Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown robust revenue growth with a 38.5% year-on-year increase in revenue for the first three quarters of 2024, reaching 5.728 billion yuan, although net profit has slightly decreased by 3.1% to 278 million yuan [1] - The acceleration of new product iterations and the expansion of multi-channel strategies are driving growth, with new products expected to contribute over 10% of revenue in 2024 [1][2] - The company is optimizing its supply chain by shifting procurement to Southeast Asia to mitigate future trade friction risks, with expectations that Southeast Asia's shipments to the U.S. will reach 20% in Q4 [1] Financial Performance Summary - For Q3 2024, the company reported a revenue of 2.007 billion yuan, a 34.5% increase year-on-year, and a net profit of 106 million yuan, up 5.4% year-on-year [1] - The gross margin for Q3 2024 was 35.4%, showing a year-on-year decrease of 2.3 percentage points but an increase of 1.6 percentage points from the previous quarter [1] - The operating cash flow for Q3 2024 was 561 million yuan, reflecting a year-on-year increase of 212 million yuan, attributed to increased use of bank acceptance bills and expanded tax refunds [2] Earnings Forecast - The company is projected to achieve net profits of 390 million yuan, 630 million yuan, and 750 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19.7X, 12.2X, and 10.2X [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company reported a revenue of 5.73 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 38.5%. However, the net profit attributable to shareholders decreased by 3.1% to 280 million RMB [2]. - In Q3 2024, the company achieved a revenue of 2.01 billion RMB, up 34.5% year-on-year, with a net profit of 110 million RMB, reflecting a 5.4% increase year-on-year [2]. - The company is benefiting from successful new product launches and the expansion into new platforms such as Temu, Target, and TikTok Shop, which supports continued revenue growth [3]. - The gross margin for Q3 2024 improved sequentially, with a gross margin of 35.4% and a net margin of 5.3%, despite year-on-year declines due to high shipping costs [3]. - The company has established strong advantages in brand strength, product procurement, overseas warehousing logistics, and marketing operations, which support its growth sustainability [3]. Summary by Sections Performance Overview - Revenue for 2024 is projected to reach 8.03 billion RMB, with a growth rate of 32.15% [5]. - The net profit for 2024 is expected to be 380 million RMB, with a slight decline of 7.94% [5]. - The diluted earnings per share (EPS) for 2024 is estimated at 0.947 RMB [5]. Financial Metrics - The company's gross margin for the first three quarters of 2024 is 35.1%, while the net margin is 4.9% [3]. - The projected EPS for 2024-2026 is 0.95 RMB, 1.27 RMB, and 1.61 RMB, respectively, with corresponding price-to-earnings (PE) ratios of 20, 15, and 12 [3]. Market Position and Strategy - The company is focusing on deepening its existing product categories while expanding into new categories, leveraging its strong supply chain and operational capabilities [3]. - The expansion into offline channels is expected to further enhance long-term growth potential [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 5.73 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 38.5%. However, the net profit attributable to shareholders decreased by 3.1% to 278 million yuan, and the net profit after deducting non-recurring items fell by 17.4% to 258 million yuan [2] - The revenue growth is attributed to successful product expansion and increased marketing efforts. However, profit margins are under pressure due to rising shipping costs and other macroeconomic factors [2] - The company has enhanced its core capabilities in branding, product offerings, logistics, and channel expansion, which are expected to drive future growth [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.01 billion yuan, up 34.5% year-on-year, with a net profit of 110 million yuan, reflecting a 5.4% increase year-on-year. The net profit after deducting non-recurring items was 100 million yuan, down 1.5% year-on-year [2] - The gross margin and net profit margin for Q3 2024 were 35.44% and 5.28%, respectively, down 2.25 percentage points and 1.46 percentage points year-on-year [2] Profit Forecast and Valuation - The profit forecast for 2024 has been adjusted downwards due to the impact of shipping costs, with net profit expectations revised to 4.1 billion yuan for 2024, 5.5 billion yuan for 2025, and 6.4 billion yuan for 2026, reflecting a year-on-year growth of 0% for 2024, 33% for 2025, and 16% for 2026 [2] - The corresponding P/E ratios based on the closing price on October 23 are 19x for 2024, 14x for 2025, and 12x for 2026 [2]

1、审议通过《关于公司 2024 年第三季度报告的议案》 证券代码：301376 证券简称：致欧科技 公告编号：2024-052 致欧家居科技股份有限公司 第二届监事会第九次会议决议公告 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 致欧家居科技股份有限公司（以下简称"公司"、"致欧科技"）第二届监事会 第九次会议（以下简称"会议"）于 2024 年 10 月 11 日以电子邮件的方式通知全体 监事，会议于 2024 年 10 月 23 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。 二、监事会会议审议情况 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的相 关公告。 表决结果：3 票同意，0 票反对，0 票弃权。 三、备查 ...

