业（00084.HK）为0.17倍、陈唱国际（00693.HK）为4.49倍、ASIA COMM HOLD（00104.HK）为5.49倍、宝胜国际（03813.HK）为5.67倍、周生生（00116.HK）为6.32 倍。 资料显示，傲基(深圳)跨境商务股份有限公司作为互联网品牌运营商,公司以"连接世界,创造美好"为自 身使命,依托多品牌体系化运营能力、全业务链数字化支撑能力、供应链管理能力和灵活的组织架构,有 效切入"家与生活"的各个场景,精心打造了设计美观、品质优良、功能先进的家具家居类、电动工具 类、家电类、消费电子类及运动健康类等系列品牌类产品,主要通过Amazon等第三方线上平台从事跨境 B2C业务。科技创新方面,公司高度重视技术沉淀,截止2023年12月,累计拥有发明、实用新型和外观专利 数百项,并多次获评为国家高新技术企业、国家级电子商务示范企业,广东省工程技术研究中心,并于2019 年、2020年共两次获得深圳企业创新纪录。产品及品牌方面,为满足终端客户的 ...

Financial Performance - AuGroup reported a revenue of RMB 1.2 billion for the year ended December 31, 2024, representing a year-on-year increase of 15%[10]. - In 2024, the Group achieved a revenue growth of 23.3% year-on-year, reaching RMB 10.71 billion[29]. - The net profit remained stable with a slight increase of 0.21% year-on-year, amounting to RMB 521 million[29]. - The overall revenue increased by 23.3% from RMB 8,683.0 million for the year ended December 31, 2023, to RMB 10,709.6 million for the year ended December 31, 2024, driven by expanded sales and increased logistics solutions[81][83]. - Revenue from sales of goods increased to RMB 8,268.2 million in 2024, up 17.8% from RMB 7,030.4 million in 2023[88]. - Revenue from logistics solutions increased by 47.7% to RMB 2,441.5 million in 2024 from RMB 1,652.6 million in 2023[94]. - The company's profit for the year ended December 31, 2024, was RMB 521.2 million, slightly up from RMB 520.1 million in the previous year[80][82]. Market Expansion and Strategy - The company expects revenue growth to accelerate to 25% in the upcoming fiscal year, driven by new product launches and market expansion strategies[10]. - AuGroup plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2025[10]. - The Group will leverage its listing in Hong Kong to consolidate product strengths and expand into high-potential emerging markets, optimizing shareholder returns[44]. - The Group's market share has steadily increased due to precise market positioning and continuous product innovation[32]. Product Development and Innovation - AuGroup is investing RMB 200 million in research and development for new technologies aimed at enhancing cross-border e-commerce capabilities[10]. - The company has launched a new mobile application that has already garnered 1 million downloads within the first month of release[10]. - The company expanded its product offerings in electric tools, including power screwdrivers and air pumps, which feature high-tech functions and practical designs[65]. - The practical upholstered bed series continued to rank at the top of the furniture category, with significant sales growth in medium-to-large-sized home appliances like refrigerators[53]. Logistics and Supply Chain - AuGroup has completed the acquisition of a logistics firm for RMB 150 million, which is expected to improve operational efficiency and reduce delivery times[10]. - The logistics solutions have significantly improved average logistics time efficiency and reduced operating costs for cross-border e-commerce customers[68][70]. - The Group intends to invest in building an efficient and intelligent logistics network to enhance logistics efficiency and reduce costs, thereby improving customer satisfaction and loyalty[41]. - The company operates a total of 33 warehouses in North America and Europe, with an aggregate area of 8.36 million square feet, including an additional 3.18 million square feet added during the year[68][80]. Financial Management and Investments - The board has approved a dividend payout of RMB 0.10 per share, reflecting a commitment to returning value to shareholders[10]. - R&D expenses increased by 9.1% to RMB 130.0 million in 2024 from RMB 119.2 million in 2023, driven by higher employee costs and mold expenses[108]. - The gearing ratio increased from 0.7 as of December 31, 2023, to 1.3 as of December 31, 2024, primarily due to an increase in lease liabilities[160]. - The Group had net foreign exchange gains of RMB 60.2 million in 2024, resulting from fluctuations in foreign currency exchange rates related to outstanding trade and other receivables[155]. Employee and Organizational Development - The total number of employees as of December 31, 2024, was 2,040, with 55.1% in product development, operation, sales, and marketing[161]. - The company employs various recruitment methods including on-campus recruitment, job fairs, and referrals to attract competent employees[165]. - Regular bespoke in-house training is offered to existing employees to enhance their technical skills[166]. - The company focuses on retaining employees by offering competitive salaries, extensive insurance packages, and merit-based incentives[165]. Sustainability and Corporate Responsibility - The Group is committed to sustainable development by integrating ESG principles into its strategy, focusing on green procurement and reducing carbon emissions[42]. - The focus on eco-friendliness and sustainability is expected to become a major trend in the B2C e-commerce market[79].

