Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [6][14]. Core Insights - The company reported a revenue of 5.67 billion RMB for 2024, reflecting a year-on-year growth of 45.33%, while the net profit attributable to shareholders decreased by 47% to 336 million RMB [2]. - The cross-border e-commerce segment showed strong performance, with revenue reaching 2.03 billion RMB, a growth of 14.28%. The independent site revenue grew by 22.04% to 819 million RMB, indicating a shift towards higher consumer spending on customized products [3]. - The overseas warehouse business experienced significant growth, with revenue increasing by 154.76% to 2.42 billion RMB. The company expanded its operations to the UK, Canada, and Germany, increasing its warehouse area by 128.63% [4]. - The company is positioned as a leading player in the cross-border e-commerce sector, benefiting from the rising penetration of its product categories and the expansion of its overseas warehouse capabilities [5]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 5.67 billion RMB, a 45.33% increase year-on-year, while the net profit attributable to shareholders was 336 million RMB, down 47% [2]. Operational Analysis - The cross-border e-commerce segment generated 2.03 billion RMB in revenue, with independent site sales growing significantly. The average spending per buyer on independent sites was nearly double that on platforms like Amazon [3]. - The overseas warehouse segment reported a revenue of 2.42 billion RMB, with a substantial increase in operational capacity and service to over 1,175 foreign trade enterprises [4]. Profit Forecast and Valuation - The company is expected to continue its growth trajectory, with projected net profits of 385 million RMB, 435 million RMB, and 522 million RMB for 2025, 2026, and 2027, respectively. The current price-to-earnings ratios are estimated at 13, 11, and 9 times for the same years [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [6]. Core Insights - The company reported a revenue of 5.67 billion RMB for 2024, reflecting a year-on-year growth of 45.33%, while the net profit attributable to shareholders decreased by 46.99% to 336 million RMB [2][11]. - The cross-border e-commerce segment showed strong performance, with revenue from independent sites reaching 2.03 billion RMB, a growth of 14.28%, and the company's own brand sales accounting for 73.84% of main business revenue [3]. - The overseas warehouse business experienced rapid growth, with revenue increasing by 154.76% to 2.42 billion RMB, and the company now operates 21 self-owned overseas warehouses with a total area of 662,100 square meters [4]. - The company is positioned as a leading player in the cross-border e-commerce sector, benefiting from category penetration and the expansion of its overseas warehouse operations [5]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 5.67 billion RMB, up 45.33% year-on-year, with a net profit of 336 million RMB, down 46.99% [2][11]. Operational Analysis - The cross-border e-commerce segment generated 2.03 billion RMB in revenue, with independent site sales growing by 22.04% to 819 million RMB [3]. - The overseas warehouse segment reported a revenue of 2.42 billion RMB, marking a 154.76% increase, and the company processed over 11 million packages in 2024 [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 385 million RMB in 2025, 435 million RMB in 2026, and 522 million RMB in 2027, with corresponding P/E ratios of 13, 11, and 9 [6].

跨境电商品类持续扩张，表现亮眼。公司智能家居、健康办公产品品类不断丰富，在保持升降桌主打产 品优势的同时，利用线性驱动核心技术以及品牌、渠道协同优势，实现销售收入稳中有升。公司跨境电 商模式下，新品开拓卓有成效，且性价比不断提升，高中低不同价格带满足更多用户需求，2024 年跨 境电商销售收入20.26 亿元，同比增长14.28%，电动沙发、人体工学椅等新品类逐渐起量。 本报告导读： 公司业绩符合预期，自营海外仓的规模效应有望逐步显现。 投资要点： 调整盈利预期 ，维持"增持"评级。公司业绩低于我们的预期，考虑外贸环境的不确定性，我们下调公 司2025-2026 年盈利预期，并新增2027 年盈利预期，预计公司2025-2027 年EPS 为1.15/1.29/1.61元 （2025-2026 年原1.68/1.95 元），参考行业估值水平，考虑公司前瞻布局自建海外仓的成本优势赋予的 估值溢价，给予公司2025 年16xPE，下调目标价至18.44 元，维持"增持"评级。 海外仓业务保持高增长。2024 年公司海外仓实现营收24.23 亿元，同比增长154.76%，毛利率10.37%， 同比降低2.32pct ...

