110 115 120 125 130 135 140 145 150 2018 年1月 2018 年4月 2018 年7月 2018 年10 月 2019 年1月 2019 年4月 2019 年7月 2019 年10 月 2020 年1月 2020 年4月 2020 年7月 2020 年10 月 2021 年1月 2021 年4月 2021 年7月 2021 年10 月 2022 年1月 2022 年4月 2022 年7月 2022 年10 月 2023 年1月 2023 年4月 家居价格指数 图 19：2018-2023 年 4 月美国城市平均家居及床上用品价格指数 图 20：2018-2023H1 欧盟家居、家用设备及维护 HICP 通胀率 0% 2% 4% 6% 8% 10% 12% 2018 年1月 2018 年4月 2018 年7月 2018 年10 月 2019 年1月 2019 年4月 2019 年7月 2019 年10 月 2020 年1月 2020 年4月 2020 年7月 2020 年10 月 2021 年1月 2021 年4月 2021 年7月 2021 年10 月 2022 年1月 ...

Investment Rating - The report assigns a positive investment rating to the company, indicating strong growth potential in the cross-border e-commerce home goods sector [46][67]. Core Insights - The company is positioned as a leading player in the cross-border e-commerce home goods market, leveraging a one-stop online shopping platform to enhance customer experience and drive sales [82]. - The financial analysis highlights robust profitability and improving cash flow, with a net cash ratio reaching 3.72 in Q1-Q3 2023, reflecting effective inventory management and operational efficiency [3]. - Revenue projections for 2023-2025 are optimistic, with expected revenues of 21.3 billion, 26.8 billion, and 33.1 billion yuan, representing year-on-year growth rates of 14.0%, 25.6%, and 23.6% respectively [47][67]. Financial Performance - The company reported revenues of 5.967 billion yuan in 2021, which decreased to 5.455 billion yuan in 2022, but is projected to recover to 6.056 billion yuan in 2023, with a growth rate of 11.0% [50]. - Net profit is expected to increase significantly from 410 million yuan in 2023 to 619 million yuan in 2025, with a compound annual growth rate (CAGR) of 23.4% [50]. - The company's earnings per share (EPS) is projected to rise from 1.02 yuan in 2023 to 1.54 yuan in 2025, indicating strong profitability growth [50]. Market Trends - The global e-commerce market is experiencing steady growth, with the cross-border e-commerce sector expected to reach 10.4 trillion yuan by 2025, driven by increasing demand and reduced global transaction costs [11]. - The report notes that the U.S. remains the largest overseas market for e-commerce, with significant growth opportunities in Europe and Asia [7][13]. Operational Efficiency - The company has optimized its supply chain and logistics, establishing a global network of 280,000 square meters of self-operated warehouses, which enhances delivery efficiency and reduces costs [60]. - The implementation of a digital management system has improved order processing speed and inventory turnover, significantly enhancing operational efficiency [59]. Product Development - The company is focusing on product innovation, with a notable increase in the number of self-developed products, which rose from 582 in 2020 to 535 in 2022 [62]. - The emphasis on modular design and packaging has led to reduced logistics costs and improved customer satisfaction, as evidenced by high product ratings on platforms like Amazon [41][63].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The report emphasizes that the company, as a leading player in the home cross-border e-commerce sector, is well-positioned for growth due to increasing global e-commerce penetration and supportive domestic foreign trade policies. The company has made proactive arrangements in channels, products, and supply chains, indicating strong growth momentum. The profit forecasts for 2023-2025 are maintained, with expected net profits of 410 million, 512 million, and 631 million yuan respectively, corresponding to EPS of 1.02, 1.28, and 1.57 yuan, with current PE ratios of 22.1, 17.7, and 14.3 times [9][10]. Financial Performance Summary - The company expects to achieve operating revenue of 60.2-61.0 billion yuan in 2023, representing a year-on-year increase of 10.35%-11.82%. For Q4 2023, the anticipated revenue is 18.8-19.6 billion yuan, reflecting a growth of 40.9%-46.9% year-on-year, driven by successful product