[ T able_StockInfo] 2024 年 11 月 03 日 证券研究报告•2024 年三季报点评 持有 （维持） 当前价：15.54 元 乐歌股份（300729）轻工制造 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 3.41 流通 A 股(亿股) 2.96 52 周内股价区间(元) 13.08-20.81 总市值(亿元) 53.04 总资产(亿元) 89.49 每股净资产(元) 9.96 海外仓业务高速增长，静待利润改善 [Table_Summary 业绩摘要：公司发布 ] 2024年三季报，24年前三季度公司实现营收 39.8亿元， 同比+48%；实现归母净利润 2.7亿元，同比-48.6%；实现扣非净利润 1.4亿元， 同比-8.6%。单季度来看，Q3 公司实现营收 15.5 亿元，同比+53.7％；实现归 母净利润 1.1 亿元，同比+43%；实现扣非后归母净利润 3261.7 万元，同比 -53.7%。归母净利润增速与扣非后增速相差大主要受去年 Q1以及今年 Q3非经 常性损益中海外仓出售收益影响。 新设海外仓影响毛利率水平，销售费用率下降。2 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4]. Core Insights - The company reported a significant revenue increase driven by its overseas warehouse business, with Q3 2024 revenue reaching 1.548 billion yuan, up 53.67% year-on-year. However, the gross margin faced temporary pressure due to increased operating costs [2][6]. - The company sold part of its overseas warehouse in Florida, contributing a non-operating asset disposal gain of approximately 89.86 million yuan, which positively impacted net profit for Q3 2024 [2][6]. - The company is expected to see a recovery in profitability in Q4 2024, supported by the upcoming promotional season and the continued ramp-up of its overseas warehouse operations [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 3.975 billion yuan, a year-on-year increase of 48.03%. The net profit attributable to shareholders was 265 million yuan, down 48.64% year-on-year [6][10]. - In Q3 2024 alone, the company reported revenue of 1.548 billion yuan, up 53.67% year-on-year, and a net profit of 105 million yuan, up 43.01% year-on-year. However, the net profit after deducting non-recurring items was 33 million yuan, down 53.71% year-on-year [6][10]. Business Operations - The revenue growth was primarily driven by the overseas warehouse business, which saw continuous high growth. The company opened new warehouses in Chicago and Germany and expanded existing facilities to meet Q4 demand [6][10]. - The company has established a total of 19 overseas warehouses globally, with a total storage area of 6.675 million square feet, serving over 800 cross-border e-commerce companies [6][10]. Future Outlook - The company expects revenue for 2024 to reach 5.059 billion yuan, with a year-on-year growth rate of 29.66%. The net profit attributable to shareholders is projected to be 450 million yuan, reflecting a decline of 29.02% year-on-year, but a recovery is anticipated in subsequent years [7][10]. - The company aims to enhance its profitability through self-built warehouses and increased operational efficiency, with expectations of continued rapid growth in its overseas warehouse business [6][10].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a significant increase in revenue driven by the growth of its overseas warehouse business, with a year-on-year revenue increase of 48.03% for the first three quarters of 2024, totaling 3.975 billion yuan [5] - The net profit attributable to the parent company decreased by 48.64% year-on-year to 265 million yuan, while the net profit excluding non-recurring items decreased by 8.64% to 140 million yuan [5] - The gross profit margin for the first three quarters of 2024 was 29.84%, a decrease of 6.7 percentage points compared to the previous year [5] - The company expects net profits for 2024 and 2025 to be 460 million yuan and 530 million yuan, respectively, reflecting a year-on-year change of -27.4% and +14.7% [6] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.548 billion yuan, a year-on-year increase of 53.67%, and a net profit of 105 million yuan, up 43.01% year-on-year [5] - The comprehensive gross profit margin for the first three quarters of 2024 was 29.84%, with a period expense ratio of 24.76%, down 4.8 percentage points [5] - The financial expenses increased mainly due to higher interest expenses on lease liabilities and increased exchange losses [5] Business Development - Approximately 50-60% of the company's overseas warehouse package orders come from the Amazon platform, with rapid growth in orders from platforms like Temu and TikTok, which now account for about 10% of total orders [6] - The company is expected to maintain a strong growth trajectory in its overseas warehouse business, contributing significantly to revenue [6] Valuation and Forecast - The company is valued at a reasonable price range of 23.52 to 24.99 yuan per share based on a PE ratio of 16-17 times for 2024 [6] - The projected revenue for 2024 is 4.958 billion yuan, with a year-on-year growth rate of 27.1% [9] - The net profit for 2023 is projected at 634 million yuan, with a significant increase of 189.7% compared to the previous year [9]

