重要内容提示： 1、本次归属股份的上市流通日为 2024 年 9 月 2 日； 2、本次归属的第二类限制性股票激励对象共计 150 人，激励数量为 162.7797 万股， 占目前公司总股本的 0.52%； 3、本次归属的限制性股票除高管限售股外无其他限售安排，股票上市后即可流通。 | 证券代码：300729 | 证券简称：乐歌股份 公告编号：2024-071 | | --- | --- | | 债券代码：123072 | 债券简称：乐歌转债 | 乐歌人体工学科技股份有限公司 关于 2021 年限制性股票激励计划第二个归属期归属结果暨股份上市 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 乐歌人体工学科技股份有限公司（以下简称"公司"）于 2024 年 7 月 31 日召开了第 五届董事会第三十二次会议和第五届监事会第二十五次会议，审议通过了《关于 2021 年限制性股票激励计划第二个归属期条件成就的议案》。近日公司办理了 2021 年限制 性股票第二个归属期首次授予部分股票的登记工作，现将有关事项说明如下： 一、2021 年限制性股票激励计划实施情 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 13X/9X/7X for 2024-2026 based on operating profit forecasts of 347/487/632 million yuan [4][7] Core Views - The company's H1 2024 performance met expectations, with revenue of 2,427 million yuan, up 44.6% YoY, and net profit of 160 million yuan, down 63.9% YoY [4] - Overseas warehouse business showed strong growth, with H1 revenue of 851 million yuan, up 130% YoY, and Q2 gross margin improving to 15.6%, up 2.6 percentage points QoQ [4] - Brand overseas revenue reached 915 million yuan in H1, up 20% YoY, with independent stations contributing 369 million yuan, up 21% YoY, and accounting for 40.3% of total brand overseas revenue [5] - Domestic sales are still in the marketing stage, with revenue declining in H1, but the company expects to break even in 2024 [5] - The report is optimistic about a rebound in net profit margin in H2 2024, driven by falling shipping costs and the peak season for e-commerce [5] Financial Performance - The company's revenue is expected to grow from 5,497 million yuan in 2024E to 8,648 million yuan in 2026E, with a CAGR of 24.8% [6] - Net profit is forecasted to increase from 347 million yuan in 2024E to 632 million yuan in 2026E, with a CAGR of 29.9% [6] - Gross margin is expected to recover to 36.0% by 2026, up from 31.3% in H1 2024 [6] - ROE is projected to improve from 5.2% in H1 2024 to 15.3% by 2026 [6] Market Data - The company's stock price closed at 13.95 yuan on August 12, 2024, with a P/B ratio of 1.4 and a dividend yield of 2.87% [2] - The company's market capitalization is 4,107 million yuan, with a total of 313 million shares outstanding, of which 294 million are A-shares [3]

国泰君安证券股份有限公司 关于 乐歌人体工学科技股份有限公司 向特定对象发行股票 之 发行保荐书 保荐机构（主承销商） 二〇二四年八月 国泰君安证券股份有限公司 关于乐歌人体工学科技股份有限公司 向特定对象发行股票之发行保荐书 国泰君安证券股份有限公司（以下简称"国泰君安"、"保荐机构"或"保 荐人"）接受乐歌人体工学科技股份有限公司（以下简称"乐歌股份"、"发行人" 或"公司"）的委托，担任乐歌股份向特定对象发行股票（以下简称"本次发行"） 的保荐机构，李豪、张征宇作为具体负责推荐的保荐代表人，为本次发行出具 发行保荐书。 国泰君安及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司证券发 行注册管理办法》（以下简称"《注册管理办法》"）及《证券发行上市保荐业务 管理办法》等法律法规和中国证券监督管理委员会、深圳证券交易所的有关规 定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和道 德准则出具本发行保荐书，并保证本发行保荐书的真实性、准确性和完整性。 3-1-1 | 目 录 2 | | --- | | 释 义 3 ...

