Investment Rating - The report gives an "Accumulate" rating for the company with a target price of 27.74 CNY per share based on a 23x PE for 2024 [12][16][33]. Core Viewpoints - The company is a leading cross-border e-commerce player focused on home furnishing products, primarily targeting the European and North American markets. It has shown significant revenue growth from 1.595 billion CNY in 2018 to 5.455 billion CNY in 2022, with a CAGR of 36% [41][45]. - The company plans to expand its product categories and market presence, particularly in the U.S. and Latin America, where it currently holds a low market share [2][64]. Summary by Sections Company Overview - The company specializes in home furnishing products and operates mainly through online B2C platforms, with 80.53% of its revenue coming from this channel in 2022. Amazon accounted for 67.61% of its revenue [41][60]. - The company has a stable and experienced core management team, with the founder holding nearly 50% of the shares [32][63]. Financial Performance - Revenue projections for 2024-2026 are 76.74 billion CNY, 93.70 billion CNY, and 112.58 billion CNY, with year-on-year growth rates of 26.34%, 22.10%, and 20.14% respectively. Net profit is expected to be 4.84 billion CNY, 6.17 billion CNY, and 7.63 billion CNY for the same period [12][16][42]. - The company’s EPS is projected to be 1.21 CNY, 1.54 CNY, and 1.90 CNY for 2024-2026, with a 3-year CAGR of 22.72% [12][16]. Market Dynamics - The demand for imported furniture in the U.S. is significant, with 39% of furniture sourced from imports. The company aims to leverage this demand to mitigate domestic overcapacity issues in China's furniture manufacturing sector [45][51]. - The cross-border e-commerce model is seen as a more efficient alternative to traditional foreign trade, shortening transaction chains and enhancing market access [45][51]. Growth Strategy - The company plans to enhance its market share in the U.S. and expand into Latin America and Australia, with a focus on increasing its product offerings and distribution channels [2][64]. - The report highlights the potential for growth in the pet product segment, with expected revenue growth rates of 42%, 35%, and 34% for 2024-2026 [6][34].

维持盈利预测，维持"买入"评级 公司报告 | 季报点评 24Q1 收入 18 亿，同增 45%；归母净利润 1 亿，同增 15%；扣非净利润 1 亿，同增 14%； ①风格化：公司以 Ekho 系列为例，产品以统一的设计语言和独特的设计风 格带给消费者更好的视觉享受；②系列化：客户能够基于一种风格在多种 品类上面进行选择。③性价比：公司并没有使用复杂或者昂贵的材料来实 现风格化和系列化，产品本身可能跟市面上的款式在成本上并没有太大的 差异，但是能够带来更好的视觉享受。 第三方渠道快速增长 风险提示：海外需求下降风险；全球海运费上涨；行业竞争加剧；供应链 建设进度不及预期等。 | --- | --- | |----------------------------|--------------------------------------------| | | 证券研究报告 2024 年 04 月 30 日 | | 投资评级 | | | 行业 | 轻工制造 / 家居用品 | | 6 | 个月评级 买入（维持评级） | | 当前价格 | 23.53 元 | | | 目标价格 元 | | 基本数据 | | | A ...

Investment Rating - The report maintains a "Buy" rating for the company [1][20]. Core Views - The company has demonstrated strong revenue growth in Q1 2024, achieving an operating income of 1.842 billion yuan, a year-on-year increase of 45.30%, and a net profit attributable to shareholders of 101 million yuan, up 15.06% year-on-year [1]. - The company is focusing on brand unification, product series development, and global cost reduction while expanding its channels and optimizing logistics [1][3]. - The company aims to enhance its market penetration in the U.S. while continuing to expand in Europe and emerging markets like Mexico and Australia [3]. Summary by Sections Financial Performance - In Q1 2024, the company reported a gross margin of 36%, a slight decrease of 0.78 percentage points year-on-year, primarily due to fluctuations in shipping costs [1]. - The net cash flow from operating activities reached 438 million yuan, reflecting a significant year-on-year increase of 69.58% [1]. - The company expects improvements in shipping costs in Q2 2024, which will help restore profitability [1]. Future Projections - The company forecasts net profits of 506 million yuan, 600 million yuan, and 737 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.26 yuan, 1.49 yuan, and 1.83 yuan [3][4]. - The projected P/E ratios for the next three years are 18.71, 15.79, and 12.86, indicating a favorable valuation trend [3][4]. Market Position - The company has established a strong presence in the online home goods retail market in Europe and the U.S., leveraging its early mover advantage in cross-border e-commerce [3]. - The report highlights the company's ongoing efforts in digitalization and localized operations to enhance customer experience [3].

