Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for revenue growth and operational efficiency, suggesting a favorable investment perspective [1]. Core Insights - The company achieved a revenue of 10.71 billion yuan in 2024, representing a year-on-year increase of 23.3%, while the net profit attributable to the parent company was 504 million yuan, down 4.1% year-on-year due to pressures from shipping costs and pricing strategies [1]. - The cross-border sales and logistics solutions business showed strong growth, with revenues of 8.27 billion yuan and 2.44 billion yuan respectively, marking increases of 17.6% and 47.7% year-on-year [2]. - The company's gross margin for 2024 was 30.8%, a decrease of 3.7 percentage points year-on-year, primarily due to rising logistics costs [3]. - The company has strengthened its integrated warehousing and distribution capabilities, leading to an increase in market share across various product categories on platforms like Amazon [4]. - Future revenue growth is expected to continue, with projections indicating a stable increase in sales for key categories such as furniture and home appliances, while logistics solutions are anticipated to grow rapidly due to ongoing investments in overseas warehouses [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.71 billion yuan, with a gross profit margin of 30.8% and a net profit of 504 million yuan [1][3]. - The company forecasts revenues of 12.90 billion yuan, 15.29 billion yuan, and 17.88 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 581 million yuan, 681 million yuan, and 792 million yuan [8][10]. Operational Efficiency - The company has improved its inventory turnover days, indicating enhanced operational efficiency in its cross-border e-commerce operations [3]. - The logistics solutions business has been optimized through the establishment of a global warehousing and logistics network, which supports the sales of large items like furniture [4]. Market Position - The company has seen a continuous increase in market share for several product categories on Amazon, attributed to effective supply chain management and product development capabilities [4]. - The brand's competitive advantage is further reinforced by the successful integration of logistics solutions with product sales [4].