（於開曼群島註冊成立的獲豁免有限公司） 股份代號：2549 年度報告 2024 目 錄 | 釋義 | 2 | | --- | --- | | 公司資料 | 4 | | 業績摘要 | 6 | | 主席致辭 | 8 | | 管理層討論與分析 | 10 | | 董事及高級管理層履歷詳情 | 25 | | 董事會報告 | 29 | | 企業管治報告 | 40 | | 環境、社會及管治報告 | 58 | | 獨立核數師報告 | 98 | | 合併損益表 | 103 | | 合併全面收益表 | 104 | | 合併財務狀況報表 | 105 | | 合併權益變動表 | 107 | | 合併現金流量表 | 109 | | 合併財務報表附註 | 110 | 釋義 | 「董事會」 | 指 | 董事會 | | --- | --- | --- | | 「Carote (Singapore) Management」 指 | | Carote (Singapore) Management Pte. Ltd，在新加坡註冊成立的有限公司， | | | | 為我們的附屬公司之一 | | 「卡羅特環球」 | 指 | 卡羅特環球有限公司，在香港特 ...

Investment Rating - The report maintains a "BUY" rating for Carote Ltd, with a target price of HK$6.44, reflecting a potential upside of 16% from the current price of HK$5.55 [3][10]. Core Insights - Carote Ltd's FY24 net profit was in line with expectations, but sales faced pressure, leading to a cautious outlook for FY25E with a forecasted 7% net profit drop [1][10]. - Despite macroeconomic headwinds, management remains optimistic about achieving a sales growth target of over 30% for FY25E, particularly in the US and Western Europe markets [9][10]. - The company is expected to experience a decline in gross profit margins due to import tariffs and other macro uncertainties, with projections of 35.2% and 33.6% for FY25E and FY26E, respectively [10][11]. Financial Summary - Revenue for FY24 was reported at RMB 2,073 million, representing a 31% year-over-year growth, while net profit surged by 50% to RMB 356 million [2][10]. - For FY25E, revenue is forecasted to be RMB 2,560 million, with a year-over-year growth rate of 23.5% [2][11]. - The company's gross profit margin for FY24 was 40.3%, exceeding estimates, but is expected to decline in the following years [10][11]. Market Performance - Carote Ltd's market capitalization is approximately HK$3,080.3 million, with an average turnover of HK$6.3 million over the past three months [4]. - The share performance over the last month showed an increase of 4.7%, while the three-month performance was up by 11% [6]. Shareholding Structure - The major shareholders include Yili Investment & Carote CM, holding 72.4%, and cornerstone investors holding 9.8% [5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a significant adjusted net profit increase of 58% in 2024, driven by proactive supply chain optimization and regional adjustments to mitigate tariff risks, indicating a strong growth outlook [3] - The report maintains a target price of 10 RMB, suggesting that the stock is undervalued with a PE ratio of 6 times [8] Financial Summary - Revenue is projected to reach 2,073 million RMB in 2024, representing a 31% increase from the previous year [7] - The adjusted net profit for 2024 is expected to be 383 million RMB, reflecting a 57.9% growth [8] - The company’s gross profit margin improved to 40.3%, up by 4.6 percentage points, with brand business gross margin at 43.5% [8] - Operating cash flow is expected to be 350 million RMB, an increase of 43.6% [8] Business Growth - The brand business revenue is anticipated to grow by 34.8% to 1,860 million RMB, while ODM revenue is expected to increase by 4.7% to 213 million RMB [8] - The U.S. market is projected to grow by 69% to 1,251 million RMB, accounting for 67.2% of total revenue, driven by online sales and channel expansion [8] - The global cookware market is expected to grow at a CAGR of approximately 3.2%, providing a favorable environment for the company to leverage its strengths [8]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth outlook. Core Insights - The company reported a revenue of 2.073 billion yuan for 2024, representing a year-on-year increase of 30.9%, and a net profit attributable to shareholders of 356 million yuan, up 50.1% year-on-year [1] - The brand business is experiencing rapid growth, with significant contributions from the U.S. market, where revenue reached 1.251 billion yuan, reflecting a 69.0% increase year-on-year [2] - The gross margin for the company improved to 40.3%, with the brand business gross margin at 43.5%, indicating strong profitability [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.073 billion yuan, with a net profit of 356 million yuan, and an adjusted net profit of 383 million yuan [1] - The revenue for the second half of 2024 (Q2-Q4) was 1.570 billion yuan, showing a year-on-year growth of 21.6% [1] - The