Core Viewpoint - The company has announced a stock incentive plan for employees, aiming for significant revenue and profit growth from 2025 to 2027, reflecting strong confidence in its development trajectory [1][2]. Revenue Growth Targets - The company targets revenue growth rates of no less than 16.83%, 46.03%, and 67.94% for the years 2025, 2026, and 2027 respectively, with corresponding revenue goals of 94.9 billion, 118.6 billion, and 136.4 billion yuan, representing year-on-year increases of 17%, 25%, and 15% [1]. - Trigger values for revenue growth are set at 10.99%, 38.73%, and 59.54% for the same years, with respective revenue targets of 90.2 billion, 112.7 billion, and 129.6 billion yuan, indicating year-on-year increases of 11%, 25%, and 15% [1]. Profit Growth Targets - The profit growth targets are set at no less than 32.25% and 52.09% for 2026 and 2027, with corresponding profit goals of 4.4 billion and 5.1 billion yuan, reflecting a year-on-year increase of 15% for 2027 [2]. - Trigger values for profit growth are established at 25.64% and 44.48% for the same years, with respective profit targets of 4.2 billion and 4.8 billion yuan, also indicating a year-on-year increase of 15% for 2027 [2]. Recent Financial Performance - In the first half of 2025, the company achieved revenue of 40.44 billion yuan, a year-on-year increase of 8.68%, and a net profit attributable to shareholders of 1.90 billion yuan, up 11.03% year-on-year [3]. - The non-recurring net profit attributable to shareholders reached 2.24 billion yuan, reflecting a significant year-on-year increase of 40.10% [3]. - Revenue growth was primarily driven by European and emerging markets, while short-term challenges included U.S. tariff adjustments and changes in Amazon's sales model [3]. Supply Chain and Operational Improvements - The company is optimizing its supply chain by shifting production capacity to Southeast Asia to mitigate U.S. tariff impacts, with approximately 50% of shipments to the U.S. now sourced from this region [4]. - The company has piloted a new sales model in Europe, leveraging lower platform fees and its logistics capabilities, resulting in a 59.50% year-on-year increase in revenue from B2B channels [4]. - The company has also improved its warehousing and logistics efficiency, leading to a net profit margin of 4.1% in Q2, despite external pressures [4]. Profitability Forecast - The company forecasts revenues of 93 billion, 115 billion, and 135 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15%, 23%, and 18% [5]. - Profit projections for the same period are 3.7 billion, 5.0 billion, and 6.3 billion yuan, with corresponding price-to-earnings ratios of 22, 16, and 13 [5].
致欧科技(301376)：员工持股&股权激励彰显信心 经营拐点将至