Group 1: Economic Environment and Market Strategy - The overall economic environment in Europe and the US is unfavorable, leading to consumer downgrading and price comparisons across platforms, which benefits the company's product sales due to its focus on quality and affordability [2][3] - The company plans to enhance its product series in 2024, focusing on standardization to improve efficiency and reduce costs while maintaining unique styles for differentiation [3][4] Group 2: AI Technology and Operational Efficiency - AI technology is a key focus for the company, with applications in customer service and product image creation, improving service efficiency and reducing costs [3][4] - By 2025, the company aims to fully digitize its operations across various ecosystems, enhancing product lifecycle management and operational efficiency [3][4] Group 3: Currency and Trade Risk Management - Approximately 60% of the company's revenue comes from Europe, and recent euro strength has resulted in exchange gains; the company employs a "risk-neutral" approach to currency management [3][4] - The company is preparing for potential fluctuations in the US market by increasing investments in Europe and exploring new markets in Korea, Latin America, and the Middle East [3][4] Group 4: Supply Chain and Cost Management - The company has established a low-cost inventory in the US to stabilize market share and mitigate tariff impacts by increasing procurement from Southeast Asia [4][5] - The company is focusing on optimizing large item sales through structural improvements and enhancing product features to increase market share and profitability [5][6] Group 5: Market Expansion and Sales Strategy - The company plans to focus on headlining new product categories in 2025, aiming to improve sales efficiency and reduce new product launch costs [6][7] - While Amazon remains the primary sales platform, the company is exploring emerging platforms like TEMU, SHEIN, and Walmart for rapid growth [6][7] Group 6: Stock Performance and Investor Relations - The company reported a total revenue of 8.124 billion yuan in 2024, a year-on-year increase of 33.74%, but stock performance has been affected by external factors like tariffs and geopolitical conflicts [6][7] - Measures such as share buybacks, stock incentives, and dividends are being implemented to boost investor confidence and protect small investors' interests [6][7]

Investment Rating - The report maintains a "Positive" investment rating for the light industry manufacturing sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The home furnishing sector is experiencing marginal recovery, with a high dividend payout ratio. In 2024, the home goods sector is projected to generate revenue of CNY 246.58 billion, a year-on-year increase of 2.3%, while net profit attributable to shareholders is expected to decline by 13.6% to CNY 15.86 billion [4][14]. - The report highlights that domestic demand for home goods is under pressure, but government subsidies are expected to fill the demand gap. The sales of building materials and home goods are projected to decline by 3.9% year-on-year in 2024, but there are signs of improvement in early 2025 [5][26]. - The external sales performance is strong, with furniture exports showing a recovery since November 2023, driven by overseas retailers replenishing inventory. However, the report emphasizes the need to monitor changes in tariff policies, particularly from the U.S. [6][40]. Summary by Sections 1. Home Furnishing Sector 2024 Annual Report & Q1 2025 - The home goods sector is under operational pressure, with only Q1 showing growth due to a low base effect from previous public health events. The profit margin has been declining, reflecting increased competition [4][14]. - In Q1 2025, the sector's revenue increased by 3.9% year-on-year, and net profit rose by 10.6%, indicating a recovery trend [4][14]. 2. Domestic Sales - The report notes that the domestic home goods market is facing challenges, with a projected decline in sales. However, the introduction of government subsidies is expected to stimulate demand, particularly in key cities [5][34]. - The dividend payout ratio for leading companies in the sector has increased, with many companies offering dividend yields exceeding 3% [5][35]. 3. External Sales - The report indicates that external sales have been performing well, with all key export companies reporting revenue growth in Q1 2025. The recovery in exports is attributed to overseas retailers restocking [6][40]. - The report warns of uncertainties related to U.S. tariff policies, which could impact future export orders [6][40]. 4. Investment Recommendations - The report suggests focusing on leading companies with high dividend yields and strong market positions, such as Gujia Home, Sophia, and Zhibang Home, as they are expected to benefit from government subsidies and have resilient performance [5][39].

证券代码：301376 证券简称：致欧科技 公告编号：2025-042 致欧家居科技股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的时间： （1）现场会议：2025 年 5 月 20 日（星期二）14：30 时； （2）网络投票时间： ①通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 5 月 20 日的 交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00； ①通过深圳证券交易所互联网系统（http://wltp.cninfo.com.cn）投票的具体时间 为：2025 年 5 月 20 日 9:15-15:00 的任意时间。 2、会议召开地点：深圳市龙华区民治街道北站社区鸿荣源北站中心 A 塔 3901 公司会议室 3、会议召开方式：本次会议采用现场表决与网络投票相结合的方式召开 4、会议召集人：公司董事会 ...

