Core Viewpoint - Cross-border e-commerce, driven by technological innovation, has become a vital force in China's foreign trade development and an important trend in international trade [1] Group 1: Policy Developments - The State Council has approved the establishment of cross-border e-commerce comprehensive pilot zones in Hainan and 15 other cities, while revoking pilot zones in Haikou, Sanya, and Alashankou, which is significant for optimizing these zones [1] - As of April this year, there are 177 cross-border e-commerce comprehensive pilot zones, covering over 90% of provincial administrative regions in China [1] Group 2: Regional Highlights - Hainan Province has achieved notable results by leveraging free trade port policies, exploring "zero tariffs + free flow of data" [1] - Dandong City in Liaoning Province focuses on land trade and emerging market outreach, overcoming geographical limitations through logistics systems [1] Group 3: Future Initiatives - In June 2024, the Ministry of Commerce and nine other departments issued guidelines to expand cross-border e-commerce exports and enhance overseas warehouse construction, emphasizing the cultivation of business entities and financial support [1] - The November 2024 notice on promoting stable growth in foreign trade explicitly supports the development of cross-border e-commerce and encourages localities to explore building service platforms for overseas legal and tax resources [1]

对应PE 分别为14/11/8 倍，维持"增持"评级。 事件：公司发布2025 年一季度报告。1Q2025 公司营收15.44 亿元，同比+37.69%；归母净利0.52 亿元， 同比-35.17%；扣非归母净利0.26 亿元，同比-37.52%。 投资建议：公司持续布局海外仓建设&提升库容利用率，预计随着公司海外仓网络规模化扩张，单位成 本下降有望推动利润率改善。我们预计公司2025-2027 年实现营业收入71.76/82.39/91.91 亿元，归母净 利润3.50/4.48/5.84 亿元。 海外仓营收稳健增长。1Q2025 公司收入同比+37.69%主要系公司海外仓业务的稳健发展带动营收增 加。跨境电商销售收入呈现"前低后高"的模式，预计下半年随着销售节奏的加快，海外仓收入有望创新 高。 Q1 毛利率下降，费用管控成效显著。1Q2025 公司毛利率25.93%，同比-5.36pct，我们预计主要系新租 赁准则导致的租金前置影响，叠加美国关税政策导致公司智能家居品类订单交付延迟所致；净利率 3.35%，同比-3.77pct；公司控费效果较显著，1Q2025 费用率23.09%，同比-3.35pct。 ...