股票简称：乐歌股份 股票代码：300729 乐歌人体工学科技股份有限公司 Loctek Ergonomic Technology Corp. 宁波市鄞州经济开发区启航南路 588 号（鄞州区瞻岐镇） 向特定对象发行股票募集说明书 保荐机构（主承销商） 中国（上海）自由贸易试验区商城路 618 号 二〇二四年八月 声 明 1、公司及董事会全体成员保证本募集说明书内容真实、准确、完整，并确 认不存在虚假记载、误导性陈述或重大遗漏。 2、本募集说明书按照《上市公司证券发行注册管理办法》、《公开发行证券 的公司信息披露内容与格式准则第 61 号——上市公司向特定对象发行股票募集 说明书和发行情况报告书》等要求编制。 3、本次向特定对象发行股票完成后，公司经营与收益的变化由公司自行负 责；因本次向特定对象发行股票引致的投资风险，由投资者自行负责。 4、本募集说明书是公司董事会对本次向特定对象发行股票的说明，任何与 之相反的声明均属不实陈述。 5、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 6、本募集说明书所述事项并不代表审批机构对于本次向特定对象发行股票 相关事项的实质性判断、确认、 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 2.427 billion yuan for the first half of 2024, representing a year-on-year increase of 44.64%. The net profit attributable to shareholders decreased by 63.86% to 160 million yuan, while the net profit after deducting non-recurring gains and losses increased by 29.95% to 107 million yuan [6] - The company's comprehensive gross margin for the first half of 2024 was 31.35%, a decrease of 4.39 percentage points year-on-year. The expense ratio was 25.18%, down 3.92 percentage points [6] - The ergonomic product series generated revenue of 1.337 billion yuan, up 17.41% year-on-year, while the warehousing and logistics services saw a significant revenue increase of 116.15% to 850 million yuan [6] - The overseas warehouse business is experiencing upward momentum, with 17 self-operated overseas warehouses covering an area of 482,100 square meters as of the first half of 2024 [6] - The company is expected to achieve net profits of 460 million yuan and 530 million yuan for 2024 and 2025, respectively, with corresponding PE ratios of 9.55 and 8.33 [6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 2.427 billion yuan, a 44.64% increase year-on-year, and a net profit of 160 million yuan, a decrease of 63.86% [6] - The gross margin for the first half of 2024 was 31.35%, down 4.39 percentage points from the previous year [6] - The company expects revenues of 4.958 billion yuan and 6.138 billion yuan for 2024 and 2025, respectively, with year-on-year growth rates of 27.1% and 23.8% [10] Product Performance - The ergonomic product series generated 1.337 billion yuan in revenue, a 17.41% increase year-on-year, while linear drive products generated 1.020 billion yuan, a 10.42% increase [6] - The warehousing and logistics services saw a revenue increase of 116.15% to 850 million yuan, indicating strong growth in this segment [6] Valuation and Forecast - The company is projected to have net profits of 460 million yuan in 2024 and 530 million yuan in 2025, with a PE ratio of 9.55 for 2024 [6] - The estimated reasonable value range for the stock is between 23.52 and 24.99 yuan per share based on a PE valuation of 16-17 times for 2024 [6]

其他轻工Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 人体工学稳健增长，海外仓增速超预期 ——乐歌股份(300729)中报点评 | --- | --- | --- | |-----------------------|--------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 市场数据 | 证券研究报告 - 中报点评 \n(2024-08-05) | 买入 ( 维持 ) \n发布日期： 2024 年 08 月 06 日 | | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][13]. Core Insights - The company reported a strong revenue growth of 44.6% year-on-year in H1 2024, achieving a total revenue of 2.43 billion [1][2]. - The net profit attributable to the parent company decreased by 63.9% year-on-year to 160 million, while the non-recurring net profit increased by 30.0% to 110 million [1]. - The overseas warehouse business saw a remarkable revenue increase of 129.9% year-on-year, reaching 850 million, driven by the rise in cross-border e-commerce and brand expansion [1][2]. - The independent site performance improved significantly, with cross-border e-commerce revenue reaching 920 million, a 20.4% increase, and independent site revenue accounting for 40.3% of total cross-border e-commerce [1][2]. - The company anticipates continued high demand for its overseas warehouse services in the second half of the year due to upcoming promotional events [1]. Financial Summary - The company expects net profits for 2024-2026 to be 450 million, 510 million, and 570 million respectively, with year-on-year growth rates of -29%, 13%, and 12% [1][3]. - The projected revenue for 2024 is 5.15 billion, reflecting a 32.1% increase compared to the previous year [3]. - The gross profit margin for H1 2024 was 31.4%, a decrease of 3.1 percentage points year-on-year, while the net profit margin improved slightly to 6.2% [1][3].

