对应PE 分别为14/11/8 倍，维持"增持"评级。 事件：公司发布2025 年一季度报告。1Q2025 公司营收15.44 亿元，同比+37.69%；归母净利0.52 亿元， 同比-35.17%；扣非归母净利0.26 亿元，同比-37.52%。 投资建议：公司持续布局海外仓建设&提升库容利用率，预计随着公司海外仓网络规模化扩张，单位成 本下降有望推动利润率改善。我们预计公司2025-2027 年实现营业收入71.76/82.39/91.91 亿元，归母净 利润3.50/4.48/5.84 亿元。 海外仓营收稳健增长。1Q2025 公司收入同比+37.69%主要系公司海外仓业务的稳健发展带动营收增 加。跨境电商销售收入呈现"前低后高"的模式，预计下半年随着销售节奏的加快，海外仓收入有望创新 高。 Q1 毛利率下降，费用管控成效显著。1Q2025 公司毛利率25.93%，同比-5.36pct，我们预计主要系新租 赁准则导致的租金前置影响，叠加美国关税政策导致公司智能家居品类订单交付延迟所致；净利率 3.35%，同比-3.77pct；公司控费效果较显著，1Q2025 费用率23.09%，同比-3.35pct。 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,544,316,196.98, representing a 37.69% increase compared to ¥1,121,581,641.35 in the same period last year[5] - Net profit attributable to shareholders decreased by 35.17% to ¥51,766,253.73 from ¥79,851,037.11 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥25,798,246.30, down 37.52% from ¥41,290,861.35 in the previous year[5] - Basic and diluted earnings per share fell by 42.31% to ¥0.15 from ¥0.26 year-on-year[5] - Total operating revenue for the current period reached ¥1,544,316,196.98, a significant increase from ¥1,121,581,641.35 in the previous period, representing a growth of approximately 37.8%[22] - Net profit for the current period was ¥51,766,664.22, down from ¥79,849,924.79 in the previous period, indicating a decline of approximately 35.2%[23] - The total comprehensive income for the period was CNY 41,744,594.57, a decrease from CNY 70,213,926.19 in the previous period, reflecting a decline of approximately 40.6%[24] Cash Flow - The net cash flow from operating activities was ¥85,706,845.32, a decline of 28.98% compared to ¥120,679,899.40 in the same period last year[5] - Cash inflow from operating activities was CNY 1,820,110,075.73, an increase of 52.7% compared to CNY 1,191,767,488.54 in the previous period[26] - Net cash flow from operating activities was CNY 85,706,845.32, down 28.9% from CNY 120,679,899.40 in the previous period[26] - Cash inflow from investment activities totaled CNY 1,706,607,613.37, significantly higher than CNY 143,891,810.87 in the previous period[27] - Net cash flow from investment activities was negative at CNY -365,559,306.07, worsening from CNY -180,579,863.13 in the previous period[27] - Cash inflow from financing activities was CNY 1,307,529,747.93, compared to CNY 1,213,557,174.30 in the previous period, indicating an increase of about 7.7%[27] - Net cash flow from financing activities decreased to CNY 129,628,075.46 from CNY 202,457,769.62 in the previous period, a decline of approximately 36%[27] - The ending cash and cash equivalents balance was CNY 2,131,172,724.05, down from CNY 1,485,395,027.59 in the previous period[27] Assets and Liabilities - The company's total assets increased by 0.65% to ¥10,216,968,010.58 from ¥10,151,453,810.91 at the end of the previous year[5] - Current liabilities totaled ¥2,443,573,414.98, a decrease from ¥2,542,465,511.78, representing a decline of approximately 3.9%[20] - Non-current liabilities increased to ¥4,077,107,720.41 from ¥3,955,583,312.23, reflecting an increase of about 3.1%[20] - The company's cash and cash equivalents decreased to ¥4,010,497,286.53 from ¥4,143,121,550.29, a decline of approximately 3.2%[20] - The company’s financial assets decreased slightly, with trading financial assets at RMB 65,409,582.18 compared to RMB 66,449,502.41 previously[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 21,578[11] - The top shareholder, Ningbo Lijing Electronics Group Co., Ltd., holds 19.39% of the shares, amounting to 66,189,378 shares[11] - The top ten shareholders control a combined 46.54% of the company's shares, with significant influence from related parties[12] - The company has a total of 12,954,806 restricted shares, with 942,721 shares released during the current period[15] - The company’s major shareholder, Lijing Electronics, intends to enhance its stake in the company, reflecting confidence in the company's long-term value[16] Research and Development - The company reported a significant increase in R&D expenses, which rose by 76.55% to ¥58,749,276.60 from ¥33,276,369.70 year-on-year, reflecting a focus on business growth[9] - Research and development expenses rose to ¥58,749,276.60 from ¥33,276,369.70, marking an increase of about 76.5%[22] Inventory and Receivables - Accounts receivable decreased to RMB 452,985,802.81 from RMB 499,734,648.54, indicating a reduction of about 9.4%[18] - Inventory increased to RMB 624,477,053.22 from RMB 567,025,034.31, reflecting a growth of approximately 10.1%[18] - The company’s prepayments increased to RMB 96,680,074.42 from RMB 91,334,053.86, showing a rise of about 5.0%[18] - The company’s other receivables decreased to RMB 159,084,916.84 from RMB 172,536,391.34, indicating a decline of approximately 7.5%[18] Other Financial Metrics - The company reported a decrease in cash and cash equivalents, with a balance of RMB 2,387,728,839.09 as of March 31, 2025, down from RMB 2,540,489,654.96 at the beginning of the period, representing a decline of approximately 6.0%[18] - The company reported a decrease in other comprehensive income, with a net amount of -¥10,022,069.65 compared to -¥9,635,998.60 in the previous period[23] - Long-term borrowings increased to ¥1,091,961,937.11 from ¥901,550,000.00, indicating a growth of approximately 21.1%[20] Audit Information - The company did not undergo an audit for the first quarter report[28]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company reported a revenue of 5.67 billion (+45.33%) and a net profit of 336 million (-46.99%) for 2024, with Q4 revenue at 1.695 billion (+39.38%) and net profit at 70 million (-39.71%) [1][4]. - The cross-border e-commerce business showed strong growth, with revenue reaching 2.42 billion (+154.8%) in 2024, and the company expanded its overseas warehouse presence to 21 locations [2][4]. - The overall gross margin decreased to 29.1% (-7.4 percentage points) and net margin to 5.9% (-10.3 percentage points) due to increased operational costs and investments in new business models [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 56.70 billion, with a significant increase of 45.33% compared to the previous year. However, the net profit saw a decline of 46.99% to 3.36 billion [1][5]. - The gross margin for 2024 was reported at 29.1%, down from the previous year, while the net profit margin was 5.9% [3][5]. Business Segments - The overseas warehouse business generated 24.2 billion in revenue, marking a growth of 154.8%. The company has established 21 overseas warehouses with a total area of 662,000 square meters [2][4]. - The independent e-commerce platform performed well, contributing 8.2 billion (+22.0%) to the total cross-border e-commerce revenue of 20.3 billion (+14.3%) [2][4]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 360 million, 448 million, and 535 million respectively, reflecting a growth of 7%, 24%, and 19% year-on-year [4][5]. - The current stock price corresponds to a price-to-earnings ratio of 14, 11, and 9 for the years 2025, 2026, and 2027 respectively [4][5].

