Investment Rating - The report maintains a rating of "Buy" for the company [4][18]. Core Views - The company's H1 revenue reached 3.72 billion yuan, an increase of 40.7%, while the net profit attributable to the parent company was 172 million yuan, a decrease of 7.7%. The lower-than-expected performance is attributed to price declines, increased marketing expenses, rising shipping costs, foreign exchange losses, and stock incentive costs. The EPS forecasts for 2024-2026 have been revised down to 0.93, 1.35, and 1.75 yuan respectively, reflecting growth rates of -10%, 45%, and 30% [2][10]. - The company is a leader in cross-border e-commerce, with significant growth in furniture and home goods categories, particularly in North America and Europe. The report highlights the company's efforts in product innovation and warehouse expansion to enhance operational efficiency [2][12]. Financial Summary - Revenue: - 2022A: 5,455 million yuan - 2023A: 6,074 million yuan - 2024E: 7,953 million yuan - 2025E: 9,988 million yuan - 2026E: 12,077 million yuan - Growth rates: -8.6%, 11.3%, 30.9%, 25.6%, 20.9% [2][9]. - Net Profit (attributable to parent): - 2022A: 250 million yuan - 2023A: 413 million yuan - 2024E: 373 million yuan - 2025E: 541 million yuan - 2026E: 704 million yuan - Growth rates: 4.3%, 65.1%, -9.7%, 45.3%, 30.0% [2][9]. - EPS: - 2022A: 0.62 yuan - 2023A: 1.03 yuan - 2024E: 0.93 yuan - 2025E: 1.35 yuan - 2026E: 1.75 yuan [2][9]. - P/E Ratio: - Current: 27.39 - 2023A: 16.59 - 2024E: 18.38 - 2025E: 12.65 - 2026E: 9.73 [2][9]. Market Performance - The company's stock price has fluctuated between 17.06 and 29.60 yuan over the past 52 weeks, with a total market capitalization of 6.85 billion yuan [5][10]. Valuation - The report estimates a target price of 22 yuan based on a P/E ratio of 22 for 2024, considering the company's strong brand and market position [10][12]. Growth Drivers - The company is actively expanding its product lines and enhancing its logistics capabilities, including the establishment of new warehouses in Europe and the U.S. to optimize delivery costs and improve service efficiency [2][12]. Regional Performance - Revenue by region shows strong growth in Europe (22.8 billion yuan, +41.2%) and North America (13.4 billion yuan, +41.1%) [2]. Product Categories - Revenue by product category indicates significant contributions from furniture (1.9 billion yuan, +39.4%) and home goods (1.33 billion yuan, +50.2%) [2].
致欧科技2024年中报点评：物流等拖累业绩增长，静待后续修复