乐歌股份2024年营收增长45%，净利润却大幅下滑47%

Core Viewpoint - Lege Co., Ltd. reported significant revenue growth in 2024, but faced a substantial decline in net profit, raising market concerns about its financial health [1][6]. Revenue Performance - The total operating revenue reached 5.67 billion yuan, marking a year-on-year increase of 45.33% [1]. - Over the past five years, the company's revenue has shown a consistent upward trend, with 2024 being the highest recorded [2]. Profitability Analysis - The net profit attributable to shareholders was 336 million yuan, a sharp decline of 46.99% year-on-year [1]. - The non-recurring net profit was 200 million yuan, down 20.45% compared to the previous year [1][6]. - The decline in net profit is attributed to reduced non-recurring income, particularly from the sale of overseas warehouses [6]. Business Segment Performance - The main business includes smart home and smart office product sales, which have driven significant revenue growth [4]. - The company has expanded its product line, including height-adjustable desks and ergonomic chairs, which are well-received in the market [4]. - Despite revenue growth, the company faces increasing cost pressures due to higher R&D investments and operational costs associated with expanding overseas warehouse services [4][5]. Overseas Warehouse Business - The overseas warehouse logistics service has rapidly developed since 2020, benefiting from the growth of cross-border e-commerce [5]. - The company has served over 1,000 cross-border e-commerce sellers, contributing to its revenue growth [5]. - However, the rapid expansion of this segment has led to profit pressures due to high shipping costs and increased investments in warehouse infrastructure [5]. Future Challenges - The company must optimize its cost structure and improve operational efficiency to address rising cost pressures [6]. - There is a need to accelerate the release of warehouse capacity and enhance profitability in the overseas warehouse business [6]. - Continued investment in R&D is essential for launching innovative products to maintain market competitiveness [6].