Financial Performance - The company's revenue for Q1 2024 reached ¥1,121,581,641.35, representing a 40.83% increase compared to ¥796,407,152.78 in the same period last year[5] - Net profit attributable to shareholders decreased by 79.89% to ¥79,851,037.11 from ¥397,053,546.30 year-on-year[5] - The net profit excluding non-recurring gains and losses increased by 100.08% to ¥41,290,861.35, up from ¥20,636,664.85 in the previous year[5] - Basic earnings per share fell by 79.53% to ¥0.26, compared to ¥1.27 in Q1 2023[5] - In Q1 2024, the company reported a net profit of ¥79,849,924.79, a decrease of 79.93% compared to ¥397,055,704.24 in Q1 2023[23] - Operating profit for the quarter was ¥106,907,670.03, down 80.52% from ¥547,902,634.96 in the same period last year[23] - The company recorded a total comprehensive income of ¥70,213,926.19, significantly lower than ¥394,775,591.81 in Q1 2023[24] Operating Costs and Cash Flow - Operating cash flow decreased by 33.69% to ¥120,679,899.40, down from ¥181,999,313.86 in the same period last year[5] - The company experienced a 53.97% increase in operating costs, which rose to ¥770,593,221.79 from ¥500,467,591.05 year-on-year[10] - The company incurred financial expenses of ¥16,335,924.97, a decrease of 22.00% from ¥21,143,236.93 in Q1 2023[23] - The company experienced a net cash flow from operating activities of ¥120,679,899.40, a decline of 33.73% compared to ¥181,999,313.86 in the previous year[26] Assets and Liabilities - Total assets increased by 9.44% to ¥7,439,775,455.39 from ¥6,797,907,884.75 at the end of the previous year[5] - Cash and cash equivalents at the end of Q1 2024 amounted to ¥1,773,483,890.58, an increase from ¥1,652,177,540.32 at the beginning of the period[19] - Accounts receivable rose to ¥273,007,742.44 in Q1 2024, compared to ¥252,951,644.87 at the start of the year, indicating improved sales performance[19] - Inventory levels increased to ¥512,072,427.32 from ¥459,734,917.94, suggesting a strategic buildup in stock to meet anticipated demand[19] - Short-term borrowings increased to ¥727,714,646.79 from ¥580,043,767.61, indicating a rise in leverage to support operations[20] - Non-current liabilities rose to ¥2,374,671,871.25 from ¥2,074,559,865.28, indicating increased long-term financial commitments[20] - The company's equity attributable to shareholders increased to ¥3,112,028,785.98 from ¥3,037,067,510.58, demonstrating a solid growth in shareholder value[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 20,736[13] - The largest shareholder, Ningbo Lijing Electronics Group Co., Ltd., holds 21.17% of shares, totaling 66,189,378 shares[13] - The second largest shareholder, Lijing (Hong Kong) International Co., Ltd., holds 15.93% of shares, totaling 49,801,028 shares[13] - The total number of restricted shares at the end of the reporting period is 17,533,113 shares, with no shares released from restriction during the current period[15] - The company has a total of 17,263,531 restricted shares at the beginning of the period, with an increase of 269,582 shares due to executive lock-up regulations[15] - The company’s actual controllers, Xiang Lehong and Jiang Yi, collectively control 49.30% of the shares through various entities[14] - There are no changes in the shareholding status of the top 10 shareholders due to margin trading activities[14] Strategic Initiatives - The company is focusing on expanding its market presence and investing in new product development to drive future growth[22] - The company is progressing with the construction of public overseas warehouses, adopting a strategy of "merging small warehouses into large warehouses"[16] - The company has adjusted the investment scale of the "Vietnam Fulaisi Smart Home Products Factory Project" and redirected remaining funds to the "Ellabell Overseas Warehouse Project" in Georgia, USA, totaling 43.53 million RMB[17] Research and Development - Research and development expenses increased to ¥33,276,369.70, up 15.88% from ¥28,919,225.64 in Q1 2023[23]

元证券股份有限公司 [Table_Main] 公司研究|可选消费|耐用消费品与服装 证券研究报告 [Table_TargetPrice] 乐歌股份(300729)公司点评报告 2024 年 04 月 24 日 [Table_Title] 海外仓业务蓬勃发展，盈利能力整体向上 ——乐歌股份 2023 年度报告点评 [Table_Summary] 事件： 公司发布 2023 年度报告：2023 年公司实现营收 39.02 亿元，同比增长 21.61%；公司 2023 全年实现归母/扣非归母净利润 6.34/2.52 亿元，同比 分别增长 189.72%/142.38%。其中第四季度公司实现收入 12.16 亿元，同 比增长 35.73%，实现归母净利润 1.17 亿元，同比增长 93.55%。 H2 增长加速，仓储物流维持高增速 2023 年 Q1-Q4 公司分别实现营收 7.96/8.82/10.07/12.16 亿元，同比分别 增长 4.29%/12.34%/31.90%/35.73%。增长驱动因素来看，2023 年公司人 体工学产品/仓储物流服务分别营收 26.12/9.51 亿元，同比分别增长 8.70% ...