证券代码：301376 证券简称：致欧科技 公告编号：2025-041 致欧家居科技股份有限公司 关于参加河南辖区上市公司 2025 年投资者网上集体接待日活动的公告 致欧家居科技股份有限公司董事会 2025 年 5 月 19 日 1 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。 为进一步加强与投资者的互动交流，致欧家居科技股份有限公司定于 2025 年 5 月 22 日（周四）15:25-16:55 参加在全景网举办的河南辖区上市公司 2025 年投资 者网上集体接待日活动，本次活动将采用网络远程的方式举行，投资者可登录"全 景·路演天下"(http://rs.p5w.net)参与本次互动交流。 出席本次网上集体接待日活动的人员有:董事会秘书秦永吉先生（如有特殊情 况，参会人员将可能进行调整），欢迎广大投资者积极参与。 特此公告。 ...

分析师及联系人 丨证券研究报告丨 联合研究丨公司点评丨致欧科技（301376.SZ） [Table_Title] 致欧科技 2024 A&2025Q1 点评：品牌力及 经营质量提升，短期扰动不改中长期价值 报告要点 [Table_Summary] 公司 2024 年实现营收/归母净利润/扣非净利润 81.24/3.34/3.09 亿元，同比+34%/-19%/-29%； 其中2024Q4 分别对应同比+24%/-56%/-58%；2025Q1 分别对应同比+14%/+10%/+25%。2024 年至 2025Q1 美线表现更佳，新渠道增势出色。公司内生优化进展显著，增长质量持续提升； 同时积极布局东南亚供应链应对关税影响。持续看好公司作为家居跨境出海先锋，持续强化竞 争力。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490516060001 SAC：S0490514080004 SAC：S0490520070002 SAC：S0490524110002 SAC：S0490524080008 SFC：BUV463 S ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved revenue of 8.124 billion yuan in 2024, with a year-on-year growth of 34%, while net profit attributable to shareholders decreased by 19% to 334 million yuan [2][6]. - The company is recognized as a pioneer in cross-border home goods, with a strong competitive edge and ongoing improvements in brand strength and operational quality [2][12]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 8.124 billion yuan, with a net profit of 334 million yuan and a non-recurring net profit of 309 million yuan, reflecting year-on-year changes of +34%, -19%, and -29% respectively [2][6]. - For Q4 2024, the revenue was 2.396 billion yuan, with net profit dropping to 56 million yuan, showing year-on-year changes of +24% and -56% respectively [6]. - In Q1 2025, revenue is projected to be 2.091 billion yuan, with net profit expected to rise by 10% to 111 million yuan [2][6]. Growth Drivers - The company has shown better performance in the North American market, with a 39% year-on-year growth, and has successfully diversified its sales channels, with significant growth in new channels such as OTTO and independent sites [12]. - The company has made substantial progress in optimizing its internal operations, leading to improved growth quality [12]. Supply Chain and Market Strategy - The company is actively establishing a supply chain in Southeast Asia to mitigate tariff impacts, with 40% of shipments to the U.S. now originating from this region [12]. - The company has enhanced its logistics capabilities in Europe, reducing delivery times and increasing the proportion of self-fulfilled orders [12]. Future Outlook - The company is expected to achieve net profits of 440 million yuan, 550 million yuan, and 660 million yuan in 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 17.3, 13.8, and 11.5 times [12].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [34][17]. Core Views - The company achieved a revenue of 8.124 billion yuan in 2024, representing a year-on-year growth of 33.74%, while the net profit attributable to shareholders decreased by 19.21% to 334 million yuan due to high shipping costs and increased sales expenses [5][6]. - The company is focusing on product innovation and expanding its sales channels, particularly in emerging platforms like TEMU, TikTok, and SHEIN, which have shown significant growth [6][12]. - The logistics optimization strategy, including the establishment of additional warehouses in Europe and the U.S., has improved delivery efficiency and reduced costs [10][11]. Summary by Sections Financial Performance - In 2024, the company reported a net cash flow from operating activities of 2.294 billion yuan, a year-on-year increase of 53.02% [5]. - The gross profit margin for 2024 was 34.65%, a decrease of 1.67 percentage points compared to the previous year [15]. - For Q1 2025, the company achieved a revenue of 2.091 billion yuan, a year-on-year increase of 13.56%, with a net profit of 111 million yuan, up 10.30% [5][16]. Revenue Growth Drivers - The revenue growth was driven by strong performance in new and secondary products, which accounted for 37% of total revenue, with a year-on-year growth of 89% [6]. - The furniture and home goods categories saw significant growth, with revenues of 4.198 billion yuan and 2.953 billion yuan, respectively, both showing over 35% growth [7]. - The company has diversified its sales channels, with B2C and B2B revenues of 6.837 billion yuan and 1.196 billion yuan, respectively, reflecting a year-on-year increase of 38.43% and 14.43% [9]. Supply Chain and Logistics - The company has established a global mixed warehousing network, with a self-operated warehouse area of 334,900 square meters by the end of 2024, covering key markets in Europe and the U.S. [10]. - The logistics strategy includes optimizing warehouse locations to enhance delivery speed and reduce costs, with average shipping costs decreasing by 0.7 to 2.4 USD per package [10][11]. - The company is transitioning its supply chain to Southeast Asia to mitigate geopolitical risks and reduce costs, with 20% of shipments to the U.S. already sourced from this region [14]. Future Outlook - The company is projected to achieve net profits of 385 million yuan, 548 million yuan, and 709 million yuan in 2025, 2026, and 2027, respectively, with corresponding EPS of 0.96 yuan, 1.37 yuan, and 1.76 yuan [19][17]. - The ongoing expansion into new sales channels and the optimization of logistics are expected to support sustained revenue growth and improve profitability in the coming years [12][17].

