对应PE 分别为14/11/8 倍，维持"增持"评级。 事件：公司发布2025 年一季度报告。1Q2025 公司营收15.44 亿元，同比+37.69%；归母净利0.52 亿元， 同比-35.17%；扣非归母净利0.26 亿元，同比-37.52%。 投资建议：公司持续布局海外仓建设&提升库容利用率，预计随着公司海外仓网络规模化扩张，单位成 本下降有望推动利润率改善。我们预计公司2025-2027 年实现营业收入71.76/82.39/91.91 亿元，归母净 利润3.50/4.48/5.84 亿元。 海外仓营收稳健增长。1Q2025 公司收入同比+37.69%主要系公司海外仓业务的稳健发展带动营收增 加。跨境电商销售收入呈现"前低后高"的模式，预计下半年随着销售节奏的加快，海外仓收入有望创新 高。 Q1 毛利率下降，费用管控成效显著。1Q2025 公司毛利率25.93%，同比-5.36pct，我们预计主要系新租 赁准则导致的租金前置影响，叠加美国关税政策导致公司智能家居品类订单交付延迟所致；净利率 3.35%，同比-3.77pct；公司控费效果较显著，1Q2025 费用率23.09%，同比-3.35pct。 ...

乐歌人体工学科技股份有限公司 2025 年第一季度报告 证券代码：300729 证券简称：乐歌股份 公告编号：2025-026 乐歌人体工学科技股份有限公司 2025 年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经过审计 □是 否 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | （%） | | 营业收入（元） | 1,544,316,196.98 | 1,121,581,641.35 | 37.69% | | 归属于上市公司股东的净利润 | 51,766,253.73 | 79,851,037.11 | -35.17% | | （元） | | | | | ...

证券研究报告 | 2025年04月25日 风险提示：海外需求不及预期；原材料价格与海运费上涨；海内外竞争加剧。 投资建议：下调盈利预测，维持"优于大市"评级。 跨境电商维持景气、新品放量，代工订单充足；海外仓需求旺盛。考虑到关 税扰动、新业务投入期与海外仓库容利用率正在爬坡，下调盈利预测，预计 2025-2027 年归母净利润 3.6/4.5/5.4 亿元（前值 4.9/5.7/-亿），同比 +7%/24%/19%，当前股价对应 PE=14/11/9 倍。维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,902 | 5,670 | 6,860 | 7,962 | 9,025 | | (+/-%) | 21.6% | 45.3% | 21.0% | 16.1% | 13.3% | | 归母净利润(百万元) | 634 | 336 | 360 | 448 | 535 | | (+/-%) | 189.7% | -47.0% | 7 ...