Investment Rating - The report maintains a "Recommended" rating for the company 乐歌股份 (300729.SZ) [2] Core Insights - The company reported a revenue of 3.975 billion yuan for Q3 2024, representing a year-on-year increase of 48.03%. However, the net profit attributable to shareholders decreased by 48.64% to 265 million yuan [2] - The company is accelerating its overseas warehouse layout, which enhances its competitive advantage in the independent station market. The overseas warehouse revenue reached 1.439 billion yuan, a year-on-year increase of 147% [2] - New product categories are gradually gaining traction, with the importance of independent stations further highlighted. The cross-border e-commerce revenue for the period was 1.48 billion yuan, up 15.87% year-on-year [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.975 billion yuan, with a growth rate of 48.03%. The net profit attributable to shareholders was 265 million yuan, down 48.64% [2] - The gross profit margin for the reporting period was 29.84%, a decrease of 6.68 percentage points year-on-year. The net profit margin for the first three quarters was 3.51%, down 2.18 percentage points year-on-year [2] - The company forecasts revenues of 5.616 billion yuan, 6.987 billion yuan, and 8.342 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 43.94%, 24.41%, and 19.40% [5][9] Business Strategy and Outlook - The company is positioned as a leader in the ergonomic industry, with continuous development of its own brand and successful expansion into new product categories. The overseas warehouse strategy is expected to drive rapid business growth [2] - The company anticipates benefiting from the high growth potential of cross-border e-commerce, with projected earnings per share of 1.40 yuan, 1.58 yuan, and 1.85 yuan for 2024, 2025, and 2026, respectively [2][5]

| 证券代码：300729 | 证券简称：乐歌股份 公告编号：2024-086 | | --- | --- | | 债券代码：123072 | 债券简称：乐歌转债 | 乐歌人体工学科技股份有限公司 关于可转换公司债券转股价格调整的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、调整前"乐歌转债"转股价格：34.78 元/股 2、调整后"乐歌转债"转股价格：33.23 元/股 3、转股价格调整生效日期：2024 年 11 月 1 日 一、关于乐歌转债转股价格调整的相关规定 乐歌人体工学科技股份有限公司于 2020 年 10 月 21 日向不特定对象发行可转换公 司债券 142 万张（债券简称：乐歌转债；债券代码：123072），根据公司《创业板向不 特定对象发行可转换公司债券募集说明书》中披露的可转换公司债券发行方案以及中国 证监会关于可转换公司债券发行的有关规定，公司本次发行的可转换公司债券转股价格 的调整方式及计算公式如下： "在本次发行之后，当公司发生派送股票股利、转增股本、增发新股（不包括因本 次发行的可转债转股而增加的股本）、配股 ...

国泰君安证券股份有限公司 关于 乐歌人体工学科技股份有限公司 向特定对象发行股票 之 上市保荐书 保荐机构（主承销商） 国泰君安证券股份有限公司 GUOTAI JUNAN SECURITIES CO., LTD. 二〇二四年十月 国泰君安证券股份有限公司 关于乐歌人体工学科技股份有限公司 向特定对象发行股票上市保荐书 国泰君安证券股份有限公司（以下简称"保荐机构"、"国泰君安"）接受乐 歌人体工学科技股份有限公司（以下简称"发行人"、"乐歌股份"或"公司"） 的委托，担任乐歌人体工学科技股份有限公司向特定对象发行股票（以下简称"本 次发行"）的保荐机构，为本次发行上市出具上市保荐书。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司证券发行注册管理办法》等有关规 定，保荐机构和保荐代表人本着诚实守信、勤勉尽责的职业精神，严格按照依法 制定的业务规则和行业自律规范出具本上市保荐书，并保证所出具的本上市保荐 书的真实性、准确性和完整性。 如无特别说明，本上市保荐书相关用语与《乐歌人体工学科技股份有限公司 向特定对象发行股票募集说明书》、《国泰 ...

