Loctek(SZ:300729)2024-08-02 08:03Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [2][4]. Core Insights - The company reported a revenue of 2.427 billion yuan for H1 2024, a year-on-year increase of 44.64%. However, the net profit attributable to shareholders decreased by 63.86% to 160 million yuan, primarily due to non-operating income from the sale of net overseas warehouses in Q1 2023 [1]. - The cross-border e-commerce segment showed robust growth, with sales reaching 915 million yuan, a 20% increase year-on-year. The independent website and Amazon contributed 369 million yuan and 492 million yuan, respectively, to this segment [1]. - The public overseas warehouse business experienced significant growth, achieving 851 million yuan in revenue, a 130% increase year-on-year, driven by rising demand and strategic expansion [1]. Summary by Sections Financial Performance - For H1 2024, the company achieved a gross margin of 31.35%, down 4.39 percentage points year-on-year. The decline was attributed to rising shipping costs, despite a decrease in product costs for the cross-border e-commerce business [1]. - The company’s operating expenses as a percentage of revenue were 16.6% for sales, 4.4% for management, 3.1% for R&D, and 1.1% for finance, showing slight variations compared to the previous year [1]. Revenue Projections - The report forecasts revenues of 5.098 billion yuan, 6.510 billion yuan, and 7.949 billion yuan for 2024, 2025, and 2026, respectively, with expected growth rates of 30.66%, 27.71%, and 22.10% [4]. - The net profit attributable to shareholders is projected to be 458 million yuan, 562 million yuan, and 648 million yuan for the same years, reflecting a decrease in 2024 followed by growth in subsequent years [4]. Business Segments - The ergonomic product line remains a key revenue driver, with new product categories such as ergonomic chairs and electric sofas contributing to sales growth [1]. - The company is strategically expanding its public overseas warehouse capacity, which is expected to enhance profitability and create competitive advantages in the logistics sector [1].