2024 年 04 月 25 日 公司发布 2024 一季报：24Q1 实现收入 18.42 亿元（同比+45.3%），归 母净利润 1.01 亿元（同比+15.1%），扣非归母净利润 0.96 亿元（同比 +13.6%）。受益于公司区域、平台扩张，营收增速靓丽，消费降级背景下 均价略调整、销量增速更优；利润增速放缓主要系海运费、汇兑等外部因素 干扰，此外，公司出于谨慎原则计提存货减值（约 0.1 亿元）。 现金流表现优异，营运能力稳定。2024Q1 净经营现金流为 4.38 亿元（同 比+1.80 亿元）。营运能力方面，截止 2024Q1 应收、应付、存货周转天数 分别为 8.63/32.76/76.11 天、同比-0.68/+7.30/+3.80 天。 -34% -27% -21% -14% -7% 0% 7% 14% 21% 2023-06 2023-10 2024-02 致欧科技 沪深300 证券研究报告 | 季报点评 多元平台&地区共驱成长，盈利小幅承压 毛利率逆势提升，净利率短暂承压。2024Q1 毛利率为 36.0%（同比-0.8pct）， 归母净利率为 5.5%（同比-1.4pct）；海运费提 ...

致欧科技（301376.SZ）2024 年一季报点评 收入增速超预期，品牌归一沉淀长期价值 2024 年 04 月 25 日 ➢ 事件：致欧科技发布 2024 年一季度报告，2024Q1 公司实现营收/归母净 利润/扣非净利润 18.42/1.01/0.96 亿元，同比增长 45.30%/15.06%/13.61%。 ➢ 一季度收入超预期，提前备货充分保障有货率。24 年春节较早，公司提前 发货以保障节后产品有货率；截至 23 年底公司在途存货 4.48 亿元，较上年（2.07 亿元）增长 116%。分产品看，我们判断家居、宠物产品或持续延续较高增速； 家具产品 23 年 H1 存在摩擦性缺货，该问题于 23H2 得到改善，低基数影响下 24Q1 同比增速或较高；庭院系列产品由于其物流成本较高、季节性强等原因增 速或慢于其他品类。分区域看，我们判断欧洲作为公司基本盘物流仓储布局相对 完善，24Q1 欧洲收入增速或高于美国。分渠道看，亚马逊仍然为公司主要销售 渠道，但第三方渠道增速更快，公司在 23 年内成功拓展了 SHEIN、TikTok 等平 台，并进驻美线下渠道 Hobby Lobby，新渠道有望持续贡献 ...

证券研究报告·公司点评报告·家居用品 买入（维持） ◼ 业绩简评：2024Q1 公司实现收入为 18.42 亿元，同比+45%；实现归母 净利润为 1.0 亿元，同比+15%；扣非净利润为 0.96 亿元，同比+14%。 低基数下，公司收入实现高增。2023Q1 同期，公司收入为低基数，部分 因家具品类缺货所致；2024Q1 供应链回复后公司收入取得高增。 ◼ 看好消费品出海方向，公司作为领先的跨境家居品牌，值得关注。据海 关总署，2023 年我国跨境电商出口额为 1.83 亿元，同比+19.6%，是景 气度较高的赛道。基于我国消费品供应链优势，我们长期看好消费品出 海大趋势，公司作为出海标的中品牌建设较为优秀、具备物流壁垒的公 司，是稀缺资产。 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 市场数据 相关研究 2024 年一季报点评：收入+45%表现亮眼，汇 兑影响短期利润 2024 年 04 月 25 日 [Table_Tag] [Table_Summary] ...

上 市 公 司 ——2024 年一季报点评：24Q1 收入增长表现略超预期， 盈利阶段性受航运涨价影响，后期有望向上修复 《致欧科技（301376）点评：2023 年年报 点评：业绩表现符合预期，收入盈利修复， 海外市场份额逐步提升》 2024/04/19 《致欧科技（301376）点评：公司点评： 股权激励方案发布，增长目标略超预期，充 分彰显增长信心》 2024/02/18 报告原因：有业绩公布需要点评 买入（维持） 投资要点： 公司发布 2024 年一季报，收入增长表现略超预期：2024Q1 实现收入 18.42 亿元，同比 增长 45.3%；实现归母净利 1.01 亿元，同比增长 15.1%；扣非净利润 0.96 亿元，同比增 长 13.6%。 展望 2024 年品牌聚焦，打造系列化、性价比产品，海外仓储供应链持续优化。2024 年 公司将进一步聚焦集团主品牌"SONGMICS HOME"发展，本土化发展，内容营销深化 与当地消费者的心智联结；围绕主品牌打造场景空间化系列产品，采购降本、生产端标准 化提效，围绕"好看不贵"持续新品打造。海外仓逐步拓展，多仓布局、VC 等渠道拓展 降低尾程运费，加大东南 ...

