Investment Rating - The investment rating for the company is "Buy" [3][4] - Previous rating was also "Buy" [4] Core Views - The company reported a revenue growth of 45% in Q1, which exceeded expectations, although net profit margin was affected by rising shipping costs and increased advertising expenses [3][4] - The company is actively promoting new products, brand unification, and warehouse network layout, indicating a positive outlook for future growth [3][4] Summary by Sections Financial Performance - Q1 revenue reached 1.84 billion, representing a 45.3% year-on-year increase [3] - Net profit attributable to shareholders was 0.25 billion, reflecting a 65% increase compared to the previous year [3] - The company maintains a target price of 29.76, consistent with previous forecasts [3][4] Revenue and Profitability - Revenue projections for 2024-2026 are 7.607 billion, 9.302 billion, and 11.246 billion respectively, with growth rates of 25%, 22%, and 21% [3][4] - Operating profit (EBIT) is expected to grow from 0.507 billion in 2023 to 0.652 billion in 2024 [3][4] - The net profit margin is projected to stabilize, with a net profit margin of 6.7% in 2024 [3][4] Market Position and Strategy - The company is positioned as a leading player in the cross-border e-commerce sector for home furnishings, benefiting from strong brand assets and efficient business models [3][4] - The strategy includes enhancing product offerings and focusing on brand unification to improve customer engagement and operational efficiency [3][4] Financial Ratios - The company’s return on equity (ROE) is projected to increase from 13.2% in 2023 to 14.8% in 2024 [3][4] - The price-to-earnings (P/E) ratio is expected to decrease from 24.51 in 2023 to 19.80 in 2024, indicating improved valuation [3][4]
致欧科技2024年一季报点评：Q1营收增长45%，利润率短期波动勿虑