乐歌股份：公司信息更新报告：2024H1收入增速靓眼，海外仓业务增长超预期

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The company reported a strong revenue growth of 44.6% year-on-year in H1 2024, achieving a total revenue of 2.43 billion yuan. The net profit attributable to the parent company was 110 million yuan, reflecting a 30.0% increase [1] - The overseas warehouse business exceeded expectations, with revenue reaching 850 million yuan, a remarkable growth of 129.9% year-on-year. The gross margin for this segment improved by 5.4 percentage points to 15.0% [3] - The cross-border e-commerce business also performed well, generating 915 million yuan in revenue, a 20.4% increase, with independent site sales contributing 370 million yuan, up 20.9% [3] Financial Performance - In H1 2024, the company's gross margin was 31.3%, down 4.4 percentage points, primarily due to the increased proportion of low-margin overseas warehouse business. The net profit margin was 6.6%, a decrease of 19.8 percentage points [2] - For Q2 2024, the gross margin was 31.4%, and the net profit margin was 6.2%, showing a slight recovery compared to the previous quarter [2] - The company forecasts net profits for 2024-2026 to be 454 million, 517 million, and 603 million yuan, respectively, with corresponding P/E ratios of 9.9, 8.6, and 7.4 [1][4] Revenue Breakdown - The overseas warehouse business is expected to continue growing, supported by the upcoming traditional consumption peak in Europe and the U.S. The company plans to expand its warehouse network [1][3] - The cross-border e-commerce segment is anticipated to benefit from increasing penetration rates in the U.S. and Europe, with a focus on optimizing product categories and enhancing sales [3]