Loctek(SZ:300729) Xin Lang Cai Jing·2025-04-29 02:43Core Insights - The company reported a revenue of 1.544 billion yuan for Q1 2025, representing a year-on-year increase of 37.69%, while the net profit attributable to shareholders was 52 million yuan, a decrease of 35.17% year-on-year [1] - The growth in revenue was primarily driven by the robust development of the overseas warehouse business, with expectations for further growth in the second half of the year as sales accelerate [1] - The gross margin for Q1 2025 was 25.93%, down 5.36 percentage points year-on-year, attributed to new leasing standards and delays in order deliveries due to U.S. tariff policies [1] Revenue and Profitability - The company’s revenue for Q1 2025 was 1.544 billion yuan, up 37.69% year-on-year [1] - The net profit attributable to shareholders was 52 million yuan, down 35.17% year-on-year [1] - The non-recurring net profit was 26 million yuan, a decrease of 37.52% year-on-year [1] Cost Management and Cash Flow - The company achieved a net profit margin of 3.35%, down 3.77 percentage points year-on-year, while the expense ratio was 23.09%, a decrease of 3.35 percentage points year-on-year, indicating effective cost control [1] - Operating cash flow for Q1 2025 was 86 million yuan, down 28.98% year-on-year, primarily due to a 31.39% increase in current assets, including accounts receivable and inventory [2] Future Outlook - The company is focusing on expanding its overseas warehouse network and improving capacity utilization, which is expected to lead to a decrease in unit costs and an improvement in profit margins [2] - Projected revenues for 2025-2027 are 7.176 billion yuan, 8.239 billion yuan, and 9.191 billion yuan, with net profits of 350 million yuan, 448 million yuan, and 584 million yuan respectively [2] Valuation - The projected price-to-earnings (PE) ratios for the years 2025, 2026, and 2027 are 14, 11, and 8 times respectively, maintaining a "buy" rating [3]