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天风证券:维持乐歌股份“买入”评级,海外仓业务保持高速增长
Xin Lang Cai Jing·2025-09-28 01:58

Core Insights - Lege Co., Ltd. reported a net profit attributable to shareholders of 130 million yuan for H1 2025, a year-on-year decrease of 19%, with Q2 net profit at 80 million yuan, down 4% year-on-year [1] Group 1: Financial Performance - The company experienced a decline in net profit for the first half of 2025, with a significant drop compared to the previous year [1] - The second quarter showed a slight improvement in net profit decline, indicating some stabilization [1] Group 2: Business Operations - Lege Co., Ltd. saw substantial growth in overseas warehouse revenue, benefiting from increased e-commerce penetration in the U.S. and accelerated cross-border e-commerce from China [1] - The company maintains a leading position and strong reputation in the large-item overseas warehouse sector [1] Group 3: Market Performance - The European market performed exceptionally well, with the utilization rate of the German warehouse exceeding 70% and achieving profitability [1] Group 4: Automation and Efficiency - The company has introduced pre-sorting assembly lines, automatic labeling lines, and AGV handling in core warehouses on the East and West coasts of the U.S., significantly enhancing operational efficiency and sorting accuracy [1] - A deep collaboration with FedEx has been established to create local pickup SOPs, implement in-warehouse pre-sorting, and standardize "first gun" operations, addressing capacity bottlenecks and improving last-mile delivery efficiency [1] Group 5: Profitability Outlook - The overseas warehouse business remains consistently profitable, with economies of scale beginning to manifest [1] - Adjustments to profit forecasts have been made considering potential tariff impacts, while maintaining a "buy" rating for the stock [1]