Core Viewpoint - Lege Co., Ltd. reported a significant increase in total revenue for 2024, reaching 5.67 billion yuan, a year-on-year growth of 45.33%, but experienced a decline in net profit by 46.99% due to reduced non-recurring gains from overseas warehouse sales and increased R&D and operational costs [1][2][3] Financial Performance - Total revenue for 2024 was 5.67 billion yuan, with a year-on-year increase of 45.33% [1] - Net profit attributable to shareholders was 336 million yuan, down 46.99% year-on-year [1] - Non-recurring net profit was 200 million yuan, a decrease of 20.45% compared to the previous year [1] - Revenue from overseas warehouse business reached 2.42 billion yuan, a remarkable growth of 154.76%, accounting for 42.73% of total revenue [1][3] Business Segments - The ergonomic product line generated 2.86 billion yuan, making up 50.42% of total revenue, with a growth of 9.49% year-on-year [3] - The overseas warehouse business has become a new growth engine, with its revenue share increasing from 15.28% in 2022 to 42.73% in 2024 [3][4] Operational Insights - The company expanded its self-operated overseas warehouses from 12 to 21, increasing total operational area from 289,600 square meters to 662,100 square meters, a growth of 128.63% year-on-year [3] - The overall utilization rate of overseas warehouses is currently between 60% to 70%, with new warehouses at 40% to 50% utilization [5] Market Trends - The growth in overseas warehouse demand is driven by the increasing penetration of e-commerce in the U.S. and the trend of Chinese cross-border brands expanding internationally [4] - The government has emphasized the importance of promoting cross-border e-commerce and optimizing overseas warehouse layouts in its work reports [4] Challenges and Strategic Outlook - The overseas warehouse business faces short-term cost pressures, with a gross margin of only 10.37%, down 2.32 percentage points from the previous year, significantly lower than the 43% margin from the smart home business [2][6] - The company plans to cautiously control the pace of warehouse expansion and improve operational efficiency to enhance profitability [7] - Long-term, the company has secured approximately 5,000 acres of land near key U.S. ports for self-built warehouses, with the first expected to be operational by the end of 2025 [7]

Core Viewpoint - The company reported a revenue of 5.67 billion yuan for 2024, a year-on-year increase of 45.3%, while the net profit attributable to shareholders decreased by 47% to 340 million yuan, primarily due to a significant decline in non-recurring income from the sale of overseas warehouses, with overall performance in line with expectations [1] Group 1: Financial Performance - In 2024, the company's revenue growth by quarter was 40.8% in Q1, 48.1% in Q2, 53.7% in Q3, and 39.4% in Q4 [1] - The net profit attributable to shareholders showed a decline in the first three quarters, with a year-on-year increase of 100.1% in Q1, 6.5% in Q2, and declines of 53.7% in Q3 and 38.6% in Q4 [1] - The company's gross profit margin for 2024 was 29.1%, a decrease of 7.4 percentage points, with specific margins of 42.3% for ergonomic products and 10.4% for overseas warehouses [3] Group 2: Business Segments - The overseas warehouse segment achieved a revenue of 2.42 billion yuan, a year-on-year increase of 154.8%, driven by increased e-commerce penetration in the U.S. and accelerated overseas expansion of domestic cross-border brands [2] - The ergonomic segment generated a revenue of 2.86 billion yuan, a year-on-year increase of 10.1%, with cross-border e-commerce revenue growing by 14.3% to 2.03 billion yuan [2] Group 3: Operational Insights - The company has established manufacturing bases in Ningbo, Guangxi, and Vietnam, enhancing its ability to handle global orders amid uncertain trade environments [4] - By the end of 2024, the self-operated overseas warehouse area reached 662,100 square meters, which is expected to boost order growth and improve profit margins due to enhanced bargaining power in last-mile delivery [4] Group 4: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 down by 17% and 10% to 410 million yuan and 480 million yuan, respectively, with the current stock price corresponding to 12 and 10 times P/E for those years [5] - The company maintains an outperform rating and a target price of 18 yuan, indicating a potential upside of 23% based on a 15 and 13 times P/E for 2025 and 2026 [5]

