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].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [14][18]. Core Insights - The company achieved a revenue of 3.902 billion yuan in 2023, representing a year-on-year growth of 21.61%, and a net profit of 634 million yuan, which is a significant increase of 189.72% [14][18]. - The company's ergonomic product line and logistics services generated revenues of 2.612 billion yuan and 951 million yuan respectively, with year-on-year growth rates of 8.7% and 94.03% [14][18]. - The independent site sales reached 671 million yuan in 2023, with a year-on-year growth of 12.59%, showcasing the company's strong performance in cross-border e-commerce [14][18]. Financial Performance - The gross margin for 2023 was 36.53%, an increase of 2.12 percentage points year-on-year, driven by the enhanced brand strength and the expansion of the overseas warehouse business [5][14]. - The net profit margin for 2023 was 16.24%, reflecting a year-on-year increase of 9.42 percentage points [5][14]. - The company’s operating cash flow for 2023 was 820 million yuan, a substantial increase from 335 million yuan in 2022 [29]. Growth Potential - The report forecasts that the company will achieve net profits of 449 million yuan, 521 million yuan, and 584 million yuan in 2024, 2025, and 2026 respectively, with corresponding EPS of 1.44 yuan, 1.67 yuan, and 1.87 yuan [18][20]. - The company is expected to benefit from the growing demand for cross-border e-commerce and the continuous improvement in logistics efficiency through its overseas warehouse expansion strategy [14][18]. Market Position - The company has established itself as a leader in the ergonomic industry, with over 70% of its main business revenue coming from its proprietary brand products [14][18]. - The overseas warehouse business has rapidly developed, increasing its revenue contribution from 15.28% in 2022 to 24.38% in 2023 [14][18].

[ 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 ...

]yrtsudnI_elbaT[ 乐歌股份 沪深300 2024 年 04 月 19 日 公司发布 2023 年报。2023 年公司实现营业收入 39.02 亿元，同比增 长 21.61%；归母净利润 6.34 亿元，同比增长 189.72%；扣非归母净 利润 2.52 亿元，同比增长 142.38%。 其中单四季度实现营业收入 12.16 亿元，同比增长 35.73%；归母净利 润 1.17 亿元，同比增长 93.55%；扣非归母净利润 0.99 亿元，同比增 长 160.64%。业绩增长强劲。 公共海外仓业务快速发展，规模效应带动盈利能力明显提升。实现收 入 9.5 亿元，占营业收入比重提升至 24.4%。公司海外仓业务贯穿物 流产业链，发货量近 500 万个，规模优势提高溢价力，同时依托上市 公司背景成为中大件跨境电商卖家首选。2023 年末，公司在全球拥有 12 个自营海外仓，面积 28.96 万平方米，2024 年一季度加快扩仓进 度，目前在全球拥有 13 个自营海外仓，总面积 36.24 万平方米。同 时公司近两年在美国核心港口区域储备了 5000 亩工业物流用地，满 足未来自建仓需求。未来有望以 ...

Investment Rating - The report maintains a "Recommended" rating for the company [7][8]. Core Insights - The company achieved a revenue of 3.902 billion yuan in 2023, representing a year-on-year increase of 21.61%. The net profit attributable to shareholders was 634 million yuan, up 189.72% year-on-year, and the non-recurring net profit reached 252 million yuan, increasing by 142.38% year-on-year, exceeding previous forecasts [1]. - In Q4 2023, the company reported a revenue of 1.216 billion yuan, a year-on-year increase of 35.73%, with a net profit of 117 million yuan, up 93.55% year-on-year [1]. - The overseas warehouse business is growing, with revenue reaching 951 million yuan, a year-on-year increase of 94.03%, and accounting for 24.38% of total revenue [6]. - The company plans to expand its warehouse space by 100,000 to 150,000 square meters in 2024, driven by strong demand in the overseas large furniture online market [8]. Financial Performance Summary - Revenue for 2023 was 3.902 billion yuan, with projected revenues of 4.870 billion yuan, 5.944 billion yuan, and 6.847 billion yuan for 2024, 2025, and 2026 respectively, indicating growth rates of 24.8%, 22.0%, and 15.2% [9]. - The net profit attributable to shareholders for 2023 was 634 million yuan, with projections of 445 million yuan, 504 million yuan, and 581 million yuan for the following three years, reflecting a significant decrease of 29.8% in 2024, followed by increases of 13.3% and 15.1% in 2025 and 2026 [9]. - The company's overall gross margin for 2023 was 36.53%, with expectations of slight improvements in the following years [12].

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业绩简评 跨境电商：独立站表现靓丽，拓品类贡献新增长点。23A 营收 17.7 亿元（+12.6%），亚马逊/独立站营收 10/6.7 亿元（+7.8%/+16.7%）， 其中 2H 营收 5.8/3.7 亿元（+32.6%/+24.6%)，23 年公司美国独立 站流量首次超过主要竞争对手排名第一，独立站占跨境电商收入 占比提升至近 4 成，人均消费金额 3014 元高于亚马逊平台 1694 元。品类角度，公司以智能升降桌为基，推出电动沙发、人体工 学椅等品类，贡献新收入增长点，我们看好公司在大件智能家居 用品行业份额持续提升。 海外仓：延续高成长，规模效应下盈利能力扩张显著。23A 营收 9.5 亿元（+94.8%），2H 营收 5.9 亿元（+91.1%），截至 23 年末， 公司在全球拥有 12 个自营海外仓，面积 28.96 万㎡，24 Q1 加快 扩仓进度，拥有 13 个自营海外仓，总面积 36.24 万㎡，且已累 计服务超 600 家外贸企业，伴随库容率提升带动管理等固定费用 的摊薄、尾程物流商议价能力提升等，海外仓业务盈利能力爬升， 2H23 毛利率 14.8%（环比+5.6pct)。 内销：2 ...