Core Viewpoint - Lege Co., Ltd. reported a significant decline in net profit despite a substantial increase in revenue, indicating challenges in profitability amidst rising costs and operational changes [2][3][4]. Revenue and Profitability - In 2024, Lege Co., Ltd. achieved a revenue of 5.67 billion yuan, a year-on-year increase of 45.33%, while the net profit attributable to shareholders fell by 46.99% to 336 million yuan [2]. - The company's ergonomic chair products generated 2.86 billion yuan in revenue, accounting for 50.42% of total revenue, while logistics services contributed 2.423 billion yuan, representing a 154.76% increase [2]. Overseas Operations - Over 90% of Lege's revenue comes from overseas markets, with international revenue reaching 5.179 billion yuan, up 43.95% year-on-year [3]. - The company operates 21 overseas warehouses, with 16-17 located in the United States, which are crucial for its logistics strategy [11][12]. Cost and Margin Analysis - Operating costs increased to 4.018 billion yuan, a rise of 62.24% year-on-year, impacting overall profitability [4]. - The gross margin for ergonomic products decreased to 42.27%, down 0.38 percentage points, while logistics services saw a more significant drop to 10.37%, down 2.32 percentage points [5]. Research and Development Investment - Lege Co., Ltd. increased its R&D expenditure to 194 million yuan, a 33.83% rise, with the number of R&D personnel growing by 42.86% to 1,080 [6]. - The company is focusing on enhancing its R&D capabilities, which has contributed to the decline in net profit [6]. Warehouse Strategy - The company is transitioning from smaller warehouses to larger ones, a process referred to as "small warehouse to large warehouse," which has affected non-recurring income from warehouse sales [7][8]. - Lege has invested in industrial logistics land to support future self-built warehouses, aiming to reduce costs and improve profitability [8]. Project Delays - The Ellabell overseas warehouse project in Georgia has faced delays, with only 22.88 million yuan invested out of a total planned investment of 399 million yuan, leading to an extension of the project timeline [10]. - The delays are attributed to lengthy planning and approval processes, as well as prioritization of funds for business expansion [10]. Impact of Tariff Policies - The recent "reciprocal tariffs" have raised concerns about their impact on Lege's operations, particularly for smaller cross-border e-commerce businesses [11][14]. - However, the company believes that larger clients will continue to ship products to maintain their market positions, mitigating potential negative effects [14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [6][14]. Core Insights - The company reported a revenue of 5.67 billion RMB for 2024, reflecting a year-on-year growth of 45.33%, while the net profit attributable to shareholders decreased by 47% to 336 million RMB [2]. - The cross-border e-commerce segment showed strong performance, with revenue reaching 2.03 billion RMB, a growth of 14.28%. The independent site revenue grew by 22.04% to 819 million RMB, indicating a shift towards higher consumer spending on customized products [3]. - The overseas warehouse business experienced significant growth, with revenue increasing by 154.76% to 2.42 billion RMB. The company expanded its operations to the UK, Canada, and Germany, increasing its warehouse area by 128.63% [4]. - The company is positioned as a leading player in the cross-border e-commerce sector, benefiting from the rising penetration of its product categories and the expansion of its overseas warehouse capabilities [5]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 5.67 billion RMB, a 45.33% increase year-on-year, while the net profit attributable to shareholders was 336 million RMB, down 47% [2]. Operational Analysis - The cross-border e-commerce segment generated 2.03 billion RMB in revenue, with independent site sales growing significantly. The average spending per buyer on independent sites was nearly double that on platforms like Amazon [3]. - The overseas warehouse segment reported a revenue of 2.42 billion RMB, with a substantial increase in operational capacity and service to over 1,175 foreign trade enterprises [4]. Profit Forecast and Valuation - The company is expected to continue its growth trajectory, with projected net profits of 385 million RMB, 435 million RMB, and 522 million RMB for 2025, 2026, and 2027, respectively. The current price-to-earnings ratios are estimated at 13, 11, and 9 times for the same years [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [6]. Core Insights - The company reported a revenue of 5.67 billion RMB for 2024, reflecting a year-on-year growth of 45.33%, while the net profit attributable to shareholders decreased by 46.99% to 336 million RMB [2][11]. - The cross-border e-commerce segment showed strong performance, with revenue from independent sites reaching 2.03 billion RMB, a growth of 14.28%, and the company's own brand sales accounting for 73.84% of main business revenue [3]. - The overseas warehouse business experienced rapid growth, with revenue increasing by 154.76% to 2.42 billion RMB, and the company now operates 21 self-owned overseas warehouses with a total area of 662,100 square meters [4]. - The company is positioned as a leading player in the cross-border e-commerce sector, benefiting from category penetration and the expansion of its overseas warehouse operations [5]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 5.67 billion RMB, up 45.33% year-on-year, with a net profit of 336 million RMB, down 46.99% [2][11]. Operational Analysis - The cross-border e-commerce segment generated 2.03 billion RMB in revenue, with independent site sales growing by 22.04% to 819 million RMB [3]. - The overseas warehouse segment reported a revenue of 2.42 billion RMB, marking a 154.76% increase, and the company processed over 11 million packages in 2024 [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 385 million RMB in 2025, 435 million RMB in 2026, and 522 million RMB in 2027, with corresponding P/E ratios of 13, 11, and 9 [6].

Core Viewpoint - Lege Co., Ltd. reported a significant increase in total revenue for 2024, reaching 5.67 billion yuan, a year-on-year growth of 45.33%, but experienced a decline in net profit by 46.99% due to reduced non-recurring gains from overseas warehouse sales and increased R&D and operational costs [1][2][3] Financial Performance - Total revenue for 2024 was 5.67 billion yuan, with a year-on-year increase of 45.33% [1] - Net profit attributable to shareholders was 336 million yuan, down 46.99% year-on-year [1] - Non-recurring net profit was 200 million yuan, a decrease of 20.45% compared to the previous year [1] - Revenue from overseas warehouse business reached 2.42 billion yuan, a remarkable growth of 154.76%, accounting for 42.73% of total revenue [1][3] Business Segments - The ergonomic product line generated 2.86 billion yuan, making up 50.42% of total revenue, with a growth of 9.49% year-on-year [3] - The overseas warehouse business has become a new growth engine, with its revenue share increasing from 15.28% in 2022 to 42.73% in 2024 [3][4] Operational Insights - The company expanded its self-operated overseas warehouses from 12 to 21, increasing total operational area from 289,600 square meters to 662,100 square meters, a growth of 128.63% year-on-year [3] - The overall utilization rate of overseas warehouses is currently between 60% to 70%, with new warehouses at 40% to 50% utilization [5] Market Trends - The growth in overseas warehouse demand is driven by the increasing penetration of e-commerce in the U.S. and the trend of Chinese cross-border brands expanding internationally [4] - The government has emphasized the importance of promoting cross-border e-commerce and optimizing overseas warehouse layouts in its work reports [4] Challenges and Strategic Outlook - The overseas warehouse business faces short-term cost pressures, with a gross margin of only 10.37%, down 2.32 percentage points from the previous year, significantly lower than the 43% margin from the smart home business [2][6] - The company plans to cautiously control the pace of warehouse expansion and improve operational efficiency to enhance profitability [7] - Long-term, the company has secured approximately 5,000 acres of land near key U.S. ports for self-built warehouses, with the first expected to be operational by the end of 2025 [7]

