行业估值方面，专业零售行业市盈率（TTM）平均值为5.57倍，行业中值-0.25倍。傲基股份市盈率6.26 倍，行业排名第5位；其他宝光实业（00084.HK）为0.17倍、陈唱国际（00693.HK）为4.49倍、ASIA COMM HOLD（00104.HK）为5.49倍、宝胜国际（03813.HK）为5.67倍、周生生（00116.HK）为6.32 倍。 资料显示，傲基(深圳)跨境商务股份有限公司作为互联网品牌运营商,公司以"连接世界,创造美好"为自 身使命,依托多品牌体系化运营能力、全业务链数字化支撑能力、供应链管理能力和灵活的组织架构,有 效切入"家与生活"的各个场景,精心打造了设计美观、品质优良、功能先进的家具家居类、电动工具 类、家电类、消费电子类及运动健康类等系列品牌类产品,主要通过Amazon等第三方线上平台从事跨境 B2C业务。科技创新方面,公司高度重视技术沉淀,截止2023年12月,累计拥有发明、实用新型和外观专利 数百项,并多次获评为国家高新技术企业、国家级电子商务示范企业,广东省工程技术研究中心,并于2019 年、2020年共两次获得深圳企业创新纪录。产品及品牌方面,为满足终端客户的 ...

AuGroup (SHENZHEN) Cross-Border Business Co., Ltd. 傲基 （深圳） 跨境商務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability) 股份代號 Stock code : 02519 年度報告 ANNUAL REPORT AuGroup (SHENZHEN) Cross-Border Business Co., Ltd. 傲基 （深圳） 跨境商務股份有限公司 2024 年度報告 ANNUAL REPORT 目錄 Contents | 釋義 | 2 | Definitions | | --- | --- | --- | | 公司資料 | 5 | Corporate Information | | 主席及總經理報告 | 8 | Chairman and General Manager's Statement | | 管理層討論與分析 | 13 | Management Discus ...

| 財務摘要 | | | | | | --- | --- | --- | --- | --- | | | | | | 單位:人民幣千元 | | | | | 截至12月31日止年度 | | | | 2024年 | 2023年 | 2022年 | 2021年 | | 收入 | 10.709.648 | 8.682.977 | 7.100.230 | 9.071.193 | | 毛利 | 3.297.130 | 2.993.690 | 2.479.049 | 1.895.099 | | 除所得税前利潤／(虧損) | 630.643 | 639,908 | 232.002 | (734.459) | | 年度利潤／(虧損) | 521.196 | 520.101 | 223.169 | (589,879) | | 本公司擁有人應佔年度 | | | | | | 利潤／(虧損) | 504,299 | 532.010 | 219.054 | (580.797) | | | | | | 單位:人民幣千元 | | | | | 於12月31日 | | | | 2024年 | 2023年 | 2022年 | 2021年 | | ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on revenue growth and operational capabilities, suggesting a favorable investment perspective [1]. Core Viewpoints - 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, indicating strong revenue growth but some pressure on profit margins due to factors like shipping costs and pricing strategies [1][2]. - The cross-border sales and logistics solutions business showed significant 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, driven by an expansion of warehouse space [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, while the gross margin for the sales business was 36.2%, down 2.7 percentage points [3]. - The company has strengthened its market share in various product categories on Amazon's US platform, benefiting from excellent supply chain management and product development capabilities [4]. - Future revenue growth is expected to continue, with the main product categories projected to maintain stable growth, particularly in furniture and home appliances, while the electric tools segment is anticipated to grow at a rate of 40%-50% under a branding strategy [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.71 billion yuan, with a projected revenue growth of 20% in 2025, reaching approximately 12.90 billion yuan [8]. - The net profit for 2024 was 504 million yuan, with forecasts of 581 million yuan for 2025, indicating a recovery with a 15% increase [8]. - The company’s earnings per share (EPS) is projected to be 1.40 yuan in 2025, with a price-to-earnings (P/E) ratio of 7.25 [8]. Operational Efficiency - The company has improved its inventory turnover days, showcasing enhanced operational efficiency, and achieved a net cash flow from operating activities of 535 million yuan in 2024 [3][10]. - The logistics solutions business has been effectively integrated with product sales, enhancing overall operational capabilities [4]. Market Position - The company has seen a continuous increase in market share across multiple product categories, with a strong presence in the US market [4]. - The expansion of warehouse space to 780,000 square meters has bolstered the company's competitive position in cross-border logistics [2].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 傲基股份(2519.HK) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 骆峥 轻工制造行业分析师 执业编号：S1500525020001 邮 箱：luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 傲基股份：仓配服一体化强化，关税扰动促份 额提升 [Table_ReportDate] 2025 年 3 月 30 日 [Table_S 事件：公司发布 ummary]2024 年度业绩公告。公司 2024 年实现收入 107.10 亿元（同 比+23.3%），扣非归母净利润 5.04 亿元（同比-4.1%），营收端增长良好， 但利润端受海运成本、定价策略等因素影响略有承压。 跨境商品销售业务增长良好。24 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 AuGroup (SHENZHEN) Cross-Border Business Co., Ltd. 傲 基（ 深 圳 ）跨 境 商 務 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2519） 截至2024年12月31日止年度業績公告 傲基（深圳）跨境商務股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公 司及其附屬公司（「本集團」）截至2024年12月31日止年度之綜合業績： 財務摘要 單位：人民幣千元 截至12月31日止年度 2024年 2023年 2022年 2021年 收入 10,709,648 8,682,977 7,100,230 9,071,193 毛利 3,297,130 2,993,690 2,479,049 1,895,099 除所得稅前利潤╱（虧損） 630,643 639,908 232,002 (734,459) 年度利潤╱（虧損） 5 ...