Investment Rating - The report gives a "Recommended" rating for the company, with projected revenues of 80.22 billion, 100.3 billion, and 122.32 billion yuan for the years 2024, 2025, and 2026 respectively, indicating year-on-year growth rates of 32.07%, 25.03%, and 21.96% [6]. Core Viewpoints - The company focuses on the cross-border e-commerce sector in home furnishings, establishing itself as a leading player in the Chinese market, with a product range that includes furniture, home goods, pet products, and outdoor sports items, primarily targeting Europe and the United States [1][2]. - The global e-commerce market is expanding, with a projected market size of 3.59 trillion USD in 2023 and an expected CAGR of 10.33% over the next six years, with the U.S. and Europe accounting for approximately 45% of the market share [2][46]. - The company has solidified its position as a leader in cross-border e-commerce, with over 70% of its revenue generated from the Amazon platform, while also diversifying its sales channels and product offerings [3][11]. Summary by Sections Section 1: Company Overview - The company is a leader in the cross-border e-commerce home furnishings sector, with brands such as SONGMICS, VASAGLE, and Feandrea, serving over 20 million households globally [11][12]. - The company has a stable and concentrated shareholding structure, with the founder holding 49.31% of shares and significant investments from Anker Innovations [20][24]. Section 2: Global E-commerce Expansion - The global e-commerce market is steadily growing, with furniture being the sixth largest segment, and the U.S. and Europe being the primary markets for home goods [2][46]. - Amazon dominates the global e-commerce landscape, holding significant market shares in both the U.S. and Europe, which benefits the company's sales strategy [55][73]. Section 3: Growth and Product Development - The company emphasizes product innovation and has developed a robust product matrix to meet diverse consumer needs across various home settings [15][16]. - The company has optimized its supply chain for efficiency, utilizing a combination of self-operated and third-party warehouses to enhance logistics [3][31]. Section 4: Financial Projections and Investment Recommendations - The company is expected to achieve revenues of 80.22 billion, 100.3 billion, and 122.32 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 3.98 billion, 5.52 billion, and 7.01 billion yuan [6][7]. - The projected PE ratios for the next three years are 19, 14, and 11, indicating a favorable investment outlook [6].

证券代码：301376 证券简称：致欧科技 公告编号：2025-002 致欧家居科技股份有限公司 关于合计持股 5%以上股东减持公司股份超过 1%的公告 1、基本情况 1 2 信息披露义 务人 1 珠海和谐博时一号投资合伙企业（有限合伙） 住所 珠海市横琴新区宝华路 6 号 105 室-8412 信息披露义 务人 2 珠海富邦凯瑞管理咨询企业（有限合伙） 住所 珠海市横琴新区宝华路 6 号 105 室-70639（集中办公区） 信息披露义 务人 3 天津德辉投资管理合伙企业（有限合伙） 住所 天津自贸试验区（中心商务区）新华路 3678 号宝风大厦 18 层 1840-104 权益变动时 间 2024 年 11 月 4 日至 2025 年 1 月 9 日 股票简称 致欧科技 股票代码 301376 变动类型（可 多选） 增加□减少☑ 一致行动人 有□无☑1 是否为第一大股东或实际控制人 是□否☑ 2、本次权益变动情况 股东名称 股份种类（A 股、 B 股等） 集中竞价 减持股数 （股） 大宗交易 减持股数 （股） 合计 减持股数 （股） 合计 减持比例 （%） 和谐博时 A 股 1,389,930 1,042 ...