证券代码：301376 证券简称：致欧科技 编号：2025-002 | 升推动区域增长 38.83%。欧洲市场以仓储物流的深度优化和 | | --- | | 渠道多元化为抓手，同时发力多渠道，驱动区域销售额同比增 | | 长 31.31%。 | | 2、如何看待 2025 年欧洲地区的竞争格局？公司在市占较高 | | 的情况下如何实现持续增长？ | | 欧洲单一国家市场规模较小，不同国家之间语言存在差异，当 | | 地的税务等合规成本偏高，仓储物流体系相对饱和。公司通过 | | 仓储布局优化与产品升级巩固竞争优势，持续提升市场份额。 | | 年将加大公司已布局但市占较低的品类和大件产品的新 2025 | | 品类的投入，同时增加包括线上线下多渠道的投入，实现持续 | | 增长。 | | 3、2025 年 5 月 12 日中美会谈后公司关税变化情况？ | | 美方承诺取消根据 年 月 日第 号行政令和 2025 4 8 14259 2025 | | 年 4 月 9 日第 14266 号行政令对中国商品加征的共计 91%的关 | | 税，修改 年 月 日第 号行政令对中国商品加征 2025 4 2 14257 | ...

截至5月15日收盘，宠物经济概念上涨1.98%，位居概念板块涨幅第3，板块内，54股上涨，美农生物、 洁雅股份等20%涨停，若羽臣、永安药业、*ST绿康等涨停，仙乐健康、回盛生物、一致魔芋等涨幅居 前，分别上涨13.41%、10.50%、9.10%。跌幅居前的有致欧科技、青木科技、萤石网络等，分别下跌 4.64%、4.42%、2.73%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | NMN概念 | 2.07 | 华为盘古 | -3.76 | | 合成生物 | 2.05 | DRG/DIP | -3.30 | | 宠物经济 | 1.98 | 华为昇腾 | -3.09 | | 中韩自贸区 | 1.96 | 智谱AI | -3.09 | | 乳业 | 1.67 | 数字货币 | -3.05 | | 维生素 | 1.55 | 财税数字化 | -3.05 | | 玉米 | 1.54 | 华为鲲鹏 | -3.05 | | 动物疫苗 | 1.28 | MLOps概念 | -3.04 | | 转基因 | 1.23 | 华 ...

证券代码：301376 证券简称：致欧科技 公告编号：2025-040 致欧家居科技股份有限公司 关于公司参与设立产业基金的进展公告 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、基本情况概述 致欧家居科技股份有限公司（以下简称"公司"）为投资孵化上下游优质项 目，提升公司核心竞争力，推动公司战略愿景实现，公司作为有限合伙人使用 自有资金与普通合伙人兼执行事务合伙人苏州维特力新创业投资管理有限公司 （以下简称"苏州维特力新"）及其他有限合伙人共同投资设立长沙泉仲创业投 资合伙企业（有限合伙）（以下简称"基金"或"合伙企业"）。合伙企业目标募 集规模为人民币 100,000 万元，其中首期募集规模为 65,200 万元人民币，苏州 维特力新作为普通合伙人以自有资金认缴出资额为人民币 700 万元。公司拟以 自有资金认缴出资额人民币 1,000 万元，持股比例占合伙企业首期募集认缴出资 总额的 1.534%。具体内容详见公司于 2025 年 1 月 6 日和 2025 年 3 月 4 日披露 于巨潮资讯网（www.cninfo.com.cn）的相关公告。 二 ...