company expects revenues to grow to 2.711 billion yuan in 2025, with net profits projected at 428 million yuan [6] Business Segments - The brand business generated 1.861 billion yuan in revenue, a 34.8% increase year-on-year, while the ODM business brought in 213 million yuan, up 4.7% [2] - The brand business accounted for 89.7% of total revenue, an increase of 2.6 percentage points year-on-year [2] Profitability and Expenses - The company's gross margin improved to 40.3%, with the brand business gross margin at 43.5% [3] - Sales expenses increased due to higher e-commerce platform commissions and increased online marketing efforts, leading to a sales expense ratio of 18.1% [3] - The net profit margin for 2024 was 17.2%, reflecting an increase of 2.2 percentage points year-on-year [3] Future Outlook - The company is expected to continue its rapid revenue growth, with projections indicating a revenue increase of 31% in 2025 [6] - The focus will be on product development and expanding both online and offline sales channels, particularly in the U.S., China, Western Europe, and Japan [3][4]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the growth metrics and profitability indicators. Core Insights - The company reported a revenue of 2.073 billion yuan for 2024, representing a year-on-year increase of 30.9%, and a net profit attributable to shareholders of 356 million yuan, up 50.1% year-on-year [1] - The brand business is experiencing rapid growth, with significant contributions from the U.S. market, where revenue reached 1.251 billion yuan, reflecting a 69.0% increase year-on-year [2] - The gross margin for the company improved to 40.3%, an increase of 4.6 percentage points year-on-year, indicating enhanced profitability [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.073 billion yuan, with a net profit of 356 million yuan, and an adjusted net profit of 383 million yuan [1] - The brand business generated 1.861 billion yuan, a 34.8% increase year-on-year, while the ODM business brought in 213 million yuan, a 4.7% increase [2] - The company’s gross margin improved to 40.3%, with the brand business gross margin at 43.5% [3] Profitability and Expenses - The company’s net profit margin reached 17.2%, up 2.2 percentage points year-on-year, showcasing strong profitability [3] - Sales expenses increased due to higher e-commerce platform commissions and increased online marketing efforts, with the sales expense ratio at 18.1% [3] Future Outlook - The company is expected to continue its revenue growth trajectory, with projected revenues of 2.711 billion yuan in 2025, 3.425 billion yuan in 2026, and 4.189 billion yuan in 2027 [6] - The forecasted net profits for 2025, 2026, and 2027 are 428 million yuan, 530 million yuan, and 647 million yuan respectively, indicating a strong growth outlook [4][6] Market Expansion - The company plans to focus on expanding its presence in the U.S., China, Western Europe, and Japan, leveraging both online and offline channels to drive sales growth [3]

Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 2,073.3 million, representing a year-on-year increase of 31.0% from RMB 1,583.1 million in 2023[11]. - Gross profit for the same period was approximately RMB 835.4 million, up 47.8% from RMB 565.1 million in 2023, with a gross margin of 40.3% compared to 35.7% in the previous year[11]. - Net profit increased by 50.5% to approximately RMB 356.0 million from RMB 236.5 million in 2023, while adjusted net profit rose by 57.9% to approximately RMB 383.0 million from RMB 242.5 million[12]. - The overall revenue for the reporting period was approximately RMB 2,073.3 million, a year-on-year increase of about 31.0%[20]. - The adjusted net profit margin increased from approximately 15.3% in the previous year to about 18.5% in the reporting period[12]. - The company reported a net cash inflow from financing activities of RMB 648,054 thousand in 2024, a significant improvement from a net outflow of RMB 98,230 thousand in 2023[74]. - The total comprehensive income for the year was RMB 376,855,000, up from RMB 239,494,000 in the previous year[69]. - The company achieved a basic and diluted earnings per share of RMB 0.81 for the year ended December 31, 2024, compared to RMB 0.59 in 2023[68]. Revenue Breakdown - The brand