乐歌股份：跨境电商高景气度，海外仓业务快速成长

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company reported a revenue of 2.427 billion yuan for the first half of 2024, representing a year-on-year increase of 44.64%. However, the net profit attributable to shareholders decreased by 63.86% to 160 million yuan [1]. - The gross profit margin for the first half of 2024 was 31.35%, down 4.4 percentage points year-on-year, primarily due to rising shipping costs and the increasing share of lower-margin overseas warehouse business [1]. - The company has expanded its product categories, achieving a revenue of 1.337 billion yuan from ergonomic products, which is a 17.41% increase year-on-year. The cross-border e-commerce segment also saw a revenue increase of 20.36% to 915 million yuan [1]. - The overseas warehouse business has grown significantly, with revenue reaching 851 million yuan, a 129.88% increase year-on-year, and a gross margin of 15% [1]. Financial Summary - For the first half of 2024, the company reported a non-net profit margin of 4.41%, down 0.5 percentage points year-on-year. The second quarter saw a non-net profit margin of 5.03%, down 1.96 percentage points year-on-year but up 1.35 percentage points quarter-on-quarter [1]. - The company’s total revenue is projected to reach 5.141 billion yuan in 2024, with a revenue growth rate of 31.75% [4]. - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 1.46 yuan, 1.63 yuan, and 1.85 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 10X, 9X, and 8X [4].