Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company reported a revenue of 1.953 billion in Q2 2025, a year-on-year increase of 3.9%, and a net profit attributable to the parent company of 80 million, up 12.1% year-on-year. The first half of 2025 saw a revenue of 4.04 billion, an 8.7% increase year-on-year, with a net profit of 190 million, up 11.0% year-on-year [1][2]. - The revenue growth in the first half of 2025 was primarily driven by the European and emerging markets, despite challenges such as fluctuating U.S. tariff policies and increased competition [1][3]. - The company has made strategic adjustments to optimize costs and enhance market insights, leading to growth in both revenue and profit [1][2]. Revenue Breakdown - In the first half of 2025, revenue by category included furniture series at 2.12 billion (up 12%, 53% of total), home series at 1.44 billion (up 7.9%, 36% of total), pet series at 290 million (down 7.3%, 7% of total), and sports and outdoor series at 160 million (up 20.2%, 4% of total) [3]. - Revenue by region showed Europe at 2.57 billion (up 12.77%, 64% of total), North America at 1.37 billion (up 1.94%, 34% of total), and other regions at 41 million (up 86.25%, 1% of total) [3]. Channel Performance - Revenue by channel indicated a decline in B2C sales through Amazon at 2.42 billion (down 4.56%, 60% of total), while other platforms saw significant growth, with a 60% increase to 730 million (18% of total). B2B online sales grew by 59.5% to 460 million (11% of total) [4]. - The company has deepened collaborations with emerging platforms like TEMU and SHEIN, leveraging agile market responses and supply chain advantages [4]. Cost Management and Supply Chain - The company has increased procurement from Southeast Asia, completing about 50% of its capacity transfer for shipments to the U.S. by mid-2025, with a 70% order rate from Southeast Asia [5]. - In logistics, the company has established a significant price advantage in the last-mile delivery segment in Europe, enhancing both efficiency and cost [5]. Financial Projections - The adjusted profit forecast for 2025-2027 estimates net profits of 380 million, 470 million, and 630 million respectively, with corresponding P/E ratios of 21, 17, and 13 [11]. - Revenue projections for 2025 are set at 9.157 billion, with a growth rate of 12.72% [12].
致欧科技（301376）：积极推进供应链全球布局