business generated revenue of RMB 1,860.6 million, a 34.8% increase from RMB 1,379.9 million in 2023, while ODM business revenue was RMB 212.7 million, up 4.7% from RMB 203.2 million[5]. - In 2024, the brand business revenue increased by approximately 34.8% to about RMB 1,860.6 million, accounting for 89.7% of total revenue[13]. - ODM business revenue grew by approximately 4.7% to about RMB 212.7 million, representing about 10.3% of total revenue[14]. - Revenue from online sales through third-party e-commerce platforms amounted to RMB 1,773,762 thousand, up 30.2% from RMB 1,362,531 thousand in 2023[92]. - Revenue from the United States market surged to RMB 1,377,318 thousand, representing a growth of 65.3% compared to RMB 833,906 thousand in 2023[91]. Cost and Expenses - Sales costs increased from approximately RMB 1,018.0 million in 2023 to approximately RMB 1,237.9 million in 2024, reflecting a growth of 21.6%[22]. - Selling expenses increased by approximately 53.0% from RMB 245.4 million in 2023 to RMB 375.5 million in 2024, primarily due to higher e-commerce platform commissions[27]. - Administrative expenses surged from approximately RMB 31.6 million in 2023 to approximately RMB 62.4 million in 2024, largely due to IPO-related costs[28]. - Total costs of goods sold for the year were RMB 882,228 thousand, an increase of 19.0% from RMB 741,915 thousand in 2023[100]. - The total operating expenses for the year amounted to RMB 1,717,110 thousand, an increase of 29.0% from RMB 1,330,862 thousand in 2023[100]. Market and Strategic Initiatives - The global cookware market value grew from USD 27.8 billion to USD 30.9 billion from 2019 to 2023, with a compound annual growth rate (CAGR) of 2.7%, projected to reach USD 36.3 billion by 2028 with a CAGR of 3.2%[9]. - The company plans to expand into alternative markets such as Eastern Europe, South America, and Australia to mitigate risks associated with U.S. tariffs on Chinese imports[9]. - The company aims to enhance consumer cooking experiences by providing high-quality, innovative, and stylish kitchen products at affordable prices[11]. - The company plans to enhance product development and diversification to meet varying consumer needs and preferences[19]. - The company aims to expand sales channels, particularly strengthening both online and offline multi-channel strategies[19]. Financial Position and Assets - Current assets as of December 31, 2024, are approximately RMB 1,454.1 million, compared to RMB 531.2 million in 2023, while current liabilities are approximately RMB 466.1 million, up from RMB 411.1 million[45]. - The current ratio improved from approximately 1.3 in 2023 to about 3.1 in 2024, reflecting a stronger liquidity position[45]. - Total assets increased significantly to RMB 1,721,751 thousand in 2024 from RMB 636,057 thousand in 2023, representing a growth of approximately 170.5%[70]. - The company's equity total increased to RMB 1,255,683 thousand in 2024 from RMB 222,621 thousand in 2023, a substantial rise of around 464.5%[71]. - The total liabilities increased to RMB 466,068 thousand in 2024 from RMB 413,436 thousand in 2023, representing a growth of approximately 12.7%[71]. Governance and Compliance - The audit committee consists of three independent non-executive directors, ensuring compliance with financial reporting standards[140]. - The company has adhered to the corporate governance code since its listing date, with a commitment to transparency and accountability[137]. - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[146]. - The company is committed to adhering to the listing rules set by the Hong Kong Stock Exchange, indicating a focus on regulatory compliance[145]. - The company has implemented a set of behavioral standards for directors regarding securities trading, ensuring compliance with regulations[139]. Future Outlook - The company anticipates that 2025 will be another challenging year due to significant uncertainties in the global economy[17]. - The management believes that the foreign exchange risk faced by the company is not significant, as most sales and purchases are denominated in USD[48]. - The management does not anticipate significant impacts from interest rate fluctuations on interest-earning assets, as bank deposit rates are expected to remain stable[49].

