证券代码：301376 证券简称：致欧科技 公告编号：2024-026 致欧家居科技股份有限公司 第二届董事会第七次会议决议公告 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。 一、董事会会议召开情况 致欧家居科技股份有限公司董事会 致欧家居科技股份有限公司（以下简称"公司"）第二届董事会第七次会议 （以下简称"会议"）于 2024 年 4 月 17 日以电子邮件的方式通知全体董事，会 议于 2024 年 4 月 24 日（星期三）10:00 以现场结合通讯的方式在公司会议室召开， 会议由董事长宋川主持。本次会议应出席董事 9 名，实际出席董事 9 名。公司监 事、高级管理人员列席了会议。本次会议的召开和表决程序符合《中华人民共和 国公司法》等法律、法规、规范性文件和《公司章程》的有关规定，会议合法有 效。 与会董事经充分审议，以举手及通讯的表决方式，形成如下决议： 二、董事会会议审议情况 （一）审议通过了《关于公司 2024 年第一季度报告的议案》 经审核，董事会认为公司2024年第一季度报告真实、准确、完整地反映了公 司2024年第一季度的财务状况和经营成 ...

本公司及监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。 一、监事会会议召开情况 证券代码：301376 证券简称：致欧科技 公告编号：2024-027 致欧家居科技股份有限公司 第二届监事会第六次会议决议公告 1、第二届监事会第六次会议决议。 特此公告。 致欧家居科技股份有限公司监事会 2024 年 4 月 25 日 致欧家居科技股份有限公司（以下简称"公司"）第二届监事会第六次会议 （以下简称"会议"）于 2024 年 4 月 17 日以电子邮件的方式通知全体监事，会议 于 2024 年 4 月 24 日（星期三）10:30 以现场结合通讯的方式在公司会议室召 开，会议由监事会主席郭志钰先生主持。本次会议应出席监事 3 名，实际出席监 事 3 名。公司董事会秘书列席了会议。本次会议的召开和表决程序符合《中华人 民共和国公司法》（以下简称"《公司法》"）等法律、法规、规范性文件和《公司 章程》的有关规定，会议合法有效。 经审议，监事会认为：董事会编制和审核的 2024 年第一季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 司的 ...

致欧家居科技股份有限公司2024年第一季度报告 重要内容提示： □是 否 公司是否需追溯调整或重述以前年度会计数据 （二）非经常性损益项目和金额 2.年初至报告期末，公司利润表项目大幅变动情况及原因说明 其他符合非经常性损益定义的损益项目为个人所得税手续费返还。 （三）主要会计数据和财务指标发生变动的情况及原因 | --- | --- | --- | --- | --- | |--------------|------------------|------------------|----------|------------------------------------------------------------| | 项目 | 本期发生额 | 上期发生额 | 变动比例 | 变动原因说明 | | 营业收入 | 1,841,609,961.04 | 1,267,468,108.10 | 45.30% | 主要系公司新品拓展顺利，营 销力度增强，销售规模扩大所 致。 | | 营业成本 | 1,178,682,268.37 | 801,277,328.84 | 47.10% | 主要系销售规模扩大，相应成 ...

Investment Rating - The report maintains a "Buy" rating for the company [9][4]. Core Insights - In 2023, the company achieved revenue of 60.74 billion yuan, with a year-on-year growth of 11%, and a net profit attributable to shareholders of 4.13 billion yuan, reflecting a significant increase of 65% [34][4]. - The company has shown strong growth in its home and pet segments, with the Otto platform emerging as a key player, particularly in Europe, while the U.S. market showed notable improvement in Q4 [3][4]. - The company aims to establish itself as an "online IKEA," leveraging China's manufacturing advantages in the home goods sector, and plans to expand its product offerings and market reach [4][3]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 19.38 billion yuan, a 45% increase year-on-year, and a net profit of 1.26 billion yuan, up 61% [34][3]. - The gross margin improved by 4.7 percentage points in 2023, with significant contributions from reduced shipping costs and lower raw material prices [35][4]. Regional Performance - Revenue growth in Europe was 22% in 2023, while North America saw a decline of 3%, with a recovery in Q4 showing a 36% year-on-year increase [3][4]. - The company ranks first in the home goods category on Amazon in Germany, France, the UK, and Italy [3]. Product and Market Strategy - The company is focusing on product series development, cost reduction, and optimizing its supply chain, with plans to increase the Southeast Asia sourcing ratio to about 20% [8][4]. - Future growth is expected through expanding product categories, enhancing distribution channels, and entering new markets such as Mexico and Australia [4][3].

