乐歌股份今年以来股价跌5.71%，近5个交易日涨1.24%，近20日跌9.32%，近60日跌0.74%。 资料显示，乐歌人体工学科技股份有限公司位于浙江省宁波市鄞州区首南街道学士路436号，成立日期 2002年3月26日，上市日期2017年12月1日，公司主营业务涉及聚焦线性驱动、智慧办公和健康办公,专 注于人体工学产品及线性驱动部件的研发、生产及销售。主营业务收入构成为：仓储物流服务 49.89%，人体工学系列产品43.99%，其中:线性驱动32.34%，其他5.70%，其他(补充)0.42%。 乐歌股份所属申万行业为：轻工制造-家居用品-其他家居用品。所属概念板块包括：跨境电商、快递概 念、智慧物流、新型工业化、小米概念等。 10月27日，乐歌股份盘中上涨2.01%，截至11:25，报14.69元/股，成交5877.32万元，换手率1.27%，总 市值50.18亿元。 资金流向方面，主力资金净流出388.12万元，特大单买入0.00元，占比0.00%，卖出566.58万元，占比 9.64%；大单买入1385.52万元，占比23.57%，卖出1207.07万元，占比20.54%。 截至9月30日，乐歌股份股 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Views - The company has experienced significant growth in its overseas warehouse business, with revenue from this segment increasing by 84% year-on-year [1][2] - The company's ergonomic product series generated revenue of 1.4 billion, a 3% increase year-on-year, while the gross margin improved by 1.3 percentage points to 41.46% [1] - The company has established itself as a leading player in the large-item overseas warehouse sector, benefiting from increased e-commerce penetration in the U.S. and accelerated cross-border e-commerce from China [1][3] Financial Performance - In the first half of 2025, the company achieved revenue of 3.14 billion, a 30% increase year-on-year, while net profit attributable to the parent company was 130 million, down 19% year-on-year [1] - The company's gross margin for logistics services was 9.7%, reflecting a decrease of 5 percentage points [1] - The company completed 14,960 TEU of destination port trucking and processed 28,964 TEU in its warehouses, with a total of 9.1 million packages shipped [3] Automation and Efficiency - The company has implemented automated sorting lines and AGV handling in its core warehouses, significantly enhancing operational efficiency and sorting accuracy [2] - The company upgraded its WMS system to include automated wave picking and visual monitoring, leading to refined management of operational processes [2] - The collaboration with FedEx has improved delivery efficiency and customer experience, contributing to the growth of the overseas warehouse business [2] Revenue Projections - The revenue forecast for 2025-2027 has been adjusted to 6.8 billion, 7.9 billion, and 9 billion respectively, with net profit projections of 310 million, 380 million, and 460 million [4][8]

Company Overview - Lege Technology Co., Ltd. is located in Ningbo, Zhejiang Province, established on March 26, 2002, and listed on December 1, 2017. The company focuses on linear drives, smart office solutions, and ergonomic products, specializing in the research, production, and sales of ergonomic products and linear drive components [1][2]. Financial Performance - For the first half of 2025, Lege Technology achieved a revenue of 3.145 billion yuan, representing a year-on-year growth of 29.56%. However, the net profit attributable to shareholders decreased by 19.47% to 129 million yuan [2]. - Since its A-share listing, the company has distributed a total of 441 million yuan in dividends, with 311 million yuan distributed over the past three years [3]. Stock Performance - As of September 19, the stock price of Lege Technology increased by 2.24%, reaching 15.95 yuan per share, with a total market capitalization of 5.449 billion yuan. The stock has seen a year-to-date increase of 2.37%, a 5-day increase of 7.55%, a 20-day increase of 4.73%, and a 60-day increase of 12.40% [1]. - The number of shareholders as of June 30 was 22,400, an increase of 3.99% from the previous period, with an average of 14,275 circulating shares per person, up by 3.83% [2]. Capital Flow - On September 19, the net inflow of main funds was 19.3482 million yuan, with large orders accounting for 24.35% of purchases and 14.02% of sales [1].