广发证券股份有限公司 关于致欧家居科技股份有限公司 2024 年度定期现场检查报告 | 保荐人名称：广发证券股份有限公司 被保荐公司简称：致欧科技 | | --- | | 保荐代表人姓名：肖东东 联系电话：020-66338888 | | 保荐代表人姓名：谭旭 联系电话：020-66338888 | | 现场检查人员姓名：肖东东 | | 现场检查对应期间：2024 年度 | | 现场检查时间：2024 年 12 月 20 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段：1、查阅公司章程、公司治理相关制度、三会文件及相关决议；2、核 查董监高人员变动情况及相关决策文件、公告文件；3、实地察看公司的主要生产经营 | | 场所；4、核查控股股东、实际控制人是否发生变动情况及其对外投资情况；5、对公 | | 司管理层进行访谈，了解公司治理相关情况。 | | 1.公司章程和公司治理制度是否完备、合规 √ | | √ 2.公司章程和三会规则是否得到有效执行 | | 3.三会会议记录是否完整，时间、地点、出席人员及会议内 √ | | 容等要件是否齐备，会议资料是否保 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 19x for 2024 and 14x for 2025 [8][7] Core Views - The company achieved revenue of 5.728 billion yuan in the first three quarters of 2024, a year-on-year increase of 38%, while net profit attributable to the parent company was 278 million yuan, a year-on-year decrease of 3% [1][4] - In Q3 2024, revenue reached 2.007 billion yuan, up 34% year-on-year, with net profit attributable to the parent company at 106 million yuan, up 5% year-on-year [1][4] - The company's growth is driven by strong performance in the US market and rapid expansion on new platforms like Temu [1][4] - The company is focused on optimizing pricing strategies, improving cost efficiency, and expanding its product lines, particularly in the SONGMICS HOME brand [6][7] Financial Performance - Q3 2024 gross margin decreased by 2.3 percentage points year-on-year due to high shipping costs, but improved by 1.6 percentage points quarter-on-quarter due to optimized pricing strategies [5] - Sales/management/R&D/financial expense ratios in Q3 2024 changed by +1.7/+0.1/-0.1/-2.3 percentage points year-on-year, with increased sales expenses due to higher marketing investments [5] - The company expects to achieve net profit attributable to the parent company of 390 million yuan in 2024 and 550 million yuan in 2025 [7] Strategic Initiatives - The company is focusing on product series development, with the launch of the EKHO Collection covering multiple home scenarios [6] - Efforts are being made to reduce costs and improve efficiency, including standardizing production processes and increasing procurement from Southeast Asia, with a target of 20% of US shipments from the region [6] - The company is optimizing its warehousing and distribution layout, with increased FBM (Fulfillment by Merchant) share in the US market [6] - Expansion in the US market is a key focus, with emphasis on Amazon Vendor channels and top-listing products [6] Market and Growth Outlook - The company is positioned as a pioneer in cross-border home furnishing, leveraging China's manufacturing advantages to build an "online IKEA" [1][7] - Growth drivers include market share expansion, category diversification, channel expansion (Temu, OTTO, Shein, TikTok, and offline KA channels), and regional expansion [7] - The company's profitability is expected to improve as shipping costs normalize and self-fulfillment ratios increase [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a significant revenue growth of 38.49% year-on-year for the first three quarters of 2024, achieving a total revenue of 5.728 billion yuan. However, the net profit attributable to the parent company decreased by 3.11% year-on-year to 278 million yuan [5][7] - The company is expected to recover its profit margins in the future, despite facing short-term pressure due to increased shipping costs, which have risen by 57% year-on-year as indicated by the Baltic Dry Index [6][7] - The company is projected to achieve net profits of 390 million yuan, 494 million yuan, and 591 million yuan for the years 2024, 2025, and 2026, respectively, with a forecasted decline of 5.5% in 2024 followed by growth in subsequent years [7][11] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.007 billion yuan, representing a year-on-year increase of 34.49%, while the net profit attributable to the parent company was 106 million yuan, up 5.44% year-on-year [5] - The company's gross profit margin for the first three quarters of 2024 was 35.10%, a decrease of 1.76 percentage points year-on-year, and the net profit margin was 4.85%, down 2.08 percentage points year-on-year [6][11] - The company’s total revenue is expected to reach 8.053 billion yuan in 2024, with a year-on-year growth of 32.6% [8][9] Valuation and Comparison - The current closing price corresponds to a price-to-earnings (P/E) ratio of 20 and 16 times for 2024 and 2025, respectively. The estimated fair value range for the company is between 22.36 and 23.33 yuan based on a P/E ratio of 23 to 24 times for 2024 [7][10] - The company is compared with peers in the cross-border e-commerce sector, with an average P/E ratio of 20.1 for similar companies [10]