公司信息更新报告 本报告可能附带其它网站的地址或超级链接，对于可能涉及的开源证券网站以外的地址或超级链接，开源证券不对 其内容负责。本报告提供这些地址或超级链接的目的纯粹是为了客户使用方便，链接网站的内容不构成本报告的任 何部分，客户需自行承担浏览这些网站的费用或风险。 | --- | --- | |---------------------------------------------------------|---------------------------------------------------| | | | | 上海 | 深圳 | | 地址：上海市浦东新区世纪大道 1788 号陆家嘴金控广场 1 | 地址：深圳市福田区金田路 2030 号卓越世纪中心 1 号 | | 楼 10 层 | 楼 45 层 | | 邮编： 200120 | 邮编： 518000 | | 邮箱： research@kysec.cn | 邮箱： research@kysec.cn | | 北京 | 西安 | | 地址：北京市西城区西直门外大街 18 号金贸大厦 C2 座 9 层 | 地址：西安市高新区锦业路 1 号都 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant revenue and profit growth in 2023, with revenue reaching 6.074 billion yuan (+11.34% YoY) and net profit attributable to shareholders reaching 413 million yuan (+65.08% YoY) [2] - The company's performance improved significantly due to the recovery of the European and American economies, easing inflation pressure, and the decline in global shipping container prices [4] - The company's gross margin increased to 36.32% (+4.67pct YoY), and net margin reached 6.80% (+2.21pct YoY) [8] Business Performance Revenue Breakdown by Channel - B2C revenue reached 4.939 billion yuan (+14.04% YoY), accounting for 82.54% of total revenue (+2.01pct YoY) [3] - Amazon channel revenue was 4.102 billion yuan (+12.82% YoY), accounting for 68.55% of total revenue (+0.94pct YoY) [3] - OTTO channel revenue grew rapidly to 250 million yuan (+80.99% YoY), accounting for 4.18% of total revenue (+1.61pct YoY) [3] Revenue Breakdown by Product Category - Furniture series revenue was 2.710 billion yuan (+4.79% YoY), accounting for 45.30% of total revenue (-2.79pct YoY) [3] - Home series revenue reached 2.285 billion yuan (+22.31% YoY), accounting for 38.19% of total revenue (+3.45pct YoY) [3] - Pet series revenue grew significantly to 519 million yuan (+37.30% YoY), accounting for 8.67% of total revenue (+1.65pct YoY) [3] Regional Performance - European revenue reached 3.729 billion yuan (+21.64% YoY), accounting for 62.31% of total revenue (+5.32pct YoY) [8] - North American revenue was 2.173 billion yuan (-3.16% YoY), accounting for 36.32% of total revenue (-5.41pct YoY) [8] Financial Projections - Revenue is expected to grow to 7.581 billion yuan in 2024 (+25% YoY), 9.191 billion yuan in 2025 (+21% YoY), and 11.220 billion yuan in 2026 (+22% YoY) [12] - Net profit attributable to shareholders is projected to reach 506 million yuan in 2024 (+23% YoY), 606 million yuan in 2025 (+20% YoY), and 729 million yuan in 2026 (+20% YoY) [12] - The company's P/E ratio is expected to be 19x in 2024, 16x in 2025, and 13x in 2026 [12]

请务必阅读正文后的重要声明部分 4 报告中投资建议所涉及的评级分为公司评级和行业评级（另有说明的除外）。评级标准为报告发布日后 6 个月内 的相对市场表现，即：以报告发布日后 6 个月内公司股价（或行业指数）相对同期相关证券市场代表性指数的涨跌幅 作为基准。其中：A 股市场以沪深 300 指数为基准，新三板市场以三板成指（针对协议转让标的）或三板做市指数（针 对做市转让标的）为基准；香港市场以恒生指数为基准；美国市场以纳斯达克综合指数或标普 500 指数为基准。 | --- | --- | |----------|-----------------------------------------------------------------------------------------| | | | | | 买入：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在 20% 以上 | | | 持有：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 10% 与 20% 之间 | | 公司评级 | 中性：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 -10% 与 10% 之间 ...

致欧科技（301376.SZ） 买入 证券研究报告 | 2024年04月22日 | --- | --- | |----------------------------------------|-----------------------------| | 基础数据 | | | 投资评级 | 买入(维持) | | 合理估值 | | | 收盘价 | 24.08 元 | | 总市值/流通市值 | 9668/859 百万元 | | 52 周最高价/最低价 近 3 个月日均成交额 | 31.99/17.12 元 79.23 百万元 | | 市场走势 | | Q4 收入、利润均创单季度新高。2023 年实现营收 60.7 亿/+11.3%，归母净 利润 4.1 亿/+65.1%，扣非归母 4.3 亿/+71.8%；2023Q4 营收 19.4 亿/+45.0%， 归母净利润 1.3 亿/+60.6%，扣非归母 1.2 亿/+54.7%，收入利润均为历史单 季最高水平。2023H1 受供应扰动收入略有承压，随着新品陆续到货 H2 旺季 销售较好；采购、头尾程运输规模效应凸显，效率高且成本优，柔性供应链 拉通前后端，202 ...

