Loctek(SZ:300729) Minsheng Securities·2024-04-29 08:00Investment Rating - The report maintains a "Recommended" rating for the company [5][12]. Core Insights - The overseas warehouse business has driven overall revenue growth, with an increased proportion of self-built warehouses enhancing profit margins. Since its development in 2020, the company has served over 600 cross-border e-commerce sellers, and the transition from small to large warehouses has allowed the company to secure 5,000 acres of industrial logistics land at lower prices in key U.S. port areas [2]. - The company's gross margin is currently under pressure due to the ramp-up of new warehouses, with a reported gross margin of 31.29%, down 5.87 percentage points year-on-year [3]. - The company expects continued revenue growth in the second half of the year, driven by seasonal demand in cross-border e-commerce, with plans to expand warehouse space by 100,000 to 150,000 square meters in 2024 [12]. Financial Summary - In Q1 2024, the company achieved revenue of 1.122 billion yuan, a year-on-year increase of 40.83%, but a quarter-on-quarter decrease of 7.79%. The net profit attributable to the parent company was 80 million yuan, down 79.89% year-on-year, primarily due to a significant reduction in non-operating income [11]. - The company forecasts revenue growth rates of 24.8%, 22.0%, and 15.2% for 2024, 2025, and 2026, respectively, with net profit projections of 459 million yuan, 502 million yuan, and 578 million yuan for the same years [12][13].