Core Viewpoint - The report highlights that Lege Co., Ltd. has shown excellent performance in expanding new product categories, although various factors have impacted short-term profitability, leading to a "Buy" rating for the company [1] Financial Performance - For the first half of 2025, Lege Co., Ltd. achieved operating revenue of 3.145 billion, a year-on-year increase of 29.56%, while net profit attributable to shareholders decreased by 19.47% to 129 million, and net profit excluding non-recurring items fell by 26.58% to 79 million [2] - In Q2 2025, the company reported operating revenue of 1.600 billion, a 22.57% increase, with net profit attributable to shareholders at 77 million, down 3.87%, and net profit excluding non-recurring items at 53 million, down 19.70% [2] Business Analysis - Cross-border e-commerce revenue grew by 9.16% to 1.000 billion in H1 2025, with independent site revenue increasing by 11.22% to 410 million, accounting for 41% of cross-border e-commerce income [3] - Ergonomic product series generated 1.383 billion in revenue, a 3.48% year-on-year increase, while new categories like electric sofas and ergonomic chairs contributed approximately 20% to revenue growth [3] - Overseas warehouse revenue surged by 84.27% to 1.559 billion, serving 1,744 outbound enterprises, with the German warehouse achieving over 70% utilization and profitability [3] Profitability and Cost Structure - The gross margin for H1 2025 decreased by 5.66 percentage points to 25.69%, primarily due to the increased share of overseas warehouse revenue and rising logistics costs [4] - The gross margin for ergonomic products was 41.46%, up by 1.29 percentage points, while the gross margin for warehousing logistics services fell by 5.31 percentage points to 9.69% [4] - Expense ratios for sales, management, R&D, and financial costs were 14.52%, 4.19%, 3.52%, and 0.03%, respectively, with sales expense ratio decreasing by 2.05 percentage points [4] Future Outlook - The overseas warehouse business is expected to maintain high growth rates and improve profitability due to increasing e-commerce penetration in the U.S. and enhanced operational efficiency [5] - The company's strong product demand and development capabilities, along with its overseas operational experience, are anticipated to mitigate trade friction impacts and support future growth [5] Earnings Forecast and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.91, 1.04, and 1.20 yuan, respectively, with current price-to-earnings (PE) ratios of 16.18, 14.09, and 12.26 times [6]

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Lekai Ergonomic Technology Co., Ltd. at A+ with a stable outlook, reflecting the company's competitive advantages and financial performance despite certain risks [1][3]. Company Overview - Lekai Ergonomic Technology Co., Ltd. specializes in the research, production, and sales of smart home and office products, with a focus on ergonomic solutions [3][6]. - The company has a comprehensive value chain model, maintaining competitive advantages in product development and online marketing [3][6]. Financial Performance - The company reported a significant increase in total operating revenue, with a year-on-year growth of 45.33% in 2024, driven by rising demand for ergonomic products and rapid growth in its overseas warehouse business [6][18]. - The total profit for 2024 was 3.95 billion yuan, reflecting a decrease of 50.41% compared to the previous year, primarily due to reduced gains from overseas warehouse disposals [18][19]. - As of the end of 2024, the company's total assets reached 101.51 billion yuan, with total liabilities of 50.88 billion yuan, indicating a debt burden that has increased by 75.87% year-on-year [5][6]. Market Environment - The global smart home market is projected to grow, with China's market expected to reach approximately 784.8 billion yuan in 2024, indicating a stable growth trajectory for the industry [11][12]. - The ergonomic product segment is experiencing increased penetration in the domestic market, driven by rising consumer demand and awareness [11][12]. Risks and Challenges - The company faces risks related to currency fluctuations, particularly as 91.33% of its overseas sales are denominated in USD, exposing it to exchange rate volatility [6][18]. - Increased operational costs due to rising expenses, which accounted for 24.05% of total revenue in 2024, are eroding profit margins [6][18]. - The company has significant capital expenditure pressures, with ongoing investments in overseas warehouse projects requiring substantial funding [6][18]. Competitive Position - Lekai Ergonomic Technology Co., Ltd. is recognized as one of the early entrants in the ergonomic furniture manufacturing sector in China, with a strong focus on innovation and design [15][16]. - The company has established a robust research and development framework, holding 1,287 valid patents, including 153 invention patents, which supports its competitive edge in product development [15][16]. Future Outlook - The expansion of the public overseas warehouse business is expected to enhance the company's profitability and operational efficiency [4][6]. - Potential factors that could lead to an upgrade in the company's rating include significant improvements in capital strength and a substantial increase in market demand for ergonomic products [4][6].