Investment Rating - The report gives a "Recommended" rating for the company, with projected revenues of 80.22 billion, 100.3 billion, and 122.32 billion yuan for the years 2024, 2025, and 2026 respectively, indicating year-on-year growth rates of 32.07%, 25.03%, and 21.96% [6]. Core Viewpoints - The company focuses on the cross-border e-commerce sector in home furnishings, establishing itself as a leading player in the Chinese market, with a product range that includes furniture, home goods, pet products, and outdoor sports items, primarily targeting Europe and the United States [1][2]. - The global e-commerce market is expanding, with a projected market size of 3.59 trillion USD in 2023 and an expected CAGR of 10.33% over the next six years, with the U.S. and Europe accounting for approximately 45% of the market share [2][46]. - The company has solidified its position as a leader in cross-border e-commerce, with over 70% of its revenue generated from the Amazon platform, while also diversifying its sales channels and product offerings [3][11]. Summary by Sections Section 1: Company Overview - The company is a leader in the cross-border e-commerce home furnishings sector, with brands such as SONGMICS, VASAGLE, and Feandrea, serving over 20 million households globally [11][12]. - The company has a stable and concentrated shareholding structure, with the founder holding 49.31% of shares and significant investments from Anker Innovations [20][24]. Section 2: Global E-commerce Expansion - The global e-commerce market is steadily growing, with furniture being the sixth largest segment, and the U.S. and Europe being the primary markets for home goods [2][46]. - Amazon dominates the global e-commerce landscape, holding significant market shares in both the U.S. and Europe, which benefits the company's sales strategy [55][73]. Section 3: Growth and Product Development - The company emphasizes product innovation and has developed a robust product matrix to meet diverse consumer needs across various home settings [15][16]. - The company has optimized its supply chain for efficiency, utilizing a combination of self-operated and third-party warehouses to enhance logistics [3][31]. Section 4: Financial Projections and Investment Recommendations - The company is expected to achieve revenues of 80.22 billion, 100.3 billion, and 122.32 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 3.98 billion, 5.52 billion, and 7.01 billion yuan [6][7]. - The projected PE ratios for the next three years are 19, 14, and 11, indicating a favorable investment outlook [6].
致欧科技：家居电商出海先锋，“线上宜家”空间广阔