launches [11]. - The company has set ambitious targets for its stock incentive plan, aiming for a compound annual growth rate (CAGR) of 20-25% in operating revenue from 2024 to 2026, with specific growth targets of no less than 25%/56.25%/95.31% for the respective years [10]. - The financial projections indicate a steady increase in operating revenue from 60.99 billion yuan in 2023 to 73.31 billion yuan in 2024 and 88.93 billion yuan in 2025, with corresponding net profits increasing from 410 million yuan in 2023 to 512 million yuan in 2024 and 631 million yuan in 2025 [13][15]. Strategic Outlook - The company is focusing on a dual-driven strategy of product and channel expansion, with plans to enhance market share through product innovation and advertising. It aims to tap into emerging markets, particularly in developing countries, to drive revenue growth [11]. - The report highlights the company's efforts to optimize its supply chain and reduce costs, which are expected to improve efficiency and profitability in the medium to long term [11].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 22.27 CNY [1] Core Insights - The company has released a draft for an equity incentive plan, reflecting confidence in business expansion. The plan aims to grant incentives to up to 47 individuals, including directors and key personnel, with a total of 4.015 million shares, representing 1% of the company's total share capital [7] - Revenue growth targets for 2024-2026 are set at 20%-25%, indicating strong expectations for future performance [7] - The company is actively expanding into new markets and channels, particularly in the U.S., where revenue growth is expected to outpace that of Europe [7] - The company is focusing on product updates and new launches to drive sales, enhancing user appeal through unified design and functionality [7] - Profitability is expected to remain stable despite uncertainties related to shipping costs and exchange rates, with measures in place to mitigate these impacts [7] - The company is projected to achieve net profits of 414 million CNY in 2023, 511 million CNY in 2024, and 624 million CNY in 2025, with corresponding PE ratios of 22X, 18X, and 14X [7] Financial Summary - The company's revenue is forecasted to grow from 5,455 million CNY in 2022 to 8,927 million CNY by 2025, with a compound annual growth rate (CAGR) of approximately 20% [4][6] - The net profit attributable to shareholders is expected to increase from 250 million CNY in 2022 to 624 million CNY in 2025, reflecting a strong growth trajectory [4][6] - The company's gross margin is projected to improve slightly, with a gross margin of 33.82% in 2024 and 33.83% in 2025 [9] - The company's total assets are expected to grow from 3,478 million CNY in 2022 to 5,867 million CNY in 2025, indicating robust asset growth [17]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within six months [9][15]. Core Viewpoints - The company is expected to achieve revenue of 6-6.1 billion with a year-on-year growth of 10-12% in 2023, and a net profit of 400-420 million, reflecting a significant increase of 60-68% [12][13]. - The growth strategy focuses on expanding product categories and channels, particularly in the U.S. market, with stable growth from Amazon and potential from TikTok and offline channels [13]. - The company has launched its first equity incentive plan post-IPO, aiming for a revenue growth target of 20-25% for the next three years, which aligns with the incentive goals [22][23]. Financial Summary - The company's revenue for 2021 was 5,967.38 million, with a projected increase to 6,093.70 million in 2023, representing a growth rate of 11.70% [14]. - The net profit for 2021 was 239.82 million, expected to rise to 409.09 million in 2023, marking a growth rate of 63.56% [14]. - Earnings per share (EPS) are projected to increase from 1.02 in 2023 to 1.51 by 2025, with corresponding price-to-earnings (P/E) ratios decreasing from 24 to 16 [13][14].

