乐歌股份(300729) - 乐歌股份调研活动信息

Group 1: Company Performance Overview - In the first three quarters of 2020, the company's revenue increased by 138% year-on-year, with a compound growth rate of 58% quarter-on-quarter [3] - Revenue growth was primarily driven by linear drive products, which saw a year-on-year increase of 240%, contributing 67% to the revenue growth [3] - The cross-border e-commerce segment also contributed significantly, with a year-on-year growth of 151%, accounting for 73% of the revenue growth [3] Group 2: Cross-Border E-commerce Business - The cross-border e-commerce business consists of sales from Amazon and independent sites, with Amazon sales growing by 118% and independent site sales increasing by 406% from January to September [3] - The share of independent site sales in cross-border e-commerce sales was 13%, 21%, and 31% over the quarters [3] - The company aims to transition into a platform-based enterprise by leveraging nearly 10 years of cross-border e-commerce experience [3] Group 3: Production Capacity and Expansion - As of September 2020, the company's monthly production capacity reached 150,000 sets, with ongoing expansions at the Binhai and Vietnam factories to meet increasing sales orders [3][4] - The company has established a manufacturing base of 120,000 square meters in Ningbo and an additional 61,000 square meters in Ho Chi Minh City, Vietnam [4] Group 4: Research and Development - The company has a dedicated R&D team of over 600 people focusing on integrated electromechanical systems, embedded software and hardware, IoT, and 5G technology applications [4] - As of June 2020, the company holds 878 valid patents, including 55 invention patents, establishing a technological and patent barrier in the industry [4] Group 5: Overseas Warehouse Strategy - The company operates 17 overseas warehouses with a total area of 154,000 square meters, including 14 in the United States [5] - The rental yield of overseas warehouses is currently at 6%, providing significant cost advantages compared to leasing [5] - The company has been able to maintain high utilization rates of its warehouses due to the rapid growth of cross-border e-commerce [5] Group 6: Future Growth Drivers - Future growth is expected to come from three main areas: increased penetration of linear drive applications in health and smart home products, complementary 2C and 2B business models, and revenue from public warehouse services and independent site sales [5][6] - The company plans to establish 100 overseas warehouses in the next three years to enhance its logistics and sales capabilities [6]