Loctek(SZ:300729) Haitong Securities·2024-04-30 05:32Investment Rating - The investment rating for the company is "Outperform the Market" [6][9]. Core Views - The company achieved a revenue of 3.90 billion yuan in 2023, representing a year-on-year increase of 21.6%. The net profit attributable to the parent company was 630 million yuan, a significant increase of 189.7% [2][23]. - The gross profit margin for 2023 was 36.5%, an increase of 2.1 percentage points compared to the previous year. The net profit margin was 16.2%, up by 9.4 percentage points [8][23]. - The company's overseas warehouse business has rapidly grown, serving over 600 foreign trade enterprises, which has contributed to its cross-border e-commerce capabilities [3][8]. Financial Performance - In 2023, the revenue from ergonomic products, warehousing logistics services, and other income was 2.61 billion, 0.95 billion, and 0.34 billion yuan respectively, with year-on-year changes of +8.7%, +94.0%, and +7.4% [3][23]. - The company’s direct sales and distribution channels generated revenues of 1.969 billion and 1.933 billion yuan in 2023, with year-on-year growth of 15.08% and 29.07% respectively [22][23]. - The forecast for net profit in 2024 and 2025 is 460 million and 527 million yuan, reflecting a year-on-year change of -27.4% and +14.7% respectively [9][26]. Market Comparison - The company’s current price-to-earnings (P/E) ratio is projected to be 12 and 11 times for 2024 and 2025, respectively, while comparable companies have an average P/E of 16.7 times [9][23]. - The reasonable value range for the company's stock is estimated to be between 23.52 and 24.99 yuan per share based on the P/E valuation [9].