Workflow
乐歌股份(300729):海外仓业务收入高增,盈利能力短暂承压

Investment Rating - The investment rating for the company is maintained as "Buy" [1][2] Core Views - The company achieved a revenue of 5.67 billion yuan in 2024, representing a year-on-year increase of 45.3%, while the net profit attributable to shareholders decreased by 47.0% to 340 million yuan [2] - The first quarter of 2025 saw a revenue of 1.54 billion yuan, up 37.7%, but the net profit attributable to shareholders fell by 35.2% to 50 million yuan [2] - The company is expected to continue its growth driven by cross-border e-commerce and overseas warehouse operations, with projected net profits for 2025-2027 at 363 million, 439 million, and 525 million yuan respectively [2] Financial Performance - In 2024, the company's gross margin was 29.1%, down 7.4 percentage points, and the net profit margin was 5.9%, down 10.3 percentage points [3] - For Q1 2025, the gross margin was 25.9%, a decrease of 5.4 percentage points, with a net profit margin of 3.4%, down 3.8 percentage points [3] - The decline in profitability is attributed to several factors, including reduced non-recurring income from overseas warehouse sales and increased R&D expenditures [3] Business Segments - The overseas warehouse business generated 2.42 billion yuan in revenue in 2024, a significant increase of 154.8%, with a gross margin of 10.4% [4] - The cross-border e-commerce segment achieved revenue of 2.03 billion yuan, a 14.3% increase, with independent site revenue growing by 22.0% to 820 million yuan [4] - The company has established a diversified sales model covering various channels, with production capacity for linear drive lifting systems reaching 2.5 million sets annually [4] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025-2027 are 7.226 billion, 8.976 billion, and 10.773 billion yuan, respectively, with corresponding net profits of 363 million, 439 million, and 525 million yuan [5] - The projected EPS for 2025-2027 is 1.06, 1.29, and 1.54 yuan, with current P/E ratios of 12.6, 10.4, and 8.7 times [5] - The company’s total market capitalization is approximately 4.584 billion yuan, with a current stock price of 13.43 yuan [6]