Core Insights - The company reported a revenue of 8.124 billion yuan for 2024, representing a year-on-year growth of 33.74%, while the net profit attributable to shareholders decreased by 19.21% to 334 million yuan [1] - The performance for Q1 2025 showed a revenue of 2.091 billion yuan, a year-on-year increase of 13.56%, and a net profit of 111 million yuan, up 10.3% [1] Revenue and Profit Analysis - For 2024, the company achieved quarterly revenues of 1.842 billion, 1.879 billion, 2.007 billion, and 2.396 billion yuan, with year-on-year growth rates of +45.3%, +36.55%, +34.49%, and +23.62% respectively [1] - The net profit for the same quarters was 101 million, 71 million, 106 million, and 56 million yuan, with year-on-year changes of +15.06%, -27.94%, +5.44%, and -55.68% respectively [1] Segment Performance - Revenue growth by category showed furniture, home, pet, and garden segments increasing by 36.79%, 35.87%, 19.16%, and 19.82% respectively, with total revenues of 4.198 billion, 2.953 billion, 675 million, and 205 million yuan [2] - The gross margins for furniture and home segments decreased by 1.75 and 1.91 percentage points to 34.56% and 35.50% respectively [2] Regional Performance - Revenue growth by region indicated Europe, North America, and Japan with increases of 31.31%, 38.83%, and 29.76%, totaling 4.896 billion, 3.017 billion, and 62 million yuan respectively [2] - The gross margins for Europe and North America also saw declines of 2.38 and 0.51 percentage points to 36.54% and 31.85% respectively [2] Cost and Margin Impact - The company faced high shipping costs, resulting in a gross margin of 34.65% for 2024, down 1.67 percentage points [2] - The operating expense ratio for 2024 was 30.09%, an increase of 2.24 percentage points, with specific expense ratios for sales, management, R&D, and financial costs being 24.7%, 3.69%, 0.95%, and 0.76% respectively [2] Strategic Initiatives - The company aims to optimize its supply chain and expand market presence to counteract tariff disruptions, with 60% of revenue from Europe and 38% from the U.S. [3] - Plans include strengthening the European market position, accelerating new product launches, and penetrating offline channels in Germany, while addressing cost pressures in the U.S. through price increases [3] Profit Forecast and Valuation - The profit forecast for 2025 has been revised down by 26% to 378 million yuan, with a new forecast for 2026 at 493 million yuan [3] - The current stock price corresponds to a price-to-earnings ratio of 19 and 15 times for 2025 and 2026, respectively, with a target price maintained at 23 yuan, indicating a potential upside of 27% from the current price [3]
致欧科技(301376)：2024年收入同增34% 优化供应链、多区域扩张应对关税挑战