Loctek(300729) 海通证券·2024-08-07 00:01Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - 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%. The net profit attributable to shareholders decreased by 63.86% to 160 million yuan, while the net profit after deducting non-recurring gains and losses increased by 29.95% to 107 million yuan [6] - The company's comprehensive gross margin for the first half of 2024 was 31.35%, a decrease of 4.39 percentage points year-on-year. The expense ratio was 25.18%, down 3.92 percentage points [6] - The ergonomic product series generated revenue of 1.337 billion yuan, up 17.41% year-on-year, while the warehousing and logistics services saw a significant revenue increase of 116.15% to 850 million yuan [6] - The overseas warehouse business is experiencing upward momentum, with 17 self-operated overseas warehouses covering an area of 482,100 square meters as of the first half of 2024 [6] - The company is expected to achieve net profits of 460 million yuan and 530 million yuan for 2024 and 2025, respectively, with corresponding PE ratios of 9.55 and 8.33 [6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 2.427 billion yuan, a 44.64% increase year-on-year, and a net profit of 160 million yuan, a decrease of 63.86% [6] - The gross margin for the first half of 2024 was 31.35%, down 4.39 percentage points from the previous year [6] - The company expects revenues of 4.958 billion yuan and 6.138 billion yuan for 2024 and 2025, respectively, with year-on-year growth rates of 27.1% and 23.8% [10] Product Performance - The ergonomic product series generated 1.337 billion yuan in revenue, a 17.41% increase year-on-year, while linear drive products generated 1.020 billion yuan, a 10.42% increase [6] - The warehousing and logistics services saw a revenue increase of 116.15% to 850 million yuan, indicating strong growth in this segment [6] Valuation and Forecast - The company is projected to have net profits of 460 million yuan in 2024 and 530 million yuan in 2025, with a PE ratio of 9.55 for 2024 [6] - The estimated reasonable value range for the stock is between 23.52 and 24.99 yuan per share based on a PE valuation of 16-17 times for 2024 [6]