公司报告 | 年报点评报告 23Q4 实现收入 19.4 亿，同比+45.0%，归母净利润 1.3 亿，同比+60.6%，扣 非归母净利润 1.2 亿； 分品类：23 年家具系列 27.1 亿，同比+4.8%（H2 同比+26.1%），毛利率 36.6%， 同比+6.0pct； 23 年拟分红 2 亿元，分红比例约 49%。 宠物系列 5.2 亿，同比+37.3%（H2 同比+50.1%），新品表现出色，市场布 局初显成效； 分渠道：23 年亚马逊 45.6 亿，同比+11.6%；OTTO 2.5 亿，同比+81.0%；独 立站 1.4 亿，同比+22.1%； 海外仓布局完善，供应链管理高效 公司发布 2023 年财报 公司营收利润双增长主要系：1）公司开展多样式的各类营销活动，充分受 益于"平价消费"浪潮，在欧美市场持续扩张，不断拓展新渠道、新品类， 销售规模进一步扩大；2）整合供应链资源，通过开展招标活动，降低采购 价格；3）2023 年全球海运集装箱价格全面回落，公司海运费成本显著改 善；4）欧元、美元等主要外汇汇率升值等有利因素。 此外新兴市场稳步开拓，23 年日本收入 0.5 亿，同比+3.3%；其 ...

Investment Rating - Maintain "Overweight" rating [2] Core Views - The company released its 2023 annual report, showing revenue of 6.074 billion yuan, a YoY increase of 11.34%, and net profit attributable to the parent company of 413 million yuan, a YoY increase of 65.08% [2] - In Q4 2023, revenue reached 1.938 billion yuan, a YoY increase of 45%, and net profit attributable to the parent company was 126 million yuan, a YoY increase of 60.59% [2] - The company plans to distribute a cash dividend of 5 yuan per 10 shares (tax included) [2] Product Performance - Furniture series revenue in 2023 was 2.71 billion yuan, a YoY increase of 4.79% [3] - Home series revenue was 2.285 billion yuan, a YoY increase of 22.31% [3] - Pet series revenue was 519 million yuan, a YoY increase of 37.3% [3] - Garden series revenue was 466 million yuan, a YoY decrease of 12.26% [3] Market Performance - European market revenue in 2023 was 3.729 billion yuan, a YoY increase of 21.64% [3] - North American market revenue was 2.173 billion yuan, a YoY decrease of 3.16%, but growth expectations for 2024 are optimistic [3] Channel Performance - B2C revenue from Amazon in 2023 was 4.102 billion yuan, a YoY increase of 12.82% [3] - Other B2C channels (e.g., Otto, independent websites) grew rapidly, with revenue of 837 million yuan, a YoY increase of 20.44% [3] - B2B online revenue was 625 million yuan, a YoY decrease of 10.98%, while offline revenue was 420 million yuan, a YoY increase of 21.64% [3] Profitability - Gross profit margin in 2023 was 36.3%, a YoY increase of 4.67 percentage points [3] - Net profit margin was 6.8%, a YoY increase of 2.21 percentage points [3] - Inventory costs as a percentage of revenue decreased by 6.2 percentage points due to lower shipping costs [3] - Transportation costs as a percentage of revenue increased by 1.41 percentage points due to Amazon FBA price hikes [3] Operational Efficiency - Inventory turnover rate improved from 3.19 to 3.43 times [3] - The company's self-owned warehouse area reached 280,000 square meters by the end of 2023, with most European deliveries achieving 3-4 day delivery times [3] Financial Forecast - Net profit attributable to the parent company is expected to be 484 million yuan in 2024, a YoY increase of 17.2%, and 630 million yuan in 2025, a YoY increase of 30.1% [3] - The PE ratio is projected to be 20.2x for 2024 and 15.6x for 2025 based on the closing price on April 18, 2024 [3] Financial Metrics - Revenue in 2023 was 6.074 billion yuan, with a YoY growth of 11.3% [11] - Net profit attributable to the parent company was 413 million yuan, with a YoY growth of 65.1% [11] - Gross profit margin was 36.3%, and ROE was 13.2% [11] - EPS in 2023 was 1.03 yuan, with a PE ratio of 23.7x [11]