Core Viewpoint - The company experienced revenue growth in Q1 2024, but net profit faced pressure due to rising shipping costs and supply chain shifts [1] Group 1: Financial Performance - In 2024, the company reported revenue of 8.12 billion, an increase of 33.7%, while net profit attributable to shareholders was 330 million, a decrease of 19.2% [1] - For Q4 2024, revenue reached 2.4 billion, up 23.6%, but net profit dropped to 60 million, down 55.7% [1] - In Q1 2025, revenue was 2.09 billion, a growth of 13.6%, with net profit increasing by 10.3% to 110 million [1] Group 2: Channel and Product Strategy - The company optimized its channel structure, focusing on emerging platforms like TEMU, Tiktok, and SHEIN, while enhancing its independent site and offline channels [2] - In 2024, revenue growth rates for various channels were 31.0% for Amazon, 40.3% for OTTO, 57.5% for independent sites, and 99.7% for other channels [2] - New and next-generation products contributed to a revenue increase of 89%, accounting for 37% of total revenue [2] Group 3: Supply Chain and Logistics - The company strengthened local fulfillment capabilities through a diversified warehouse network, with European revenue at 4.9 billion, up 31.3% [3] - In North America, revenue was 3.02 billion, an increase of 38.8%, with improved order fulfillment efficiency [3] - The company is migrating its supply chain to Southeast Asia to mitigate tariff risks, achieving 20% of shipments to the U.S. from Southeast Asia by the end of 2024 [3] Group 4: Profitability Metrics - The company's gross margin for 2024 was 34.7%, down 1.7 percentage points, while the net profit margin was 4.1%, down 2.7 percentage points [3] - In Q1 2025, gross margin improved to 35.4%, and net profit margin increased to 5.3% [3] - The decrease in financial expense ratio was primarily due to increased foreign exchange gains [3]
致欧科技(301376)2024年报&2025年一季报点评：一季度盈利环比修复 海外产能配置提升供应链韧性