Investment Rating - The report maintains a "Buy" rating for the company with an expected relative return of over 20% within the next six months [4][13]. Core Views - The company reported a revenue of 2.01 billion in Q3 2024, a year-on-year increase of 34.5%, and a net profit attributable to the parent company of 110 million, up 5.4% year-on-year. The net profit excluding non-recurring items was 100 million, down 1.5% year-on-year [1]. - For the first three quarters of 2024, the company achieved a revenue of 5.73 billion, a 38.5% increase year-on-year, while the net profit attributable to the parent company was 280 million, down 3.1% year-on-year [1]. - The company is actively preparing for the peak season, with inventory at the end of Q3 up 55% compared to the beginning of the year. Revenue is expected to grow steadily in Q4, with potential improvements in profitability as shipping costs decline [1][2]. - The company’s gross margin for the first three quarters of 2024 was 35.1%, a decrease of 1.8 percentage points year-on-year. The net profit margin was 4.9%, down 2.0 percentage points year-on-year [2][3]. Financial Summary - The company’s revenue is projected to reach 8.06 billion in 2024, with a growth rate of 32.71%. The net profit attributable to the parent company is expected to be 410.93 million, a slight decrease of 0.47% [6][9]. - The company plans to distribute a cash dividend of 40.15 million for the first three quarters of 2024, representing a dividend payout ratio of 14% [1]. - The company’s total assets are expected to be 5.57 billion in 2024, with total liabilities of 2.12 billion, resulting in a debt-to-asset ratio of 38.04% [7][9]. Market Position and Strategy - The company has seen rapid growth in the North American market due to focused product strategies and operational adjustments, leading to an increase in market share [2]. - The company is expanding its logistics capabilities with a "self-operated warehouse + platform warehouse + third-party warehouse" model, which is expected to enhance delivery efficiency [2][3]. - The company is also migrating its supply chain to Southeast Asia to mitigate tariff risks, which is anticipated to further strengthen its market position [2].
致欧科技：海运费回落盈利有望优化