24、25Q1跨境电商板块综述：收入增长势头延续，盈利逐步显现压力，行业格局或显著分化

Investment Rating - The investment rating for the cross-border e-commerce sector is "Positive" [2] Core Viewpoints - The cross-border e-commerce industry is experiencing good growth, with a total import and export volume of 2.63 trillion yuan in 2024, reflecting a year-on-year increase of 10.8%, and a 9.6% increase in Q1 2025, indicating high demand in the overseas market [10][11] - Leading sellers in the cross-border e-commerce sector are capitalizing on opportunities, achieving sustained revenue growth through brand strategies and core supply chain advantages [10][11] - The external environment remains complex, with challenges such as high shipping costs and fluctuating tariffs impacting profitability for many sellers [11][12] Summary by Sections Industry Review - The cross-border e-commerce industry shows strong growth, with high overseas market demand. The online channel penetration rate for domestic goods going abroad is expected to increase, providing significant opportunities for leading sellers [10][11] Performance Overview - Revenue growth is robust, with leading companies like Anker Innovation, Zhiou Technology, and Saiwei Times reporting year-on-year revenue increases of 41.1%, 33.7%, and 56.5% respectively in 2024. However, profitability is under pressure due to high shipping costs and aggressive inventory strategies [17][20] - In Q1 2025, Anker Innovation and Saiwei Times continued to show strong revenue growth of 36.9% and 36.6% respectively, with Anker Innovation's net profit increasing by 59.6% [17][20] Profitability - Profitability is under pressure due to declining gross margins and increased expenses. Anker Innovation's gross margin increased by 0.1 percentage points, while Zhiou Technology and Saiwei Times saw declines of 1.7 and 2.1 percentage points respectively [18][21] - In Q1 2025, while gross margins remained under pressure, companies began to show improved expense management, with Anker Innovation's expense ratio decreasing by 1.2 percentage points [18][21] Investment Recommendations - The report suggests focusing on companies with strong profitability, global supply chain capabilities, and deepening channel layouts, such as Anker Innovation, Zhiou Technology, and Saiwei Times, as well as structurally growing companies like Huakai Yibai and Jihong Co [6]