证券代码：301376 证券简称：致欧科技 公告编号：2024-051 致欧家居科技股份有限公司 第二届董事会第十一次会议决议公告 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（以下简称"公司"、"致欧科技"）第二届董事会第 十一次会议（以下简称"会议"）于 2024 年 10 月 11 日以电子邮件的方式通知全体 董事，会议于 2024 年 10 月 23 日（星期三）9:30 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 年第三季度报告的议案》 经审核，董事会认为公司 2024 年第三季度报告真实、准确、完整地反映了公 司 2024 年第三季度的财务状况和经营成果，不 ...

证券代码：301376 证券简称：致欧科技 公告编号：2024-054 致欧家居科技股份有限公司 关于召开 2024 年第二次临时股东大会的公告 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。 根据《公司法》和《公司章程》的有关规定，经致欧家居科技股份有限公司 （以下简称"公司"、"致欧科技"）第二届董事会第十一次会议审议通过了《关于 召开 2024 年第二次临时股东大会的议案》，决定于 2024 年 11 月 22 日（星期五） 下午 14:30 在公司会议室召开 2024 年第二次临时股东大会，现将会议有关事项通 知如下： 一、召开会议的基本情况 1、会议届次：2024 年第二次临时股东大会 2、会议召集人：公司董事会。 3、会议召开的合法及合规性：本次股东大会会议的召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的有关规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 11 月 22 日（星期五）14：30 时； （2）网络投票时间：2024 年 11 月 22 日，其中： ①通过深圳证券交易所交易系统进行网络投票的 ...

Financial Performance - Revenue for the third quarter reached 2,006,746,602.57 yuan, a year-on-year increase of 34.49%[2] - Net profit attributable to shareholders of the listed company was 105,997,680.46 yuan, up 5.44% year-on-year[2] - Operating cash flow for the first nine months of 2024 was 1,495,705,784.66 yuan, a 40.41% increase compared to the same period last year[2] - Total assets as of the end of the reporting period were 6,243,705,775.01 yuan, an 11.87% increase from the end of the previous year[2] - Net profit for the quarter was 277,534,049.49 RMB, slightly down from 286,441,172.51 RMB in the same period last year[21] - Basic and diluted earnings per share were both 0.69 RMB, compared to 0.76 RMB in the previous year[22] - The company's total operating revenue for the period from the beginning of the year to the end of the reporting period was 5,727,825,735.94 yuan, compared to 4,136,032,926.72 yuan in the same period last year[19] Expenses and Costs - Sales expenses rose by 49.18% to 1,413,078,759.50 yuan, driven by increased platform transaction fees and marketing activities[7] - Financial expenses surged by 384.42% to 30,022,040.02 yuan, mainly due to reduced interest income and foreign exchange gains[7] - Total operating costs for the quarter were 5,427,674,806.70 RMB, with operating costs accounting for 3,717,279,237.08 RMB[20] - Sales expenses increased to 1,413,078,759.50 RMB, up from 947,243,048.08 RMB in the previous period[20] Cash Flow - Cash flow from operating activities was 1,495,705,784.66 RMB, up from 1,065,228,023.34 RMB in the previous period[23] - Cash received from sales of goods and services was 4,942,867,551.08 RMB, compared to 3,402,493,665.50 RMB in the previous year[23] - Cash paid for goods and services was 2,603,680,644.79 RMB, up from 1,518,043,202.46 RMB in the previous period[23] - Cash flow from investing activities was -240,880,238.54 RMB, an improvement from -1,277,130,692.33 RMB in the previous year[23] - Cash received from investments was 2,169,300,602.55 RMB, compared to 1,133,462,900.00 RMB in the previous period[23] - Cash paid for investments was 2,414,096,868.58 RMB, slightly down from 2,438,575,905.82 RMB in the previous year[23] - Cash flow from financing activities decreased by 514.42% to -1,440,384,206.75 yuan, reflecting increased loan repayments and dividend payments[8] - Cash received from borrowings: 169,868,454.78[24] - Cash received from other financing activities: 99,487,202.58[24] - Total cash inflow from financing activities: 269,355,657.36[24] - Cash paid for debt repayment: 1,109,233,148.25[24] - Cash paid for dividends, profits, or interest: 214,578,658.35[24] - Cash paid for other financing activities: 385,928,057.51[24] - Total cash outflow from financing activities: 1,709,739,864.11[24] - Net cash flow from financing activities: -1,440,384,206.75[24] - Effect of exchange rate changes on cash and cash equivalents: 11,144,586.46[24] - Net increase in cash and cash equivalents: -174,414,074.17[24] Assets and Liabilities - As of September 30, 2024, the company's total assets amounted to 6,243,705,775.01 yuan, with current assets totaling 3,543,797,444.98 yuan and non-current assets totaling 2,699,908,330.03 yuan[16][17] - The company's total liabilities as of September 30, 2024, were 3,038,156,402.53 yuan, with current liabilities at 2,197,940,713.97 yuan and non-current liabilities at 840,215,688.56 yuan[18][19] - Inventory increased by 55.26% to 1,365,487,153.64 yuan due to expanded sales and increased stockpiling[6] Shareholder Information - The company's controlling shareholder, Song Chuan, directly holds 49.31% of the company's shares, totaling 197,960,422 shares[10] - Anker Innovations holds 8.24% of the company's shares, totaling 33,077,475 shares[10] - Zhuhai Harmony Bosera No. 1 Investment Partnership holds 4.12% of the company's shares, totaling 16,538,737 shares[10] - Suzhou Weiteli New Venture Capital Management Co., Ltd. holds 3.82% of the company's shares, totaling 15,337,816 shares[10] - Gongcheng Keying Investment Partnership holds 3.29% of the company's shares, totaling 13,205,179 shares[10] - Zhengzhou Zeqian Enterprise Management Consulting Center holds 3.29% of the company's shares, totaling 13,205,179 shares[10] - Gongcheng Muqiao Investment Partnership holds 3.29% of the company's shares, totaling 13,205,179 shares[10] - Wang Zhiwei holds 2.47% of the company's shares, totaling 9,923,243 shares[10] - Tian Lin holds 2.47% of the company's shares, totaling 9,923,243 shares[10] - The total number of restricted shares at the end of the period is 273,935,371 shares[14] Incentive Plans - The company implemented the 2024 Restricted Stock Incentive Plan, granting 3.5 million restricted shares to 47 incentive recipients on April 2, 2024, and an additional 260,000 restricted shares to 3 recipients on September 26, 2024[15] Investment and Income - Investment income increased by 132.91% to 49,084,795.29 yuan, primarily from gains in large deposits and financial products[7]