| 財務摘要 | | | | | | --- | --- | --- | --- | --- | | | | | | 單位:人民幣千元 | | | | | 截至12月31日止年度 | | | | 2024年 | 2023年 | 2022年 | 2021年 | | 收入 | 10.709.648 | 8.682.977 | 7.100.230 | 9.071.193 | | 毛利 | 3.297.130 | 2.993.690 | 2.479.049 | 1.895.099 | | 除所得税前利潤／(虧損) | 630.643 | 639,908 | 232.002 | (734.459) | | 年度利潤／(虧損) | 521.196 | 520.101 | 223.169 | (589,879) | | 本公司擁有人應佔年度 | | | | | | 利潤／(虧損) | 504,299 | 532.010 | 219.054 | (580.797) | | | | | | 單位:人民幣千元 | | | | | 於12月31日 | | | | 2024年 | 2023年 | 2022年 | 2021年 | | ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on revenue growth and operational capabilities, suggesting a favorable investment perspective [1]. Core Viewpoints - The company achieved a revenue of 10.71 billion yuan in 2024, representing a year-on-year increase of 23.3%, while the net profit attributable to the parent company was 504 million yuan, down 4.1% year-on-year, indicating strong revenue growth but some pressure on profit margins due to factors like shipping costs and pricing strategies [1][2]. - The cross-border sales and logistics solutions business showed significant growth, with revenues of 8.27 billion yuan and 2.44 billion yuan respectively, marking increases of 17.6% and 47.7% year-on-year, driven by an expansion of warehouse space [2]. - The company's gross margin for 2024 was 30.8%, a decrease of 3.7 percentage points year-on-year, primarily due to rising logistics costs, while the gross margin for the sales business was 36.2%, down 2.7 percentage points [3]. - The company has strengthened its market share in various product categories on Amazon's US platform, benefiting from excellent supply chain management and product development capabilities [4]. - Future revenue growth is expected to continue, with the main product categories projected to maintain stable growth, particularly in furniture and home appliances, while the electric tools segment is anticipated to grow at a rate of 40%-50% under a branding strategy [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.71 billion yuan, with a projected revenue growth of 20% in 2025, reaching approximately 12.90 billion yuan [8]. - The net profit for 2024 was 504 million yuan, with forecasts of 581 million yuan for 2025, indicating a recovery with a 15% increase [8]. - The company’s earnings per share (EPS) is projected to be 1.40 yuan in 2025, with a price-to-earnings (P/E) ratio of 7.25 [8]. Operational Efficiency - The company has improved its inventory turnover days, showcasing enhanced operational efficiency, and achieved a net cash flow from operating activities of 535 million yuan in 2024 [3][10]. - The logistics solutions business has been effectively integrated with product sales, enhancing overall operational capabilities [4]. Market Position - The company has seen a continuous increase in market share across multiple product categories, with a strong presence in the US market [4]. - The expansion of warehouse space to 780,000 square meters has bolstered the company's competitive position in cross-border logistics [2].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 傲基股份(2519.HK) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 骆峥 轻工制造行业分析师 执业编号：S1500525020001 邮 箱：luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 傲基股份：仓配服一体化强化，关税扰动促份 额提升 [Table_ReportDate] 2025 年 3 月 30 日 [Table_S 事件：公司发布 ummary]2024 年度业绩公告。公司 2024 年实现收入 107.10 亿元（同 比+23.3%），扣非归母净利润 5.04 亿元（同比-4.1%），营收端增长良好， 但利润端受海运成本、定价策略等因素影响略有承压。 跨境商品销售业务增长良好。24 ...

