Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 4.044 billion, 190 million, and 224 million yuan respectively in H1 2025, representing year-on-year growth of 9%, 11%, and 40% [2][12]. - In Q2 2025, the corresponding figures were 1.953 billion, 80 million, and 104 million yuan, with year-on-year growth of 4%, 12%, and 63% [2][12]. - The company is recognized as a pioneer in cross-border home furnishing exports, with continuous improvement in competitiveness [2][22]. Revenue Summary - Revenue growth in H1 2025 was driven by new models, platforms, and regions, with a 9% year-on-year increase [13]. - By region, revenue growth was as follows: Europe +13%, USA +2%, Japan -3%, and emerging markets +86% [13]. - The B2B model saw a 36% increase in revenue, while the B2C model experienced a 5% increase [13]. - The company is actively leveraging platforms like TEMU and SHEIN to enhance revenue from other channels, which increased its share by 6 percentage points to 18% [13]. Profitability Summary - The company optimized its entire process and made structural changes, resulting in a slight increase in gross margin by 0.01 percentage points year-on-year [14]. - The net profit margin attributable to the parent company increased by 0.1 percentage points year-on-year [14]. - In Q2 2025, the gross margin improved by 0.6 percentage points, and the net profit margin attributable to the parent company increased by 0.3 percentage points [14]. Incentive Plan Summary - The company introduced a new stock incentive plan on September 5, 2024, expanding the incentive system and enhancing operational confidence [15]. - The plan covers 171 individuals with a total of 3.5474 million shares, representing 0.88% of the total share capital [15]. - The performance targets for 2025 focus on revenue, with projected values of 9.491 billion, 11.863 billion, and 13.643 billion yuan for 2025, 2026, and 2027 respectively [20]. Future Outlook - The company is expected to achieve net profits attributable to the parent of 370 million, 490 million, and 630 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 22, 17, and 13 times [22].
致欧科技（301376）：关注Q4旺季恢复，经营信心增强