| 证券代码：300729 | 证券简称：乐歌股份 公告编号：2024-033 | | --- | --- | | 债券代码：123072 | 债券简称：乐歌转债 | 一、增持计划的基本情况 1、增持主体及持股情况 公司实际控制人、董事长项乐宏拟以自有或自筹资金增持公司股份。本次增持计划 实施前，项乐宏先生直接持有公司股票 8,628,319 股，占公司总股本的 2.76%，项乐宏先 生及其配偶姜艺女士（公司共同实际控制人、副董事长）直接及间接合计控制公司 15,104.89 万股股票，占公司总股本的 48.37%。 乐歌人体工学科技股份有限公司 关于公司实际控制人增持公司股份计划期限届满暨增持完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、增持计划基本情况：公司实际控制人、董事长项乐宏先生计划以自有或自筹资 金自 2023 年 10 月 25 日起 6 个月内通过包括但不限于集中竞价或大宗交易等方式增持 公司股份，本次增持金额不低于人民币 5,000.00 万元且不超过 10,000.00 万元。 2、增持计划进展情况：截至本公告 ...

国浩律师（上海）事务所 关于 乐歌人体工学科技股份有限公司 实际控制人增持股份 之 法律意见书 地址：上海市静安区北京西路 968 号嘉地中心 23-25 层 邮编：200041 电话：（+86）（21）5234 1668 传真：（+86）（21）5234 1670 电子信箱：grandallsh@grandall.com.cn 网址：http://www.grandall.com.cn 二〇二四年四月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于乐歌人体工学科技股份有限公司 实际控制人增持股份之 法律意见书 致：乐歌人体工学科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受乐歌人体工学科技股份 有限公司（以下简称"公司"或"上市公司"）委托，就公司实际控制人增持公 司股份（以下称"本次增持"）相关事宜出具本法律意见书。 本所根据《中华人民共和国公司法》（以下称"《公司法》"）、《中华人 民共和国证券法》（以下称"《证券法》"）、《上市公司收购管理办法》（以 下称"《收购管理办法》"） 等有关规定，出具本法律意见书。 为出具本法律意见书，本所依据中国律师行业公认的业务标准、道 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][6]. Core Insights - The company achieved a revenue of 3.90 billion with a year-on-year growth of 21.6% and a net profit of 630 million, reflecting a significant increase of 189.7% year-on-year [3]. - The company's cross-border e-commerce sales reached 1.77 billion, growing by 12.6% year-on-year, with independent site sales contributing 670 million, up 16.7% year-on-year [4]. - The overseas warehouse business showed robust growth, generating 950 million in revenue, a 94.0% increase year-on-year, and accounting for 24.4% of total revenue [4]. - The company is expected to maintain strong growth momentum, with projected revenues of 4.89 billion, 6.00 billion, and 6.95 billion for 2024, 2025, and 2026 respectively [6][21]. Financial Performance Summary - In 2023, the company's linear drive product revenue was 2.04 billion, a 10.5% increase, representing 69.8% of the main revenue excluding overseas warehouses [18]. - The gross margin improved to 36.5%, an increase of 2.1 percentage points year-on-year, while the expense ratios for sales, management, finance, and R&D were 20.1%, 4.2%, 1.0%, and 3.7% respectively [18]. - The company forecasts a return on equity (ROE) of 21% for 2023, with a projected decline to 13% in 2024, followed by a recovery to 14% in the subsequent years [21].

干源证券 轻工制造/家居用品 公 司 研 究 乐歌股份（300729.SZ） 2024 年 04 月 22 日 2023 业绩超预告上限，海外仓&跨境电商双轮驱动成 长 ——公司信息更新报告 | --- | --- | --- | --- | --- | |--------------------------|-------------------|------------------------------------------------------------------------|------------------------------------------------------------------------------------|--------------------------------------------------------------------------------| | 日期 \n当前股价 ( 元 ) | 2024/4/22 \n19.82 | 吕明（分析师） \nlvming@kysec.cn | 周嘉乐（分析师） \nzhoujiale@kysec.c ...

