Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 2.427 billion yuan for the first half of 2024, representing a year-on-year increase of 44.64%. The net profit attributable to shareholders decreased by 63.86% to 160 million yuan, while the net profit after deducting non-recurring gains and losses increased by 29.95% to 107 million yuan [6] - The company's comprehensive gross margin for the first half of 2024 was 31.35%, a decrease of 4.39 percentage points year-on-year. The expense ratio was 25.18%, down 3.92 percentage points [6] - The ergonomic product series generated revenue of 1.337 billion yuan, up 17.41% year-on-year, while the warehousing and logistics services saw a significant revenue increase of 116.15% to 850 million yuan [6] - The overseas warehouse business is experiencing upward momentum, with 17 self-operated overseas warehouses covering an area of 482,100 square meters as of the first half of 2024 [6] - The company is expected to achieve net profits of 460 million yuan and 530 million yuan for 2024 and 2025, respectively, with corresponding PE ratios of 9.55 and 8.33 [6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 2.427 billion yuan, a 44.64% increase year-on-year, and a net profit of 160 million yuan, a decrease of 63.86% [6] - The gross margin for the first half of 2024 was 31.35%, down 4.39 percentage points from the previous year [6] - The company expects revenues of 4.958 billion yuan and 6.138 billion yuan for 2024 and 2025, respectively, with year-on-year growth rates of 27.1% and 23.8% [10] Product Performance - The ergonomic product series generated 1.337 billion yuan in revenue, a 17.41% increase year-on-year, while linear drive products generated 1.020 billion yuan, a 10.42% increase [6] - The warehousing and logistics services saw a revenue increase of 116.15% to 850 million yuan, indicating strong growth in this segment [6] Valuation and Forecast - The company is projected to have net profits of 460 million yuan in 2024 and 530 million yuan in 2025, with a PE ratio of 9.55 for 2024 [6] - The estimated reasonable value range for the stock is between 23.52 and 24.99 yuan per share based on a PE valuation of 16-17 times for 2024 [6]

其他轻工Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 人体工学稳健增长，海外仓增速超预期 ——乐歌股份(300729)中报点评 | --- | --- | --- | |-----------------------|--------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 市场数据 | 证券研究报告 - 中报点评 \n(2024-08-05) | 买入 ( 维持 ) \n发布日期： 2024 年 08 月 06 日 | | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][13]. Core Insights - The company reported a strong revenue growth of 44.6% year-on-year in H1 2024, achieving a total revenue of 2.43 billion [1][2]. - The net profit attributable to the parent company decreased by 63.9% year-on-year to 160 million, while the non-recurring net profit increased by 30.0% to 110 million [1]. - The overseas warehouse business saw a remarkable revenue increase of 129.9% year-on-year, reaching 850 million, driven by the rise in cross-border e-commerce and brand expansion [1][2]. - The independent site performance improved significantly, with cross-border e-commerce revenue reaching 920 million, a 20.4% increase, and independent site revenue accounting for 40.3% of total cross-border e-commerce [1][2]. - The company anticipates continued high demand for its overseas warehouse services in the second half of the year due to upcoming promotional events [1]. Financial Summary - The company expects net profits for 2024-2026 to be 450 million, 510 million, and 570 million respectively, with year-on-year growth rates of -29%, 13%, and 12% [1][3]. - The projected revenue for 2024 is 5.15 billion, reflecting a 32.1% increase compared to the previous year [3]. - The gross profit margin for H1 2024 was 31.4%, a decrease of 3.1 percentage points year-on-year, while the net profit margin improved slightly to 6.2% [1][3].

