| 证券代码：300729 | 证券简称：乐歌股份 公告编号：2024-072 | | --- | --- | | 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 关于可转换公司债券转股价格调整的公告 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。 特别提示： 1、调整前"乐歌转债"转股价格：34.95 元/股 2、调整后"乐歌转债"转股价格：34.78 元/股 3、转股价格调整生效日期：2024 年 9 月 2 日 一、关于乐歌转债转股价格调整的相关规定 乐歌人体工学科技股份有限公司于 2020 年 10 月 21 日向不特定对象发行可转换公 司债券 142 万张（债券简称：乐歌转债；债券代码：123072），根据公司《创业板向不 特定对象发行可转换公司债券募集说明书》中披露的可转换公司债券发行方案以及中国 证监会关于可转换公司债券发行的有关规定，公司本次发行的可转换公司债券转股价格 的调整方式及计算公式如下： "在本次发行之后，当公司发生派送股票股利、转增股本、增发新股（不包括因本 次发行的可转债转股而增加的股本）、配股以 ...

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]

开源证券 轻工制造/家居用品 公 司 研 究 乐歌股份（300729.SZ） 2024 年 08 月 02 日 2024H1 收入增速靓眼，海外仓业务增长超预期 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|--------------------------------------------------------------|-------------------------------------------------------------------|-----------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/8/1 | 吕明（分析师） \nlvming@kysec.cn 证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn 证书编号： S0790522030002 | 骆扬（联系人） \ ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4][9]. Core Views - The company reported strong revenue growth of 44.6% year-on-year in H1 2024, reaching 2.427 billion RMB, while net profit attributable to shareholders decreased by 63.86% to 160 million RMB [2]. - The cross-border e-commerce segment showed promising performance, with revenue of 915 million RMB in H1 2024, a 20.36% increase, and the independent site ranking first among competitors in the U.S. [2][3]. - The overseas warehouse business experienced significant growth, with revenue increasing by 129.9% to 850 million RMB in H1 2024, supported by an expansion in warehouse capacity and improved operational efficiency [3]. Summary by Sections Revenue Performance - H1 2024 revenue reached 2.427 billion RMB, up 44.6% year-on-year, with Q2 revenue at 1.306 billion RMB, reflecting a 48.08% increase [2]. - The company's net profit attributable to shareholders was 160 million RMB, down 63.86% year-on-year, while the non-recurring net profit was 107 million RMB, up 29.95% [2]. Cross-Border E-Commerce - Revenue from cross-border e-commerce was 915 million RMB in H1 2024, a 20.36% increase, with Amazon and independent site revenues at 490 million RMB and 370 million RMB, respectively [2]. - The independent site accounted for 40% of cross-border e-commerce revenue, with new product categories contributing 8% to total revenue [2]. Overseas Warehouse Development - Revenue from overseas warehouses reached 850 million RMB, a 129.9% increase, with 17 self-operated warehouses covering 482,100 square meters, a 66.5% increase from the beginning of the year [3]. - The company processed over 4 million packages, a year-on-year increase of over 120%, and achieved a gross margin of 15% in the overseas warehouse segment [3]. Profitability and Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 460 million RMB, 510 million RMB, and 560 million RMB, respectively, with corresponding P/E ratios of 10, 9, and 8 [4][6].

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 2024年半年度跟踪报告 | 保荐机构名称：国泰君安证券股份有限公司 | 被保荐公司简称：乐歌股份 | | --- | --- | | 保荐代表人姓名：何欢 | 联系电话： (021)38674630 | | 保荐代表人姓名： 张征宇 | 联系电话： (021)38676499 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集 | 是 | | 资 金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询 | | （2）公司募集资金项目进展是否与信息披露文 ...

乐歌人体工学科技股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 制人及其附属企业 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 浙江乐歌智能驱 | 子公司 | 其他应收款 | - | | | | - | 往来款、 | 非经营性往 | | | 动科技有限公司 | | | | | | | | 代垫款 | 来 | | | 广西乐歌智能家 | 子公司 | 其他应收款 | - | | | | - | 往来款 | 非经营性往 | | | 居有限公司 | | | | | | | | | 来 | | | 乐歌人体工学 （越南）有限公 | 子公司 | 其他应收款 | - | 249.30 | | - | 249.30 | 往来款 | 非经营性往 | | | | | | | | | | | | 来 | | | 司 | | | | | | | | | | | | 乐歌（宁波）国 | | | | | | | | | 非经营性往 | | | 际贸易有限责任 | ...