Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights that the company is experiencing a slowdown in revenue growth due to supply chain transitions, but expects performance to accelerate in Q4 [2][3] - The company has announced a profit distribution plan to enhance shareholder returns, proposing a cash dividend of 2 RMB per 10 shares, totaling 80.155 million RMB [3] - The report anticipates stable gross margins and ongoing cost reduction opportunities as the company optimizes logistics and supply chain operations [3] Financial Summary - Revenue Forecasts: Projected total revenue for 2024A is 81.24 billion RMB, with expected growth rates of 33.7% in 2024, 11.1% in 2025, 30.4% in 2026, and 15.7% in 2027 [3] - Net Profit Forecasts: The company's net profit is expected to be 3.34 billion RMB in 2024, with growth rates of -19.2% in 2024, 13.6% in 2025, 36.8% in 2026, and 23.5% in 2027 [3] - Gross Margin: The gross margin is projected to remain stable, with a slight increase from 34.7% in 2024 to 35.3% in 2027 [3] - Return on Equity (ROE): Expected to improve from 10.3% in 2024 to 14.3% in 2027 [3] - Earnings Per Share (EPS): Forecasted EPS is 0.83 RMB for 2024, increasing to 1.59 RMB by 2027 [3] Market Performance - The report notes that the North American market revenue decreased by 18.8% year-on-year in Q3, while the European market revenue increased by 14.8% [3] - The company aims to enhance market share in Europe through product optimization and new product launches, while the North American market is expected to recover as production capacity shifts to Southeast Asia [3] Incentive Plans - The company has announced an incentive plan with revenue targets of 94.9 billion RMB for 2025, 118.6 billion RMB for 2026, and 136.4 billion RMB for 2027, indicating a commitment to growth [3]
致欧科技（301376）：供应链转移，收入增速放缓，Q4业绩有望加速