轻工制造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 industry 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 total import and export volume reached 2.63 trillion yuan in 2024, up 10.8% year-on-year, and Q1 2025 saw a 9.6% increase, reflecting a favorable market environment [10][11] - Leading sellers are leveraging their operational capabilities and brand strategies to capture market share, with significant growth in revenue [10][11] Performance Overview - Overall revenue growth is strong, but profitability is under pressure. In 2024, major sellers like Anker Innovation and Zhiou Technology reported revenue growth of 41.1% and 33.7%, respectively, while some companies faced profit declines due to high shipping costs and aggressive inventory strategies [17][20] - In Q1 2025, leading sellers continued to show good revenue growth, with Anker Innovation's revenue increasing by 36.9% and net profit by 59.6%, driven by scale effects and increased operational efficiency [17][20] Profitability - Profitability is under pressure due to declining gross margins and increased expenses. Major companies like Anker Innovation and Zhiou Technology experienced slight changes in gross margins, with Anker's margin increasing by 0.1 percentage points while others saw declines [18][21] - Companies are beginning to tighten expense management, with Anker Innovation and Zhiou Technology reducing their expense ratios by 1.2 and 2.1 percentage points, respectively, indicating a shift towards more cautious operational strategies [18][21] Investment Recommendations - Despite uncertainties in tariffs, it is recommended to focus on companies with strong profitability, global supply chain capabilities, and deepening channel strategies, such as Anker Innovation, Zhiou Technology, and others [6]