证券研究报告 非金融公司|公司点评|乐歌股份（300729） 2024 年中报业绩点评： 跨境电商稳步增长，海外仓业务超预期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月04日 证券研究报告 |报告要点 2024H1 公司实现营收 24.27 亿元，同比+44.64%，归母净利润 1.60 亿元，同比-63.46%，扣非 后归母净利润 1.07 亿元，同比+29.95%；单季度看，2024Q2 公司实现营收 13.06 亿元，同比 +48.08%，归母净利润 0.80 亿元，同比+74.02%，扣非后归母净利润 0.66 亿元，同比+6.47%。 其中跨境电商稳步增长，海外仓业务持续超预期，仓储物流毛利率上行，表观归母净利润受 2023Q1 卖仓扰动。未来新仓有望快速爬坡，佐治亚州自建仓有望提升公司盈利水平，预计2024- 2026 年公司营收和扣非归母净利润 CAGR 为 25.38%/26.85%，维持"买入"评级。 |分析师及联系人 管泉森 戚志圣 SAC：S0590523100007 SAC：S0590523120002 请务必阅读报告末页的重要声明 1 / 7 非金融公 ...

因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | | | | 基本數据 | 2024-08-02 | | 收盘价(元) | 14.30 | | 流通股本(亿股) | 2.94 | | 每股净资产(元) | 9.68 | | 总股本(亿股) | 3.13 | | 最近 12月市场表现 | | 于健 分析师 SAC 证书编号： S0160522060001 yujian@ctsec.com 谷亦清 联系人 guyq01@ctsec.com | --- | --- | |--------------------------|-----------------------------------| | | | | 相关报告 | | | | 1. 《跨境电商+海外仓双轮驱动,业绩 | | 增长超预期 》 2024-04-22 | | 2. 《海外仓业务高速增长,驱动业绩超 预期》 2024-01-19 3.《多业务收入回暖,业绩高增超预期》 2023-10-27 核心观点 ■ 证券研究报告 事件: 公司发布 2024 半年报。公司 24H1 ...

乐歌股份（300729）2024年中报点评 电商独立站表现亮眼,海外仓业务超预 期增长 2024 年 08 月 02 日 【投资要点】 公司发布 2024年半年报。2024H1 公司实现营业收入 24. 27 亿元,同 比增长 44.64%;实现归母净利润 1.60 亿元,同比减少 63.86%;实现 扣非归母净利润 1.07 亿元，同比增长 29.95%。归母净利润下滑主要 系 23Q1 出售净外仓取得非经收益 7352 万美元。人体工学系列产品贡 献主要营收,增长稳健;海外仓业务超公司预期增长,占比持续提升。 � 跨境电商:1）品牌力持续提升,独立站表现亮眼。24H1 跨境电商业 务实现销售收入 9.15 亿元,同比增长 20%;其中 Amazon 和独立站分 别实现销售收入 4.92/3.69 亿元,渠道占比分别为 54%/40%。自主品 牌+自主渠道双轮驱动,能够在相对激烈的竞争环境中保持成长韧性。 2)品类拓展见成效,新品贡献业务增量。公司人体工学系列产品以 智能升降采为核心品类,上半年陆续拓展人体工学椅、电动沙发等新 品类,销售占比已达到 8%,考虑推广周期盈加下半年消费旺季，增速 有望进一步提升 ...

公司报告| 半年报点评 关税风险等 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|-----------------------------------------------------------------------| | 乐歌股份 ( 300729 ) | | 证券研究报告 2024 年 08 月 02 日 | | | 投资评级 | | | 海外仓顺应跨境蓬勃需求 | 行业 | 轻工制造/家居用品 | ...

开源证券 轻工制造/家居用品 司研究 乐歌股份（300729.SZ） 2024 年 08 月 02 日 2024H1 收入增速靓眼，海外仓业务增长超预期 公司信息更新报告 | --- | --- | --- | --- | --- | |--------------------------------|-------------|----------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------| | 投资评级：买入（维持） \n日 期 | 2024/8/1 | 吕明 (分析师) \nlvming@kysec.cn 证书编号：S0790520030 ...

开源证券 轻工制造/家居用品 公 司 研 究 乐歌股份（300729.SZ） 2024 年 08 月 02 日 2024H1 收入增速靓眼，海外仓业务增长超预期 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|--------------------------------------------------------------|-------------------------------------------------------------------|-----------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/8/1 | 吕明（分析师） \nlvming@kysec.cn 证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn 证书编号： S0790522030002 | 骆扬（联系人） \ ...

公司点评报告 · 轻工行业 葡高景气度，海外仓业务快速成长 2024年8月1日 核心观点 | --- | --- | --- | --- | --- | |-------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------- ...