Loctek(SZ:300729)2024-05-06 02:32Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [6][17]. Core Insights - The company reported a revenue of 3.902 billion yuan for 2023, representing a year-on-year increase of 21.6%, with a net profit of 634 million yuan, up 189.7% [6][18]. - The first quarter of 2024 showed a revenue of 1.122 billion yuan, a 40.8% increase year-on-year, although net profit decreased by 79.9% due to high base effects from the previous year [6][7]. - The overseas warehouse segment continues to perform well, with a revenue increase of 94% in 2023, driven by improved capacity and turnover rates [6][17]. - The company is expanding its brand internationally, with a revenue growth of 13% in 2023, supported by new product launches and market expansion [6][17]. - The domestic sales segment is still in a marketing phase, with expectations of reduced losses in 2024 as brand investments decrease [6][17]. - Gross margin improved to 36.5% in 2023, while the first quarter of 2024 saw a decline to 31.3% due to rising shipping costs [6][7]. Financial Summary - The company’s total revenue is projected to reach 5.240 billion yuan in 2024, with a year-on-year growth rate of 34.3% [7][18]. - The net profit for 2024 is estimated at 347 million yuan, reflecting a decrease of 45.2% compared to 2023 [7][18]. - The gross margin is expected to stabilize around 36% in the coming years, with a return on equity (ROE) forecasted to improve gradually [7][18].