Company and Industry Summary Company Overview - The conference call was held for a technology company, referred to as "Smart Technology," to discuss its third-quarter performance and future outlook [1][2]. Key Financial Data - **Q3 Revenue**: Approximately 5.7 billion RMB, a year-on-year increase of 38% [2]. - **Q3 Profit**: Approximately 1 billion RMB, showing significant improvement compared to the previous quarter [2]. - **Q3 Revenue Breakdown**: - Revenue for Q3 was around 2 billion RMB, with a year-on-year growth of 34% [2]. - The average selling price (ASP) increased from 276 RMB in Q2 to 293 RMB in Q3, reflecting a 3.3% increase [3]. - **Full Year Revenue Target**: The company is on track to meet its full-year revenue target of 25% growth [2]. Market Performance - **Regional Performance**: - North America: Q3 revenue was approximately 800 million RMB, with an average growth rate of nearly 50%, outperforming the company's overall average growth [4]. - Europe: Q3 revenue was around 1.2 billion RMB, with a slight slowdown in growth due to price adjustments [4]. - **Product Categories**: - Home and furniture categories showed strong growth, with home products growing over 40% year-on-year and furniture products growing around 32% [5]. Strategic Initiatives - **Pricing Strategy**: The company plans to maintain pricing levels similar to Q3 while managing inventory to avoid stockouts, particularly in Europe [12]. - **Sales Channels**: The company is focusing on expanding its sales channels, particularly through Amazon and new platforms like Timo, which has shown rapid growth [28][36]. - **Cost Management**: The company has implemented cost control measures, reducing marketing expenses to around 3.8% of revenue in Q3 [7]. Challenges and Risks - **Cost Pressures**: The company anticipates continued pressure from shipping costs, particularly in Q4, which is traditionally a peak season [9][35]. - **Market Dynamics**: The U.S. market is experiencing slower growth compared to Europe, with increased competition and pricing pressures affecting profitability [24][26]. Future Outlook - **2024 Projections**: The company is optimistic about achieving its revenue targets for 2024, supported by internal restructuring and improved supply chain management [10]. - **Market Expansion**: Plans to increase market share in both the U.S. and European markets, with a focus on enhancing product offerings and expanding into new sales channels [26][28]. Management Changes - Recent management changes have been made to improve operational efficiency, particularly in supply chain and sales coordination [16][17]. Conclusion - Overall, Smart Technology has demonstrated strong financial performance in Q3, with a positive outlook for future growth despite facing challenges related to cost pressures and market competition. The company is strategically positioning itself to leverage new sales channels and optimize its product offerings to sustain growth.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [1][4][16]. Core Insights - The company has demonstrated strong revenue growth, with a year-on-year increase of 38.49% in the first three quarters of 2024, driven by enhanced marketing efforts and an increase in the sales proportion of new and emerging products [1][4]. - Despite a slight decline in net profit by 3.11% year-on-year to 278 million yuan, the decrease in profit margin has narrowed compared to previous periods, indicating an improvement in performance [1][4]. - The company has actively increased product prices to mitigate the impact of rising shipping costs and exchange rate fluctuations, which has positively affected gross margin levels [1][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 5.728 billion yuan, with a net profit attributable to shareholders of 278 million yuan [1][4]. - The gross margin for the first three quarters was reported at 35.10%, a decrease of 1.76 percentage points year-on-year, but an improvement from the mid-year report [1][4]. - The company plans to distribute a cash dividend of 1 yuan per share, totaling 40.15 million yuan, reflecting confidence in future profitability [3][4]. Future Outlook - The company is expected to continue increasing its investment in new product launches to support future revenue growth and expand into new platforms and offline markets [4]. - Projections for net profit are 409 million yuan for 2024, 542 million yuan for 2025, and 726 million yuan for 2026, with corresponding earnings per share (EPS) of 1.02 yuan, 1.35 yuan, and 1.81 yuan respectively [4][11].