证券研究报告 非金融公司|公司点评|乐歌股份（300729） 2024 年中报业绩点评： 跨境电商稳步增长，海外仓业务超预期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月04日 证券研究报告 |报告要点 2024H1 公司实现营收 24.27 亿元，同比+44.64%，归母净利润 1.60 亿元，同比-63.46%，扣非 后归母净利润 1.07 亿元，同比+29.95%；单季度看，2024Q2 公司实现营收 13.06 亿元，同比 +48.08%，归母净利润 0.80 亿元，同比+74.02%，扣非后归母净利润 0.66 亿元，同比+6.47%。 其中跨境电商稳步增长，海外仓业务持续超预期，仓储物流毛利率上行，表观归母净利润受 2023Q1 卖仓扰动。未来新仓有望快速爬坡，佐治亚州自建仓有望提升公司盈利水平，预计2024- 2026 年公司营收和扣非归母净利润 CAGR 为 25.38%/26.85%，维持"买入"评级。 |分析师及联系人 管泉森 戚志圣 SAC：S0590523100007 SAC：S0590523120002 请务必阅读报告末页的重要声明 1 / 7 非金融公 ...

因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | | | | 基本數据 | 2024-08-02 | | 收盘价(元) | 14.30 | | 流通股本(亿股) | 2.94 | | 每股净资产(元) | 9.68 | | 总股本(亿股) | 3.13 | | 最近 12月市场表现 | | 于健 分析师 SAC 证书编号： S0160522060001 yujian@ctsec.com 谷亦清 联系人 guyq01@ctsec.com | --- | --- | |--------------------------|-----------------------------------| | | | | 相关报告 | | | | 1. 《跨境电商+海外仓双轮驱动,业绩 | | 增长超预期 》 2024-04-22 | | 2. 《海外仓业务高速增长,驱动业绩超 预期》 2024-01-19 3.《多业务收入回暖,业绩高增超预期》 2023-10-27 核心观点 ■ 证券研究报告 事件: 公司发布 2024 半年报。公司 24H1 ...

乐歌股份（300729）2024年中报点评 电商独立站表现亮眼,海外仓业务超预 期增长 2024 年 08 月 02 日 【投资要点】 公司发布 2024年半年报。2024H1 公司实现营业收入 24. 27 亿元,同 比增长 44.64%;实现归母净利润 1.60 亿元,同比减少 63.86%;实现 扣非归母净利润 1.07 亿元，同比增长 29.95%。归母净利润下滑主要 系 23Q1 出售净外仓取得非经收益 7352 万美元。人体工学系列产品贡 献主要营收,增长稳健;海外仓业务超公司预期增长,占比持续提升。 � 跨境电商:1）品牌力持续提升,独立站表现亮眼。24H1 跨境电商业 务实现销售收入 9.15 亿元,同比增长 20%;其中 Amazon 和独立站分 别实现销售收入 4.92/3.69 亿元,渠道占比分别为 54%/40%。自主品 牌+自主渠道双轮驱动,能够在相对激烈的竞争环境中保持成长韧性。 2)品类拓展见成效,新品贡献业务增量。公司人体工学系列产品以 智能升降采为核心品类,上半年陆续拓展人体工学椅、电动沙发等新 品类,销售占比已达到 8%,考虑推广周期盈加下半年消费旺季，增速 有望进一步提升 ...