Investment Rating - The investment rating for the company is "Accumulate" with a target price of 24.74 CNY, compared to the current price of 19.14 CNY [5][12]. Core Insights - The company achieved a 11% growth in net profit attributable to shareholders and a 40% growth in net profit excluding non-recurring items in the first half of 2025, supported by a diversified supply chain and enhanced global warehousing and distribution network [2][12]. - The revenue for H1 2025 was 40.4 billion CNY, an increase of 8.7% year-on-year, with a net profit of 1.9 billion CNY, reflecting a 11% increase [12]. Financial Summary - Total revenue projections are as follows: 6,074 million CNY in 2023, 8,124 million CNY in 2024, 9,686 million CNY in 2025, 11,952 million CNY in 2026, and 14,463 million CNY in 2027, with growth rates of 11.3%, 33.7%, 19.2%, 23.4%, and 21.0% respectively [4][13]. - Net profit attributable to shareholders is projected to be 413 million CNY in 2023, 334 million CNY in 2024, 400 million CNY in 2025, 556 million CNY in 2026, and 735 million CNY in 2027, with growth rates of 65.1%, -19.2%, 19.9%, 39.0%, and 32.1% respectively [4][13]. - The earnings per share (EPS) is expected to be 1.03 CNY in 2023, 0.83 CNY in 2024, 0.99 CNY in 2025, 1.38 CNY in 2026, and 1.83 CNY in 2027 [4][13]. Segment Performance - In H1 2025, revenue by product category was as follows: furniture series at 21.2 billion CNY (+11.9%, 52.9% share), home series at 14.4 billion CNY (+7.9%, 35.9% share), pet series at 2.86 billion CNY (-7.3%, 7.1% share), and sports and outdoor at 1.6 billion CNY (+20.2%, 4% share) [12]. - By region, revenue from Europe was 25.7 billion CNY (+12.8%, 64.1% share) and from North America was 13.7 billion CNY (+1.9%, 34.1% share) [12]. - By channel, revenue from Amazon was 24.2 billion CNY (-4.6%, 60.4% share), OTTO at 1.81 billion CNY (-2.1%, 4.5% share), and B2B at 6.75 billion CNY (+36.5%, 16.9% share) [12]. Operational Improvements - The company has completed approximately 50% of its production capacity transfer to Southeast Asia for shipments to the U.S., with a 70% order rate for shipments from Southeast Asia [12]. - The global warehousing network includes over 300,000 square meters of self-operated warehouses, covering key markets in Europe and North America [12]. - The company has increased strategic investments in emerging markets such as Australia and Turkey, achieving an 86.25% revenue growth in these markets [12].
致欧科技（301376）：2025 年半年报点评：夯实基本功，展望新发展