Core Viewpoint - The company reported a revenue of 5.67 billion yuan for 2024, a year-on-year increase of 45.3%, while the net profit attributable to shareholders decreased by 47% to 340 million yuan, primarily due to a significant decline in non-recurring income from the sale of overseas warehouses, with overall performance in line with expectations [1] Group 1: Financial Performance - In 2024, the company's revenue growth by quarter was 40.8% in Q1, 48.1% in Q2, 53.7% in Q3, and 39.4% in Q4 [1] - The net profit attributable to shareholders showed a decline in the first three quarters, with a year-on-year increase of 100.1% in Q1, 6.5% in Q2, and declines of 53.7% in Q3 and 38.6% in Q4 [1] - The company's gross profit margin for 2024 was 29.1%, a decrease of 7.4 percentage points, with specific margins of 42.3% for ergonomic products and 10.4% for overseas warehouses [3] Group 2: Business Segments - The overseas warehouse segment achieved a revenue of 2.42 billion yuan, a year-on-year increase of 154.8%, driven by increased e-commerce penetration in the U.S. and accelerated overseas expansion of domestic cross-border brands [2] - The ergonomic segment generated a revenue of 2.86 billion yuan, a year-on-year increase of 10.1%, with cross-border e-commerce revenue growing by 14.3% to 2.03 billion yuan [2] Group 3: Operational Insights - The company has established manufacturing bases in Ningbo, Guangxi, and Vietnam, enhancing its ability to handle global orders amid uncertain trade environments [4] - By the end of 2024, the self-operated overseas warehouse area reached 662,100 square meters, which is expected to boost order growth and improve profit margins due to enhanced bargaining power in last-mile delivery [4] Group 4: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 down by 17% and 10% to 410 million yuan and 480 million yuan, respectively, with the current stock price corresponding to 12 and 10 times P/E for those years [5] - The company maintains an outperform rating and a target price of 18 yuan, indicating a potential upside of 23% based on a 15 and 13 times P/E for 2025 and 2026 [5]

Group 1: Overall Business Performance - In 2024, the company achieved a revenue of 5.67 billion CNY, a year-on-year increase of 45.33% [2] - Net profit attributable to shareholders was 336 million CNY, a decline of 46.99% compared to the previous year [2] - The decrease in net profit was primarily due to a significant drop in non-recurring gains from the sale of overseas warehouses [2][3] Group 2: Overseas Warehouse Operations - The number of self-operated overseas warehouses increased from 12 to 21, with total operational area expanding by 128.63% to 662,100 square meters by the end of 2024 [4] - The company served 1,175 outbound enterprises, with over 11 million packages shipped [4] - Current warehouse utilization is between 60%-70%, with new warehouses at 40%-50% utilization expected to rise [5] Group 3: New Product Development and Profitability - New products, including ergonomic chairs and electric sofas, accounted for over 10% of cross-border e-commerce revenue in 2024 [6] - The company aims to increase the sales proportion of new products to 15%-20% in the future [6] - New products have similar gross margins to traditional products, but higher marketing costs reduce net profit [6] Group 4: Impact of Trade Tariffs - Some customers are hesitant to ship due to concerns over tariffs, while larger sellers continue to ship to maintain platform rankings [7] - The company has raised prices and is utilizing factories in Vietnam to mitigate the impact of a 10% tariff [7] Group 5: Future Outlook - The company aims to maintain steady growth in 2025, focusing on smart home and overseas warehouse sectors [7] - Plans include enhancing product offerings in smart home and health office categories, and strengthening brand development [7]

Core Insights - The company reported a significant increase in revenue for 2024, with total revenue reaching 5.67 billion, a year-on-year growth of 45.3%, while net profit decreased by 47% to 336 million [1] - The decline in profit is attributed to several factors, including the transition from small to large warehouses, increased R&D and operational costs, and high shipping fees impacting cross-border e-commerce profitability [1] Group 1: Financial Performance - In Q4 2024, revenue was 1.695 billion, up 39.4% year-on-year, but net profit fell by 39.7% to 7 million [1] - The company's gross margin for 2024 was 29.1%, down 7.4 percentage points, and net profit margin was 5.9%, down 10.3 percentage points [4] - The company adjusted its profit forecast for 2025-2027, expecting net profits of 390 million, 460 million, and 530 million respectively [5] Group 2: Business Segments - The overseas warehouse business generated 2.423 billion in revenue for 2024, a remarkable growth of 154.76%, with a gross margin of 10.37% [2] - The cross-border e-commerce segment reported revenue of 2.026 billion, a year-on-year increase of 14.28%, with a strong focus on expanding product categories and enhancing brand presence [3] - The company has established itself as a leading player in the overseas warehouse sector, serving 1,175 outbound enterprises and handling over 11 million packages in 2024 [2] Group 3: Strategic Developments - The company is enhancing its competitive edge by building self-operated overseas warehouses, with the first one expected to be operational by the end of 2025 [2] - The company is focusing on developing new products and business models, with a significant increase in R&D investment to support innovation [1][3] - The independent sales channel has shown strong growth, with revenue from independent sites reaching 819 million, a 22.04% increase year-on-year [3]