Investment Rating - The investment rating for the company is "Buy" [9][8]. Core Views - The company achieved a revenue of 3.9 billion with a year-on-year growth of 21.6% in 2023, and a net profit attributable to shareholders of 634 million, reflecting a significant increase of 189.7% [8]. - The company's overseas warehouse business continues to show strong growth, with public overseas warehouse revenue increasing by 94.0% to 950 million in 2023 [8]. - The gross margin improved to 36.5% in 2023, up by 2.1 percentage points, indicating a positive trend in profitability [8]. Financial Summary - **Balance Sheet (in million)** - Total assets are projected to grow from 6,798 million in 2023 to 9,397 million by 2026 [3]. - Cash and cash equivalents are expected to increase from 1,652 million in 2023 to 2,152 million in 2026 [3]. - **Income Statement (in million)** - Revenue is forecasted to rise from 3,902 million in 2023 to 7,071 million by 2026, with a compound annual growth rate (CAGR) of 16.8% [3]. - Net profit attributable to shareholders is expected to reach 604 million by 2026, with a projected growth rate of 15.8% [3]. - **Key Financial Ratios** - The company's return on equity (ROE) is projected to be 20.9% in 2023 and stabilize around 14.8% by 2026 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 9.4 in 2023 to 9.9 by 2026, indicating a potentially attractive valuation [3]. - **Earnings Per Share (EPS)** - EPS is expected to increase from 2.03 in 2023 to 1.93 by 2026, reflecting the company's growth trajectory [3].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [10]. Core Views - The company reported a revenue of 3.9 billion yuan in 2023, representing a year-on-year increase of 21.6%, and a net profit attributable to the parent company of 630 million yuan, up 189.7% year-on-year [10]. - The company is expected to maintain strong performance into Q1 2024, with a projected net profit growth of 103-155% [11]. - The overseas warehouse segment showed significant growth, with revenue reaching 950 million yuan in 2023, a 94% increase year-on-year, contributing to 24.4% of total revenue [3][11]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 1.22 billion yuan, a 35.7% increase year-on-year, and a net profit of 120 million yuan, up 93.6% [2]. - The company plans to distribute a dividend of 125 million yuan, representing approximately 20% of its net profit [2]. Business Segments - The overseas warehouse segment's gross margin improved to 12.7%, with a year-on-year increase of 9.3 percentage points [3]. - The demand for height-adjustable desks remains strong, and the company is expanding into new product categories such as electric sofas and ergonomic chairs, as well as new markets in the Middle East, Mexico, and Southeast Asia [4]. Cost Management and Profitability - The company has demonstrated effective cost control, leading to improved profitability [5]. - Adjusted profit forecasts indicate expected net profits of 450 million yuan, 510 million yuan, and 570 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.45, 1.63, and 1.81 yuan per share [12].

其他轻工Ⅱ ——乐歌股份(300729)年报点评 第1页 / 共6页 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 同比增长 16.72%，增速高于亚马逊平台，并且公司美国独立站流量首次超过 主要竞争对手排名第一；公司现有独立站 12 个，销售占跨境电商销售收入提 升至近 4 成。公司独立站能够较好满足消费者的定制化需求，销卖高端产品， 且相比第三方平台，人均消费金额更高，销售增速更快，2023 年公司独立站 人均消费金额 3014 元，明显高于亚马逊/天猫/京东自营/抖音的人均消费金额 1694/1480/1169/1560 元。 公司海外仓业务 2023 年毛利率 12.69%，同比+9.32pct，盈利能力显著提升。 盈利能力的提升是通过有序扩仓，以及库容利用率、周转的提升，发件数量 同比显著增加，尾程折扣议价能力增强，因此盈利能力持续改善；得益于乐 歌快递账号累计的庞大发货数量，使其能够享受更优的快递折扣和派送服务， 截至 2023 年末海外仓已累计服务超过 600 家出海企业，全年包裹发货数量 近 500 万个，成为 Fedex 全球 Top100 客户。公 ...

[ T able_StockInfo] 2024 年 04 月 19 日 证券研究报告•2023 年年报点评 持有 （维持） 当前价：19.08 元 乐歌股份（300729）轻工制造 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 3.13 流通 A 股(亿股) 2.95 52 周内股价区间(元) 12.9-22.4 总市值(亿元) 59.65 总资产(亿元) 67.98 每股净资产(元) 9.60 自主品牌竞争力提升，海外仓收入延续高增长 [Table_Summary 业绩摘要：公司发布 ] 2023年年报，2023年公司实现营收 39亿元，同比+21.6%； 实现归母净利润 6.3 亿元，同比+189.7%；实现扣非净利润 2.5 亿元，同比 +142.4%。单季度来看，2023Q4公司实现营收 12.2亿元，同比+35.7％；实现 归母净利润 1.2 亿元，同比+93.5%；实现扣非后归母净利润 1 亿元，同比 +160.6%。自主品牌业务和海外仓业务双轮驱动，剔除出售海外仓的资产处置 收益后扣非利润仍然高增。 收入结构优化，规模优势逐步显现。2023 年公司整体 ...