Investment Rating - The investment rating for the company is "Hold" [1]. Core Insights - The company has achieved a revenue of 5.73 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 38.5%. The net profit attributable to shareholders is 280 million yuan, down 3.1% year-on-year, while the net profit after deducting non-recurring items is 260 million yuan, down 17.4% year-on-year. In Q3 alone, the company generated revenue of 2.01 billion yuan, up 34.5% year-on-year, with a net profit of 110 million yuan, an increase of 5.4% year-on-year [1][2]. Summary by Sections Revenue and Profitability - The company has adopted a market share enhancement strategy, leading to successful new product launches and increased contributions from European and American channels. The overall gross margin for the first three quarters is 35.1%, down 1.8 percentage points year-on-year, and the net profit margin is 4.9%, down 2.1 percentage points year-on-year. The total expense ratio is 29.8%, up 2 percentage points year-on-year [2][3]. Strategic Initiatives - The company plans to improve profitability in the second half of the year through several initiatives, including real-time monitoring of product sales conversion and market share, enhancing the proportion of self-dispatch from U.S. warehouses, increasing the shift of the supply chain to Southeast Asia, and negotiating lower shipping costs through long-term contracts [2][3]. Financial Forecast - The company is expected to achieve EPS of 1.02 yuan, 1.30 yuan, and 1.53 yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 20x, 15x, and 13x. The company’s product cost-performance ratio is outstanding, and there is ample room for market share growth, leading to a maintained "Hold" rating [3][4]. Market Performance - The company’s stock has shown relative performance against the market, with a current price of 20.01 yuan and a market capitalization of 8.034 billion yuan. The stock price has fluctuated between 16.36 yuan and 29.6 yuan over the past 52 weeks [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][2][12] Core Views - The company has shown strong revenue growth, with a 38.5% increase in revenue for the first three quarters of 2024, reaching 5.73 billion [1] - The net profit for the same period is 280 million, reflecting a slight decline of 3.1% year-on-year, while the adjusted net profit decreased by 17.4% to 260 million [1] - The third quarter revenue was 2.01 billion, up 34.5% year-on-year, with a net profit of 106 million, marking a 5.4% increase [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 40.15 million [1] - New product launches are expected to continue performing well, contributing over 10% to annual revenue [1] - The company is expanding its market presence on platforms like OTTO, Temu, and Shein, alongside traditional markets [1] Financial Summary - Revenue for 2024 is projected to be 7.82 billion, a 28.7% increase from 2023 [3] - The forecasted net profit for 2024 is 388 million, a decrease of 6.0% compared to 2023, with subsequent years showing significant growth [2][3] - The company's gross margin for Q3 2024 is reported at 35.4%, down 2.3 percentage points year-on-year, while the net profit margin decreased by 1.5 percentage points to 5.3% [1] - The company has enhanced its local fulfillment capabilities, with over 350,000 square meters of overseas self-operated warehouse space established [1] - The company is also migrating its supply chain to Southeast Asia to reduce costs and mitigate tariff risks [1]

Investment Rating - The investment rating for the company is maintained as "Buy" [1][3]. Core Views - The company has shown impressive revenue growth in Q1-Q3 2024, achieving a revenue of 5.73 billion yuan, which is a year-on-year increase of 38.5%. However, the net profit attributable to the parent company decreased by 3.1% to 278 million yuan [3][4]. - The revenue for Q3 2024 reached 2.01 billion yuan, reflecting a growth of 34.5%, while the net profit for the same quarter increased by 5.4% to 110 million yuan [3][4]. - The company is expanding its product lines and channels, particularly in the home and pet sectors, and is actively exploring cross-border e-commerce platforms, which is expected to drive future growth [5]. Financial Performance Summary - For the period of Q1-Q3 2024, the gross profit margin was 35.1%, down by 1.8 percentage points year-on-year, while the net profit margin was 4.8%, a decrease of 2.1 percentage points [4]. - The company’s operating expenses increased due to higher marketing costs and foreign exchange losses, impacting profitability [4]. - The forecast for net profit attributable to the parent company for 2024-2026 is adjusted to 408 million, 541 million, and 717 million yuan respectively, with corresponding EPS of 1.02, 1.35, and 1.79 yuan [3][6]. Strategic Initiatives - The company is focusing on channel expansion and product diversification, with significant investments in R&D and marketing to mitigate external pressures from shipping costs and currency fluctuations [5]. - The company is enhancing its logistics and supply chain management to improve profitability and counteract adverse external factors [5]. Financial Projections - The projected revenue for 2024 is 7989 million yuan, with a year-on-year growth of 31.5%, and expected to reach 9730 million yuan in 2025 and 11854 million yuan in 2026 [6][8]. - The projected net profit for 2024 is 408 million yuan, with a slight decline of 1.2% year-on-year, followed by growth of 32.5% in 2025 and 32.6% in 2026 [6][8]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected at 19.3 for 2024, decreasing to 14.5 in 2025 and 11.0 in 2026, indicating a favorable valuation trend [3][6]. - The price-to-book (P/B) ratio is expected to decline from 2.4 in 2024 to 1.8 in 2026, suggesting improving value for investors [6][8].