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 10,709,648 thousand, an increase of 23.3% compared to RMB 8,682,977 thousand in 2023[3] - Gross profit for the same period was RMB 3,297,130 thousand, up 10.2% from RMB 2,993,690 thousand in 2023[5] - Profit before tax was RMB 630,643 thousand, slightly down by 1.9% from RMB 639,908 thousand in 2023[5] - Net profit attributable to owners of the company was RMB 504,299 thousand, a decrease of 5.2% compared to RMB 532,010 thousand in 2023[6] - The company reported a basic and diluted earnings per share of RMB 1.29, down from RMB 1.37 in 2023[6] - The company’s pre-tax profit for the year was RMB 630.643 million, compared to RMB 1,163.071 million in the previous year, indicating a decrease due to increased operational costs[21] - The company's income tax expense for 2024 was RMB 109,447,000, down from RMB 119,807,000 in 2023, indicating a decrease of about 8%[23] - Basic and diluted earnings per share for 2024 were RMB 1.29, compared to RMB 1.37 in 2023, reflecting a decline of approximately 6%[25] Assets and Liabilities - Total assets increased to RMB 8,779,550 thousand, a growth of 69.5% from RMB 5,177,527 thousand in 2023[4] - Total liabilities rose to RMB 5,670,237 thousand, up 95.5% from RMB 2,904,760 thousand in 2023[4] - Current assets reached RMB 4,768,520 thousand, an increase of 51.6% compared to RMB 3,145,796 thousand in 2023[7] - Trade receivables from third parties increased to RMB 1,311,157,000 in 2024, up from RMB 876,395,000 in 2023, marking a growth of around 49%[26] - Trade payables to third parties increased to RMB 1,396,100,000 in 2024 from RMB 919,612,000 in 2023, reflecting a growth of approximately 52%[30] - Total bank borrowings increased to RMB 973,800,000 in 2024, compared to RMB 663,193,000 in 2023, representing a growth of approximately 47%[31] Revenue Breakdown - Revenue from furniture, home appliances, and electrical products was RMB 6,740.016 million, up 14.6% from RMB 5,880.443 million in 2023[17] - Logistics services revenue increased to RMB 2,441.456 million, representing a 47.5% growth compared to RMB 1,652.602 million in 2023[17] - Revenue from external customers in 2024 reached RMB 3,598,523,000, a significant increase from RMB 1,443,249,000 in 2023, representing a growth of approximately 149%[22] - The revenue breakdown for 2024 showed that product sales accounted for 77.2% (RMB 8,268,192,000) and logistics solutions contributed 22.8% (RMB 2,441,456,000) of total revenue[45] Expenses - The total operating expenses for the year were RMB 586.908 million, which is an increase from RMB 492.068 million in 2023[21] - Selling expenses rose by 13.2% from RMB 1,830.6 million to RMB 2,071.8 million, while the selling expense ratio improved from 21.1% to 19.3%[66] - Administrative expenses increased by 35.7% from RMB 287.6 million to RMB 390.3 million, with the administrative expense ratio rising from 3.3% to 3.6%[67] - Research and development expenses for the year were RMB 130,016 thousand, an increase from RMB 119,153 thousand in 2023[5] Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[3] - The company plans to continue expanding its logistics services and enhance its product offerings in the coming years[17] - The company has established strategic partnerships with major e-commerce platforms such as Amazon, Walmart, and Wayfair to enhance market reach[53] - The company achieved notable market share growth in various product categories, with practical soft-pack beds and electric tools like electric screwdrivers becoming bestsellers in channels such as Costco[37] Corporate Governance - The company has adopted the Corporate Governance Code as a basis for its governance practices, ensuring high standards of corporate governance to protect shareholder interests and enhance corporate value[98] - The board believes that the roles of the chairman and CEO should be separate, but currently, the same individual holds both positions, which the board believes aids in effective strategy planning[98] - From the listing date to December 31, 2024, the company has complied with all applicable provisions of the Corporate Governance Code, except for the aforementioned deviation[99] Special Dividend and Shareholder Returns - The company proposed a special dividend of RMB 0.25 per share, totaling approximately RMB 103,801,000, which was approved at the extraordinary general meeting on February 7, 2025[24] - A special dividend of RMB 0.25 per share was approved, totaling approximately RMB 103.8 million, to be paid to shareholders on April 7, 2025[96] - No final dividend was recommended for the year ended December 31, 2024[97] Internationalization and Market Position - The company successfully entered the capital market by listing on the Hong Kong Stock Exchange on November 8, 2024, marking a significant step in its internationalization process[42] - The company was recognized as a leading cross-border e-commerce enterprise in Guangdong Province, further solidifying its market position[42] Operational Efficiency - The company has successfully integrated digital system upgrades and expanded global network density, improving logistics efficiency and reducing operational costs for cross-border e-commerce clients[60] - The company’s logistics solutions are tailored to meet local delivery needs, enhancing efficiency and reducing costs for e-commerce sellers globally[45] Future Trends - Future trends indicate a shift in global B2C e-commerce demand towards high-quality, cost-effective, and uniquely designed products, alongside a growing emphasis on sustainability[55] - The global B2C e-commerce market is projected to reach a GMV of USD 7,712.5 billion by 2028, driven by increased online shopping demand post-COVID-19[35]