证券代码：301376 证券简称：致欧科技 公告编号：2024-053 致欧家居科技股份有限公司 关于公司 2024 年前三季度利润分配预案的公告 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。 致欧家居科技股份有限公司（以下简称"公司"、"致欧科技"）于 2024 年 10 月 23 日分别召开第二届董事会第十一次会议和第二届监事会第九次会议，审议 通过了《关于公司 2024 年前三季度利润分配预案的议案》，该议案尚需提交公司 2024 年第二次临时股东大会审议，现将具体情况公告如下： 一、2024 年前三季度利润分配预案的基本情况 三、利润分配预案的决策程序 （一）董事会审议情况 公司第二届董事会第十一次会议审议通过了《关于 2024 年前三季度利润分配 预案的议案》，并同意将该议案提交公司 2024 年第二次临时股东大会审议。 （二）监事会审议情况 公司第二届监事会第九次会议审议通过了《关于 2024 年前三季度利润分配预 案的议案》。经审议，监事会认为：2024 年前三季度利润分配预案是根据公司的 财务状况、经营成果和现金流量的实际情况制定，履行了必要 ...

致欧科技：前三季度净利润同比下降3.11% 财联社10月23日电，致欧科技发布2024年第三季度报告，公 司前三季度实现营业收入57.28亿元，同比增长38.49%；净利润2.77亿元，同比下降3.11%；基本每股收 益0.69元。 第三季度实现营业收入20.07亿元，同比增长34.49%；净利润1.06亿元，同比增长5.44%。 报告期内，公司新品拓展顺利，营销力度增强，销售规模扩大。 查看公告原文 ...

证券代码：301376 证券简称：致欧科技 公告编号：2024-049 致欧家居科技股份有限公司 关于合计持股 5%以上股东减持股份的预披露公告 公司股东珠海和谐博时一号投资合伙企业（有限合伙）、珠海富邦凯瑞管 理咨询企业（有限合伙）、天津德辉投资管理合伙企业（有限合伙）保证向本 公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 致欧家居科技股份有限公司（以下简称"公司"）股东珠海和谐博时一号投资 合伙企业（有限合伙）（以下简称"和谐博时"）、珠海富邦凯瑞管理咨询企业（有 限合伙）（以下简称"富邦凯瑞"）、天津德辉投资管理合伙企业（有限合伙）（以下 简称"天津德辉"）为公司首次公开发行股票上市前股东，合计持有公司股份 30,655,236 股（占公司总股本比例为 7.6352%），上述三位股东之间未签署一致行 动协议，遵循谨慎性原则，减持时比照一致行动人相关规则进行信息披露。 和谐博时、富邦凯瑞、天津德辉计划自本减持计划公告之日起 15 个交易日之 后 3 个月内通过集中竞价和大宗交易方式减持公司股份， ...