Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved revenue of 8.124 billion yuan in 2024, with a year-on-year growth of 34%, while net profit attributable to shareholders decreased by 19% to 334 million yuan [2][6]. - The company is recognized as a pioneer in cross-border home goods, with a strong competitive edge and ongoing improvements in brand strength and operational quality [2][12]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 8.124 billion yuan, with a net profit of 334 million yuan and a non-recurring net profit of 309 million yuan, reflecting year-on-year changes of +34%, -19%, and -29% respectively [2][6]. - For Q4 2024, the revenue was 2.396 billion yuan, with net profit dropping to 56 million yuan, showing year-on-year changes of +24% and -56% respectively [6]. - In Q1 2025, revenue is projected to be 2.091 billion yuan, with net profit expected to rise by 10% to 111 million yuan [2][6]. Growth Drivers - The company has shown better performance in the North American market, with a 39% year-on-year growth, and has successfully diversified its sales channels, with significant growth in new channels such as OTTO and independent sites [12]. - The company has made substantial progress in optimizing its internal operations, leading to improved growth quality [12]. Supply Chain and Market Strategy - The company is actively establishing a supply chain in Southeast Asia to mitigate tariff impacts, with 40% of shipments to the U.S. now originating from this region [12]. - The company has enhanced its logistics capabilities in Europe, reducing delivery times and increasing the proportion of self-fulfilled orders [12]. Future Outlook - The company is expected to achieve net profits of 440 million yuan, 550 million yuan, and 660 million yuan in 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 17.3, 13.8, and 11.5 times [12].
致欧科技（301376）：品牌力及经营质量提升，短期扰动不改中长期价值