Loctek(SZ:300729) SINOLINK SECURITIES·2024-08-01 06:03Investment Rating - The report maintains a "Buy" rating for the company [2][4][9]. Core Views - The company reported strong revenue growth of 44.6% year-on-year in H1 2024, reaching 2.427 billion RMB, while net profit attributable to shareholders decreased by 63.86% to 160 million RMB [2]. - The cross-border e-commerce segment showed promising performance, with revenue of 915 million RMB in H1 2024, a 20.36% increase, and the independent site ranking first among competitors in the U.S. [2][3]. - The overseas warehouse business experienced significant growth, with revenue increasing by 129.9% to 850 million RMB in H1 2024, supported by an expansion in warehouse capacity and improved operational efficiency [3]. Summary by Sections Revenue Performance - H1 2024 revenue reached 2.427 billion RMB, up 44.6% year-on-year, with Q2 revenue at 1.306 billion RMB, reflecting a 48.08% increase [2]. - The company's net profit attributable to shareholders was 160 million RMB, down 63.86% year-on-year, while the non-recurring net profit was 107 million RMB, up 29.95% [2]. Cross-Border E-Commerce - Revenue from cross-border e-commerce was 915 million RMB in H1 2024, a 20.36% increase, with Amazon and independent site revenues at 490 million RMB and 370 million RMB, respectively [2]. - The independent site accounted for 40% of cross-border e-commerce revenue, with new product categories contributing 8% to total revenue [2]. Overseas Warehouse Development - Revenue from overseas warehouses reached 850 million RMB, a 129.9% increase, with 17 self-operated warehouses covering 482,100 square meters, a 66.5% increase from the beginning of the year [3]. - The company processed over 4 million packages, a year-on-year increase of over 120%, and achieved a gross margin of 15% in the overseas warehouse segment [3]. Profitability and Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 460 million RMB, 510 million RMB, and 560 million RMB, respectively, with corresponding P/E ratios of 10, 9, and 8 [4][6].