现金流表现亮眼，新渠道拓展顺利 [Table_Industry] 请务必阅读正文之后的重要声明部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------|--------|-------|-------|-----------------------|-----------------------|-------|-------|-------|---------------------| | 图表 1 ：公司三大财务报表 \n资产负债表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | 利润表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | | 货币资金 | 726 | 2,270 | 2,779 | 3,379 | 营业收入 | 6,074 | 7,567 | 9,265 | 11,264 | | 应收票据 | 0 | 0 | ...

Investment Rating - The investment rating for the company is "Buy" [3][4] - Previous rating was also "Buy" [4] Core Views - The company reported a revenue growth of 45% in Q1, which exceeded expectations, although net profit margin was affected by rising shipping costs and increased advertising expenses [3][4] - The company is actively promoting new products, brand unification, and warehouse network layout, indicating a positive outlook for future growth [3][4] Summary by Sections Financial Performance - Q1 revenue reached 1.84 billion, representing a 45.3% year-on-year increase [3] - Net profit attributable to shareholders was 0.25 billion, reflecting a 65% increase compared to the previous year [3] - The company maintains a target price of 29.76, consistent with previous forecasts [3][4] Revenue and Profitability - Revenue projections for 2024-2026 are 7.607 billion, 9.302 billion, and 11.246 billion respectively, with growth rates of 25%, 22%, and 21% [3][4] - Operating profit (EBIT) is expected to grow from 0.507 billion in 2023 to 0.652 billion in 2024 [3][4] - The net profit margin is projected to stabilize, with a net profit margin of 6.7% in 2024 [3][4] Market Position and Strategy - The company is positioned as a leading player in the cross-border e-commerce sector for home furnishings, benefiting from strong brand assets and efficient business models [3][4] - The strategy includes enhancing product offerings and focusing on brand unification to improve customer engagement and operational efficiency [3][4] Financial Ratios - The company’s return on equity (ROE) is projected to increase from 13.2% in 2023 to 14.8% in 2024 [3][4] - The price-to-earnings (P/E) ratio is expected to decrease from 24.51 in 2023 to 19.80 in 2024, indicating improved valuation [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [20][21]. Core Insights - The company reported a revenue of 1.842 billion yuan in Q1 2024, representing a year-on-year increase of 45.3%. The net profit attributable to the parent company was 101 million yuan, up 15.1% year-on-year, while the net profit excluding non-recurring items was 96 million yuan, reflecting a 13.6% increase year-on-year [2]. - The company benefits from regional and platform expansion, with a notable increase in sales volume despite slight adjustments in average prices due to consumer downgrade trends. Profit growth has slowed primarily due to external factors such as rising shipping costs and foreign exchange fluctuations [2][6]. - The company has established a brand advantage on the Amazon platform, ranking first in the home furniture category in Germany, France, the UK, and Italy. The North American market is expected to see increased contributions as the company optimizes its operational model and enhances supply chain management [19]. Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 36.0%, a decrease of 0.8 percentage points year-on-year, while the net profit margin was 5.5%, down 1.4 percentage points year-on-year. The increase in shipping costs and a decline in average prices impacted the gross margin, although the company continues to optimize supply management to mitigate some of these effects [7]. - The operating cash flow for Q1 2024 was 438 million yuan, an increase of 180 million yuan year-on-year. The turnover days for accounts receivable, accounts payable, and inventory were 8.63, 32.76, and 76.11 days, respectively, showing a year-on-year change of -0.68, +7.30, and +3.80 days [3]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 490 million yuan, 613 million yuan, and 736 million yuan, respectively, with corresponding PE valuations of 21.3X, 17.0X, and 14.2X [20].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company achieved revenue of 1.842 billion yuan in Q1 2024, representing a year-on-year growth of 45.30% [1] - The company has successfully expanded its sales channels, including platforms like SHEIN and TikTok, which are expected to contribute to revenue growth [1] - The company is focusing on its main brand SONGMICS HOME to strengthen its market position and consumer connection [2] Financial Performance - In Q1 2024, the company's net profit attributable to shareholders was 101 million yuan, a year-on-year increase of 15.06% [1] - The gross profit margin for Q1 2024 was 36.0%, a decrease of 0.78 percentage points year-on-year, primarily due to rising logistics costs [2] - The company expects net profits for 2024, 2025, and 2026 to be 510 million, 620 million, and 750 million yuan respectively, with corresponding PE ratios of 20X, 16X, and 13X [2][5] Revenue Growth - The company anticipates revenue growth rates of 11.3%, 23.7%, 22.6%, and 23.1% for the years 2024, 2025, and 2026 respectively [5] - The company has a significant inventory of 448 million yuan in transit as of the end of 2023, up 116% from the previous year [1] Cost Management - The company has implemented supply chain optimizations that have led to a decrease in procurement costs, which may offset some of the increased shipping costs [1] - The financial expenses for Q1 2024 were reported at 25.54 million yuan, with exchange rate fluctuations contributing to losses [2]

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 ...