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report suggests a positive outlook on the company's growth potential and market position. Core Viewpoints - The company is positioned as a leading global kitchenware brand, with strong online presence and product capabilities supporting category expansion. It has established a solid brand foundation in major markets, achieving impressive net profit growth of +242.9% in 2022, +118.0% in 2023, and +58.4% in Q1 2024 [2][3]. - The company’s brand business generated revenue of 1.38 billion (87.2% of total revenue) in 2023, with the US market contributing 740 million (46.8% of total revenue). The company has entered Walmart's offline channels, which is expected to enhance its growth trajectory and brand recognition [2][3]. - The company is adopting region-specific strategies in China, Western Europe, and Japan to create incremental growth. In China, it plans to leverage platforms like Tmall and expand into JD and Douyin. In Western Europe, a tailored approach is anticipated due to diverse consumer environments, while in Japan, partnerships with local wholesalers are being pursued [3]. - The company is focusing on its core cookware category while efficiently launching new products in other categories such as knives and thermos cups, leveraging its product development expertise [3]. Financial Summary - The company’s projected financial performance includes revenues of 1.583 billion in 2023, expected to grow to 3.872 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 33% [6][9]. - The net profit is forecasted to increase from 237 million in 2023 to 582 million by 2026, with a corresponding P/E ratio decreasing from 9.0X in 2024 to 5.4X in 2026 [6][9]. - Key financial metrics indicate a significant improvement in profitability, with net profit margins projected to remain robust, and return on equity (ROE) expected to decline from 106.5% in 2023 to 36.25% in 2026 [9].

Investment Rating - The report assigns an **Overweight** rating to the company, with a target price of RMB 10 [1][3] Core Views - The company is positioned as a leading player in the global kitchenware market, leveraging its product development capabilities, brand strength, and flexible supply chain [2][3] - The company has achieved rapid revenue and profit growth, with revenue increasing from RMB 675 million in 2021 to RMB 1,583 million in 2023, representing a CAGR of 53.1% [3][4] - Adjusted net profit grew from RMB 32 million in 2021 to RMB 243 million in 2023, with a CAGR of 177% [3][4] - The company's gross margin improved from 18.7% in 2021 to 35.7% in 2023, and further to 41.6% in Q1 2024 [3][4] Business Model and Strategy - The company operates primarily through a **DTC (Direct-to-Consumer)** model, with Amazon, Walmart, and Tmall being its key sales platforms, accounting for over 85% of revenue [3][42] - The company has a diversified product portfolio, with over 2,500 SKUs covering cookware, kitchenware, and drinkware [29][38] - The company has transitioned from OEM to ODM and finally to its own brand, CAROTE, which now accounts for 90% of its revenue [3][36] - The company has a flexible, asset-light supply chain model, similar to SHEIN, which allows for rapid product turnover and cost efficiency [4][29] Market Position and Competitive Advantages - The company ranks among the top five in the online cookware market in key regions, including China (4th), the US (2nd), Western Europe (3rd), Southeast Asia (2nd), and Japan (3rd) [4][29] - The company has a strong presence in the US market, which accounted for 60% of its revenue in Q1 2024, followed by China at 19% [3][46] - The company's product development capabilities are a key competitive advantage, with an average development cycle of 50 days for core cookware products, significantly faster than industry standards [32][37] Financial Performance - Revenue is expected to grow from RMB 2,232 million in 2024 to RMB 4,020 million in 2026, with a CAGR of 33% [19][20] - Net profit is projected to increase from RMB 350 million in 2024 to RMB 643 million in 2026, with a CAGR of 35% [19][20] - The company's ROE improved significantly from 44.9% in 2021 to 166.8% in Q1 2024, driven by higher profitability and asset turnover [55][56] Industry Overview - The global kitchenware market is expected to grow from USD 107 billion in 2023 to USD 120.5 billion in 2028, with a CAGR of 2.4% [4][63] - Cookware, kitchenware, and drinkware are the main segments, with cookware accounting for 28.9% of the market in 2023 [4][63] - The US, China, and Western Europe are the largest markets, accounting for 16.7%, 25.5%, and 22.8% of the global cookware market, respectively [68][69] Risks and Challenges - The company faces risks related to third-party platform operations, international trade friction, and increasing industry competition [4] - The company's reliance on Amazon and other e-commerce platforms exposes it to potential changes in platform policies and fees [4][42]