Group 1: Guobo Electronics - Guobo Electronics has improved its gross margin through cost control and product structure adjustments, despite revenue fluctuations due to macroeconomic factors [1] - The company reported a normal increase in inventory as part of production reserves, with stable prices for mainstream products and good capacity utilization [1] - Guobo is actively participating in key projects and is expanding into satellite and low-altitude fields, with RF chips already applied in drone products to meet the demands of next-generation mobile communication technologies [1] Group 2: Lege Co., Ltd. - In 2024, Lege Co., Ltd. faced a challenging environment with a revenue growth of 45.33% but a net profit decline of 46.99%, primarily due to reduced non-recurring income and increased R&D investment [2] - The company has expanded its overseas warehouse operations to 662,100 square meters, serving 1,175 enterprises and shipping over 11 million items, with a capacity utilization rate of 60%-70% [2] - Lege plans to maintain steady progress in 2025, focusing on smart home and overseas warehouse dual main businesses while enhancing brand building and talent optimization [2] Group 3: Baike Biotech - Baike Biotech experienced significant declines in performance in 2024 and the first quarter of 2025, with decreases of 32.64% and 39.96% respectively, mainly due to the impact on shingles vaccine sales [3] - The company aims to enhance market awareness of the shingles vaccine and solidify its position in the chickenpox vaccine market while expanding into international markets [3] - Baike anticipates an increase in R&D investment and sales expense ratios in 2025, followed by a gradual decrease [3] Group 4: Mona Lisa - Mona Lisa is facing multiple challenges in 2024 due to changes in trade environments and real estate adjustments, leading to a 16.34% decline in sales volume and revenue [4] - The company has seen a 20.72% decrease in operating costs, primarily due to lower direct material and fuel costs, and has implemented cost reduction and efficiency measures [4] - Looking ahead to 2025, the industry faces challenges from weakened demand, but urbanization and stock housing renovations present new opportunities [4]

Group 1: Overall Business Performance - In 2024, the company achieved a revenue of 5.67 billion CNY, a year-on-year increase of 45.33% [2] - Net profit attributable to shareholders was 336 million CNY, a decline of 46.99% compared to the previous year [2] - The decrease in net profit was primarily due to a significant drop in non-recurring gains from the sale of overseas warehouses [2][3] Group 2: Overseas Warehouse Operations - The number of self-operated overseas warehouses increased from 12 to 21, with total operational area expanding by 128.63% to 662,100 square meters by the end of 2024 [4] - The company served 1,175 outbound enterprises, with over 11 million packages shipped [4] - Current warehouse utilization is between 60%-70%, with new warehouses at 40%-50% utilization expected to rise [5] Group 3: New Product Development and Profitability - New products, including ergonomic chairs and electric sofas, accounted for over 10% of cross-border e-commerce revenue in 2024 [6] - The company aims to increase the sales proportion of new products to 15%-20% in the future [6] - New products have similar gross margins to traditional products, but higher marketing costs reduce net profit [6] Group 4: Impact of Trade Tariffs - Some customers are hesitant to ship due to concerns over tariffs, while larger sellers continue to ship to maintain platform rankings [7] - The company has raised prices and is utilizing factories in Vietnam to mitigate the impact of a 10% tariff [7] Group 5: Future Outlook - The company aims to maintain steady growth in 2025, focusing on smart home and overseas warehouse sectors [7] - Plans include enhancing product offerings in smart home and health office categories, and strengthening brand development [7]