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 ...

Revenue and Profitability - The company's operating revenue for Q1 2024 reached ¥1,841,609,961.04, representing a 45.30% increase compared to ¥1,267,468,108.10 in the previous period[6] - The company's net profit for the current period reached ¥100,538,681.31, an increase of 15.5% compared to ¥87,379,117.83 in the previous period[15] - Operating profit amounted to ¥118,879,779.09, up from ¥107,599,456.50, reflecting a growth of 10.6%[15] - Total revenue from sales of goods and services was ¥1,669,547,710.55, compared to ¥1,034,108,029.39 in the previous period, indicating a growth of 61.5%[16] - Net profit attributable to shareholders of the listed company was ¥100,538,681.31, up 15.06% from ¥87,379,117.83 year-on-year[32] - The basic earnings per share for the period was ¥0.25, an increase of 4.17% compared to ¥0.24 in the previous year[32] Expenses and Costs - Operating costs increased by 47.10% to ¥1,178,682,268.37 from ¥801,277,328.84, primarily due to expanded sales volume[6] - Sales expenses rose by 55.43% to ¥448,746,166.27, attributed to increased platform transaction fees and advertising costs due to higher sales scale[6] - Management expenses increased by 44.88% to ¥67,805,542.50, mainly due to a rise in personnel costs[6] - Financial expenses surged by 153.67% to ¥25,544,118.79, primarily due to foreign exchange losses[6] - The company reported a decrease in income tax expenses to ¥18,399,816.76 from ¥20,064,067.96, a reduction of 8.3%[15] Cash Flow - Cash flow from operating activities generated ¥438,359,012.44, a significant increase from ¥258,504,025.33, representing a growth of 69.5%[16] - The net cash flow from operating activities was ¥438,359,012.44, compared to ¥258,504,025.33, showing a substantial increase[16] - Cash inflow from investment activities totaled ¥675,044,107.43, significantly higher than ¥180,236,930.77 in the previous period[16] - The net cash flow from investing activities improved by 36.70%, with a net outflow of ¥129,285,415.76 compared to ¥204,241,822.46 in the previous period, attributed to changes in cash management scale[53] - The net cash flow from financing activities showed a drastic decline of 306.55%, resulting in a net outflow of ¥434,175,873.48 compared to ¥106,794,494.94 previously, mainly due to increased repayment of maturing notes[53] Assets and Liabilities - Total assets rose to ¥5,732,399,869.65 from ¥5,581,340,714.54, reflecting overall growth in the company's financial position[13] - Current liabilities decreased slightly to ¥1,800,040,478.37 from ¥1,809,108,436.69, indicating stable short-term financial management[13] - Non-current assets decreased to ¥2,279,723,316.16 from ¥2,423,899,506.63, suggesting a reduction in long-term investments[13] - The total liabilities rose to ¥2,513,073,984.79 from ¥2,460,369,915.45, reflecting an increase in non-current liabilities to ¥713,033,506.42 from ¥651,261,478.76[60] - The equity attributable to shareholders of the listed company was ¥3,219,325,884.86, which is a 3.15% increase from ¥3,120,970,799.09 at the end of the previous year[32] Investments - Investment income saw a significant increase of 234.76%, reaching ¥15,035,111.70 compared to ¥4,491,269.83 in the previous period, driven by increased investment scale for cash management[6] - The company's investment cash outflow totaled ¥804,329,523.19, compared to ¥384,478,753.23 in the previous period, indicating a significant increase in investment activities[63] Other Information - The company received government subsidies amounting to ¥746,877.02 during the reporting period[36] - The company did not classify any non-recurring gains and losses as regular gains and losses[51] - The first quarter report was not audited[46] - The company plans to implement a restricted stock incentive plan for 2024, which was approved by the board and shareholders[57] - The company recorded a significant decrease in employee compensation payable, down 49.86% to ¥33,352,357.36 from ¥66,523,038.28, primarily due to the payment of last year's year-end bonuses[52] - The company's other current assets increased by 34.87% to ¥334,570,895.70 from ¥248,068,681.78, mainly due to an increase in short-term investments[52] - The company's total revenue for the first quarter of 2024 reached ¥1,841,609,961.04, representing a 45.30% increase compared to ¥1,267,468,108.10 in the same period last year[32] - The cash and cash equivalents at the end of the period decreased to ¥406,968,885.00 from ¥595,099,911.24, reflecting a net decrease of ¥125,461,507.57[63] - The weighted average return on equity of the company was 3.17%, down 1.55% from 4.72% in the previous year[32]

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].

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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]