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1]. Core Views - The company has launched a restricted stock incentive plan for 2024, aiming for annual revenue growth of 20% to 25% from 2023 levels over the next three years [1][2]. - The company expects to achieve a revenue of approximately 60.2 to 61 billion yuan in 2023, representing a year-on-year growth of 10.35% to 11.82%, with Q4 2023 revenue projected to be between 18.8 billion and 19.6 billion yuan, indicating a growth of 40.9% to 46.9% year-on-year [1][2]. - The company is focusing on expanding its presence on various e-commerce platforms, including SHEIN, TikTok, and otto, in addition to Amazon, to enhance sales [1]. Financial Summary - The company’s total revenue for 2023 is estimated to be between 60.23 billion and 61 billion yuan, with a year-on-year growth rate of 10.4% [2]. - The net profit attributable to the parent company is projected to be 413 million yuan in 2023, reflecting a significant year-on-year increase of 65.1% [2]. - The company’s gross margin is expected to improve to 37.0% in 2023, with a slight increase to 37.2% in 2024 [2]. - The earnings per share (EPS) is forecasted to be 1.03 yuan in 2023, increasing to 1.24 yuan in 2024 and 1.48 yuan in 2025 [2].

证券简称：致欧科技 证券代码：301376 上海荣正企业咨询服务（集团）股份有限公司 关于 独立财务顾问报告 二〇二四年二月 | 一、释义 2 | | --- | | 二、声明 3 | | 三、基本假设 4 | | 四、本次限制性股票激励计划的主要内容 5 | | 五、独立财务顾问意见 14 | | 六、备查文件及咨询方式 21 | 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 致欧家居科技股份有限公司 2024 年限制性股票激励计划（草案） 之 2 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 二、声明 本独立财务顾问对本报告特作如下声明： （一）本独立财务顾问报告所依据的文件、材料由致欧科技提供，本计划 所涉及的各方已向独立财务顾问保证：所提供的所有文件和材料合法、真实、 准确、完整、及时，不存在任何遗漏、虚假或误导性陈述，并对其合法性、真 实性、准确性、完整性、及时性负责，本独立财务顾问不承担由此引起的任何 风险责任。 一、释义 以下词语如无特殊说明，在本文中具有如下含义： | 致欧科技、公司、上市 | 指 | 致欧家居科技股份有限公司（含全资子公司） | | --- | - ...

致欧家居科技股份有限公司 关于开展外汇套期保值业务的可行性分析报告 一、公司开展外汇套期保值业务的背景 致欧家居科技股份有限公司（以下简称"公司"）跨境电商零售业务发展迅猛 ，海外市场渠道日趋多元化，公司及合并报表范围内的子公司持有的外汇资产及外 汇负债增加。为尽可能降低外汇市场风险，防范汇率波动可能造成的不利影响，结 合资金管理要求和日常经营需要，公司及合并报表范围内的子公司在不影响公司 主营业务发展和资金使用安排的前提下拟于2024年度开展外汇套期保值业务。 二、公司开展外汇套期保值业务的基本情况 公司外汇套期保值交易业务以具体经营业务为依托，与公司日常经营的性质和 需求相匹配，充分发挥外汇衍生品的套期保值功能，对冲经营活动中的汇率风险，遵循 套期保值原则，不进行投机和单纯套利交易。具体情况如下： （一）交易方式 3、主要交易策略：公司拟利用外汇市场衍生品对冲汇率风险，运用的衍生工 具包括外汇远期、外汇掉期、外汇期权及其他外汇衍生品。公司根据风险敞口， 制定衍生品交易对冲比例。公司外汇套期保值交易遵循汇率风险中性原则，且以 锁定汇率波动风险为唯一目标，不以获利为目的。 （二）交易金额 根据公司资产规模及业 ...

证券代码：301376 证券简称：致欧科技 公告编号：2024-006 致欧家居科技股份有限公司 关于 2024 年度外汇套期保值业务额度预计的公告 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。 重要内容提示： 1. 为更好地规避和防范外汇汇率波动风险，增强财务稳健性，致欧家居科技 股份有限公司（以下简称"公司"）及合并报表范围内的子公司 2024 年度拟与具 有外汇套期保值业务经营资质的金融机构开展外汇套期保值业务。预计任一交易 日持有的最高合约价值不超过人民币 12 亿元或等值外币，动用的交易保证金和权 利金上限不超过公司最近一期经审计净利润的 50%。拟开展的外汇套期保值业务 包括外汇远期、外汇掉期、外汇期权等业务或业务的组合。 2. 已履行的审议程序：2024 年 2 月 8 日，公司召开第二届董事会第四次会议、 第二届监事会第三次会议分别审议通过了《关于 2024 年度外汇套期保值业务额度 预计的议案》，第二届董事会独立董事专门会议 2024 年第一次会议就本事项发表 了同意的审核意见，公司保荐机构发表了明确同意的意见。本次事项尚需提交股 东大会审 ...

证券简称：致欧科技 证券代码：301376 致欧家居科技股份有限公司 2024 年限制性股票激励计划 （草案） 致欧家居科技股份有限公司 二〇二四年二月 声明 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 1 致欧家居科技股份有限公司 2024 年限制性股票激励计划（草案） 特别提示 在本激励计划草案公告当日至激励对象获授的限制性股票归属前，若公司发 生资本公积转增股本、派发股票红利、股份拆细或缩股、配股等事宜，限制性股 票的归属数量将根据本激励计划相关规定予以相应的调整。 五、本激励计划首次授予激励对象不超过 47 人，包括公司公告本激励计划 时在本公司（含全资子公司）任职的董事、高级管理人员、核心技术及业务人员 （包含外籍员工）。 预留激励对象指本激励计划获得股东大会批准时尚未确定但在本激励计划 存续期间纳入本激励计划的激励对象，自本激励计划经股东大会审议通过后 12 个月内确定。 六、本激励计划限制性股票的有效期为自首次授予限制性股票授予之日起至 全部限制性股票归属或作废失效之日止，最长不超过 60 个月。 2 ...