Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][17]. Core Views - The company demonstrates confidence in its operations through a share buyback plan, which is aimed at implementing employee stock ownership and incentive plans, with a total buyback amount between 50 million to 100 million yuan, at a price not exceeding 28 yuan per share [1]. - The company is expanding its product categories, focusing on home products, furniture, pet products, and outdoor sports, with significant year-on-year growth rates of 50.2%, 39.4%, 37.3%, and 3.4% respectively for the first half of 2024 [2]. - The company is enhancing its supply chain capabilities, with a shift towards Southeast Asia for procurement to mitigate tariff impacts, and an expected improvement in gross margins due to the completion of its U.S. warehouse layout [3]. - The financial forecast has been adjusted, with expected net profits for 2024-2026 projected at 390.25 million, 568.28 million, and 727.11 million yuan respectively, reflecting a recovery in profitability [4]. Financial Data Summary - Revenue for 2022 was 5,455.39 million yuan, with a projected increase to 8,061.16 million yuan in 2024, representing a growth rate of 32.71% [10][11]. - The company's net profit for 2022 was 250.11 million yuan, with an expected decline to 390.25 million yuan in 2024, followed by a recovery to 568.28 million yuan in 2025 [10][11]. - The company's earnings per share (EPS) is projected to be 0.97 yuan in 2024, increasing to 1.42 yuan in 2025 [10][11].
致欧科技：回购彰显信心，盈利弹性有望释放-20250223