Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7][14][34]. Core Insights - The company has been expanding its self-operated overseas warehouse space, adding approximately 123,000 square meters in 2024, which strengthens its local fulfillment advantages in Europe [4][6]. - The company has established a significant presence in the European market, with over 200,000 square meters of self-operated warehouses in Germany, allowing it to leverage competitive pricing in the last-mile delivery segment [4][6]. - The online home goods consumption is growing significantly faster than offline channels, indicating a shift in consumer behavior towards e-commerce [5][9]. - The company focuses on product innovation to meet customer needs, enhancing product value through research and development, and optimizing its supply chain for efficiency and cost-effectiveness [6][17]. - The company aims to unify its brand under "SONGMICS HOME" to improve traffic conversion and efficiency, emphasizing three core values: design, cost-effectiveness, and convenience [7][17]. Financial Summary - The company’s revenue is projected to grow from 6,074.19 million yuan in 2023 to 11,922.69 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 25.36% [32]. - The net profit attributable to the parent company is expected to increase from 412.88 million yuan in 2023 to 734.87 million yuan in 2026, with corresponding P/E ratios decreasing from 20.45 to 11.49 [32][34]. - The company’s gross margin is projected to improve, indicating better cost management and pricing strategies [22][33].
致欧科技：24年以来新增自营海外仓约12.3万方，巩固本地履约优势