Core Insights - The company reported a significant increase in revenue for 2024, with total revenue reaching 5.67 billion, a year-on-year growth of 45.3%, while net profit decreased by 47% to 336 million [1] - The decline in profit is attributed to several factors, including the transition from small to large warehouses, increased R&D and operational costs, and high shipping fees impacting cross-border e-commerce profitability [1] Group 1: Financial Performance - In Q4 2024, revenue was 1.695 billion, up 39.4% year-on-year, but net profit fell by 39.7% to 7 million [1] - The company's gross margin for 2024 was 29.1%, down 7.4 percentage points, and net profit margin was 5.9%, down 10.3 percentage points [4] - The company adjusted its profit forecast for 2025-2027, expecting net profits of 390 million, 460 million, and 530 million respectively [5] Group 2: Business Segments - The overseas warehouse business generated 2.423 billion in revenue for 2024, a remarkable growth of 154.76%, with a gross margin of 10.37% [2] - The cross-border e-commerce segment reported revenue of 2.026 billion, a year-on-year increase of 14.28%, with a strong focus on expanding product categories and enhancing brand presence [3] - The company has established itself as a leading player in the overseas warehouse sector, serving 1,175 outbound enterprises and handling over 11 million packages in 2024 [2] Group 3: Strategic Developments - The company is enhancing its competitive edge by building self-operated overseas warehouses, with the first one expected to be operational by the end of 2025 [2] - The company is focusing on developing new products and business models, with a significant increase in R&D investment to support innovation [1][3] - The independent sales channel has shown strong growth, with revenue from independent sites reaching 819 million, a 22.04% increase year-on-year [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is experiencing a dual-driven growth in its smart home and overseas warehouse businesses, achieving a revenue increase of 45.3% year-on-year in 2024, reaching 5.67 billion [1]. - Despite the revenue growth, the net profit attributable to the parent company decreased by 47% year-on-year to 336 million due to various factors including reduced non-recurring gains from previous overseas warehouse sales and increased R&D and operational costs [1][4]. - The overseas warehouse business saw significant growth, with revenue reaching 2.423 billion, a year-on-year increase of 154.76%, benefiting from the rising demand for cross-border e-commerce [2]. - The cross-border e-commerce segment also grew, generating 2.026 billion in revenue, a 14.28% increase, supported by the expansion of product categories and a focus on self-owned brands [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.695 billion, up 39.4% year-on-year, while the net profit attributable to the parent company was 70 million, down 39.7% [1]. - The overall revenue for 2024 was 5.67 billion, with a net profit of 336 million, reflecting a significant decline in profitability [1][5]. Business Segments - The overseas warehouse business is a key growth driver, with a revenue of 2.423 billion and a gross margin of 10.37%, despite a slight decrease in margin [2]. - The cross-border e-commerce segment generated 2.026 billion, with a focus on expanding product offerings and enhancing brand presence [3]. Cost and Profitability - The company's gross margin for 2024 was 29.1%, down 7.4 percentage points, primarily due to new warehouse ramp-up and high shipping costs [4]. - The report highlights a significant increase in operational costs due to the expansion of overseas warehouse operations and increased personnel for R&D and marketing [1][4]. Future Outlook - The company plans to enhance its competitive advantage by increasing the proportion of self-built overseas warehouses, which are expected to reduce operational costs [2]. - Profit forecasts for 2025 to 2027 indicate a gradual recovery in net profit, with estimates of 390 million, 460 million, and 530 million respectively [9].

Core Viewpoint - Lege Co., Ltd. reported significant revenue growth in 2024, but faced a substantial decline in net profit, raising market concerns about its financial health [1][6]. Revenue Performance - The total operating revenue reached 5.67 billion yuan, marking a year-on-year increase of 45.33% [1]. - Over the past five years, the company's revenue has shown a consistent upward trend, with 2024 being the highest recorded [2]. Profitability Analysis - The net profit attributable to shareholders was 336 million yuan, a sharp decline of 46.99% year-on-year [1]. - The non-recurring net profit was 200 million yuan, down 20.45% compared to the previous year [1][6]. - The decline in net profit is attributed to reduced non-recurring income, particularly from the sale of overseas warehouses [6]. Business Segment Performance - The main business includes smart home and smart office product sales, which have driven significant revenue growth [4]. - The company has expanded its product line, including height-adjustable desks and ergonomic chairs, which are well-received in the market [4]. - Despite revenue growth, the company faces increasing cost pressures due to higher R&D investments and operational costs associated with expanding overseas warehouse services [4][5]. Overseas Warehouse Business - The overseas warehouse logistics service has rapidly developed since 2020, benefiting from the growth of cross-border e-commerce [5]. - The company has served over 1,000 cross-border e-commerce sellers, contributing to its revenue growth [5]. - However, the rapid expansion of this segment has led to profit pressures due to high shipping costs and increased investments in warehouse infrastructure [5]. Future Challenges - The company must optimize its cost structure and improve operational efficiency to address rising cost pressures [6]. - There is a need to accelerate the release of warehouse capacity and enhance profitability in the overseas warehouse business [6]. - Continued investment in R&D is essential for launching innovative products to maintain market competitiveness [6].