Loctek(SZ:300729) Minsheng Securities·2024-04-19 04:00Investment Rating - The report maintains a "Recommended" rating for the company [7][8]. Core Insights - The company achieved a revenue of 3.902 billion yuan in 2023, representing a year-on-year increase of 21.61%. The net profit attributable to shareholders was 634 million yuan, up 189.72% year-on-year, and the non-recurring net profit reached 252 million yuan, increasing by 142.38% year-on-year, exceeding previous forecasts [1]. - In Q4 2023, the company reported a revenue of 1.216 billion yuan, a year-on-year increase of 35.73%, with a net profit of 117 million yuan, up 93.55% year-on-year [1]. - The overseas warehouse business is growing, with revenue reaching 951 million yuan, a year-on-year increase of 94.03%, and accounting for 24.38% of total revenue [6]. - The company plans to expand its warehouse space by 100,000 to 150,000 square meters in 2024, driven by strong demand in the overseas large furniture online market [8]. Financial Performance Summary - Revenue for 2023 was 3.902 billion yuan, with projected revenues of 4.870 billion yuan, 5.944 billion yuan, and 6.847 billion yuan for 2024, 2025, and 2026 respectively, indicating growth rates of 24.8%, 22.0%, and 15.2% [9]. - The net profit attributable to shareholders for 2023 was 634 million yuan, with projections of 445 million yuan, 504 million yuan, and 581 million yuan for the following three years, reflecting a significant decrease of 29.8% in 2024, followed by increases of 13.3% and 15.1% in 2025 and 2026 [9]. - The company's overall gross margin for 2023 was 36.53%, with expectations of slight improvements in the following years [12].