Core Viewpoint - Lege Co., Ltd. reported a significant decline in net profit despite a substantial increase in revenue, indicating challenges in profitability amidst rising costs and operational changes [2][3][4]. Revenue and Profitability - In 2024, Lege Co., Ltd. achieved a revenue of 5.67 billion yuan, a year-on-year increase of 45.33%, while the net profit attributable to shareholders fell by 46.99% to 336 million yuan [2]. - The company's ergonomic chair products generated 2.86 billion yuan in revenue, accounting for 50.42% of total revenue, while logistics services contributed 2.423 billion yuan, representing a 154.76% increase [2]. Overseas Operations - Over 90% of Lege's revenue comes from overseas markets, with international revenue reaching 5.179 billion yuan, up 43.95% year-on-year [3]. - The company operates 21 overseas warehouses, with 16-17 located in the United States, which are crucial for its logistics strategy [11][12]. Cost and Margin Analysis - Operating costs increased to 4.018 billion yuan, a rise of 62.24% year-on-year, impacting overall profitability [4]. - The gross margin for ergonomic products decreased to 42.27%, down 0.38 percentage points, while logistics services saw a more significant drop to 10.37%, down 2.32 percentage points [5]. Research and Development Investment - Lege Co., Ltd. increased its R&D expenditure to 194 million yuan, a 33.83% rise, with the number of R&D personnel growing by 42.86% to 1,080 [6]. - The company is focusing on enhancing its R&D capabilities, which has contributed to the decline in net profit [6]. Warehouse Strategy - The company is transitioning from smaller warehouses to larger ones, a process referred to as "small warehouse to large warehouse," which has affected non-recurring income from warehouse sales [7][8]. - Lege has invested in industrial logistics land to support future self-built warehouses, aiming to reduce costs and improve profitability [8]. Project Delays - The Ellabell overseas warehouse project in Georgia has faced delays, with only 22.88 million yuan invested out of a total planned investment of 399 million yuan, leading to an extension of the project timeline [10]. - The delays are attributed to lengthy planning and approval processes, as well as prioritization of funds for business expansion [10]. Impact of Tariff Policies - The recent "reciprocal tariffs" have raised concerns about their impact on Lege's operations, particularly for smaller cross-border e-commerce businesses [11][14]. - However, the company believes that larger clients will continue to ship products to maintain their market positions, mitigating potential negative effects [14].

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].

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: 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]