Core Viewpoint - The company reported a revenue of 4.04 billion yuan for 1H25, representing a year-over-year increase of 8.7%, and a net profit attributable to shareholders of 190 million yuan, up 11.0% year-over-year. The revenue growth was impacted by U.S. tariffs and a shift in the VC model, but improvements in logistics efficiency and exchange rate gains contributed to a rise in net profit margin [1][2][3]. Revenue Performance - In Q2 25, the company's revenue was 1.95 billion yuan, reflecting a year-over-year growth of 3.9%, with a slowdown compared to Q1. The revenue growth in Europe and North America was 12.8% and 1.9% respectively, with U.S. tariffs significantly affecting sales. The company is cautiously approaching shipments to the U.S. due to tariff risks, but expects gradual improvement in sales growth in the U.S. as shipping capabilities from Southeast Asia increase [2][4]. Profitability Analysis - The gross profit margin in Q2 25 decreased by 0.96 percentage points to 34.4% quarter-over-quarter, but increased by 0.6 percentage points year-over-year. This was attributed to lower shipping costs and improved logistics efficiency from the company's warehouse network. The sales expense ratio rose by 0.9 percentage points to 25.8% year-over-year, while the financial expense ratio decreased by 2.7 percentage points to -2.5% due to exchange rate gains from the euro [3][4]. Supply Chain and Logistics Strategy - The company is actively advancing its overseas supply chain layout, with 50% of the capacity transfer to Southeast Asia for U.S. shipments completed by 1H25. The logistics and warehousing upgrades include a centralized warehouse in Europe and an optimized multi-regional shipping network in North America. The proportion of revenue from other platforms, excluding Amazon and OTTO, increased from 12.4% to 18.2% in 1H25, indicating a diversification in channel structure [4][5]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 390 million, 550 million, and 740 million yuan respectively. The target price is set at 23.29 yuan, reflecting an increase from the previous estimate of 22 yuan, based on a 17x PE ratio for 2026, which accounts for the easing of tariff risks and improved market sentiment [5].
致欧科技(301376)：1H净利同增11% 供应链全球化加速