经中国证券监督管理委员会出具的《关于同意乐歌人体工学科技股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2023〕2919 号），同意乐歌人体工学科 技股份有限公司（以下简称"公司"）向特定对象发行 A 股股票。公司本次最终发行 数量 26,666,666 股，发行价格为 15.00 元/股。 除公司实际控制人项乐宏先生参与此次认购外，公司其他董事、监事和高级管理 人 员 未 参 与 此 次 认 购 。 本 次 发 行 后 ， 公 司 总 股 本 由 314,641,954 股增加至 341,308,620 股。公司董事、监事和高级管理人员直接持有公司股份数量及直接持股 比例的变动情况如下： | 姓名 | 职务 | 本次发行前 | | 本次发行后 | | | --- | --- | --- | --- | --- | --- | | | | 持股数量 | 持股比例 | 持股数量 | 持股比例 | | 项乐宏 | 董事长、总经理 | 11,714,962 | 3.72% | 15,048,295 | 4.41% | | 姜艺 | 副董事长 | 9,244,824 | 2.94% | 9,244,824 ...

《乐歌人体工学科技股份有限公司向特定对象发行股票上市公告书》及相关文件已 于同日在中国证券监督管理委员会指定的信息披露网站巨潮资讯网(www.cninfo.com.cn) 上披露，敬请投资者注意查阅。 | 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2024-083 | | --- | --- | --- | | 债券代码：123072 | 债券简称：乐歌转债 | | 乐歌人体工学科技股份有限公司 关于向特定对象发行股票上市公告书披露的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特此公告。 乐歌人体工学科技股份有限公司董事会 2024 年 10 月 29 日 ...

| 证券代码：300729 | 证券简称：乐歌股份 公告编号：2024-085 | | --- | --- | | 债券代码：123072 | 债券简称：乐歌转债 | 乐歌人体工学科技股份有限公司 关于控股股东、实际控制人及其一致行动人被动稀释比例超过 1%的公告 控股股东宁波丽晶电子集团有限公司、实际控制人项乐宏、姜艺及其一致行动人 麗晶（香港）國際有限公司、宁波聚才投资有限公司保证信息披露内容的真实、准确 和完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次权益变动系乐歌人体工学科技股份有限公司（以下简称"公司"）向特定 对象发行股票导致公司总股本增加，从而导致公司控股股东宁波丽晶电子集团有限公 司（以下简称"丽晶电子"）、实际控制人项乐宏、姜艺及其一致行动人持股比例稀 释超过 1%。 2、本次权益变动不涉及要约收购，不会导致公司控制权发生变化，不会影响公司 的治理结构和持续经营。 根据中国证券监督管理委员会出具的《关于同意乐歌人体工学科技股份有限公司 向特定对象发行股票注册的批复》（证监许可〔 ...

乐歌人体工学科技股份有限公司 向特定对象发行股票 新增股份变动报告及上市公告书 保荐人（主承销商） 项乐宏 姜 艺 朱 伟 李 响 夏银水 泮云萍 王溪红 刘满达 贺雪飞 乐歌人体工学科技股份有限公司 1 年 月 日 2 特别提示 二〇二四年十月 董事声明 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 全体董事签字： 一、发行股票数量及价格 1、发行数量：26,666,666 股 2、发行后总股本：341,308,620 股 3、发行价格：15.00 元/股 4、募集资金总额：399,999,990.00 元 5、募集资金净额：392,867,660.47 元 二、新增股票上市安排 本次向特定对象发行新增股份 26,666,666 股预计于 2024 年 11 月 1 日在深圳 证券交易所上市。新增股份上市首日公司股价不除权，股票交易设涨跌幅限制。 三、发行认购情况及限售期安排 本次向特定对象发行完成后，项乐宏认购的本次发行的股票自发行结束并上 市之日起十八个月内不得转让，其他发行对象认购的本次发行的股票自发行结束 并上市之日起六个月内不得转让。发行对象基于 ...