Loctek(300729) 国信证券·2024-08-05 03:30Investment Rating - The investment rating for the company is "Outperform the Market" [2][13]. 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 [1][2]. - The net profit attributable to the parent company decreased by 63.9% year-on-year to 160 million, while the non-recurring net profit increased by 30.0% to 110 million [1]. - The overseas warehouse business saw a remarkable revenue increase of 129.9% year-on-year, reaching 850 million, driven by the rise in cross-border e-commerce and brand expansion [1][2]. - The independent site performance improved significantly, with cross-border e-commerce revenue reaching 920 million, a 20.4% increase, and independent site revenue accounting for 40.3% of total cross-border e-commerce [1][2]. - The company anticipates continued high demand for its overseas warehouse services in the second half of the year due to upcoming promotional events [1]. Financial Summary - The company expects net profits for 2024-2026 to be 450 million, 510 million, and 570 million respectively, with year-on-year growth rates of -29%, 13%, and 12% [1][3]. - The projected revenue for 2024 is 5.15 billion, reflecting a 32.1% increase compared to the previous year [3]. - The gross profit margin for H1 2024 was 31.4%, a decrease of 3.1 percentage points year-on-year, while the net profit margin improved slightly to 6.2% [1][3].