证券代码：301376 证券简称：致欧科技 公告编号：2024-056 致欧家居科技股份有限公司 关于参与设立产业基金的进展公告 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。 致欧家居科技股份有限公司（以下简称"公司"）积极响应国家政策，为推 动贸易高质量发展，挖掘产业链上下游的优质项目，提高公司主营业务板块盈 利能力和可持续发展能力，拓宽公司产业布局和战略视野，公司作为有限合伙 人与普通合伙人兼执行事务合伙人招商局资本管理（北京）有限公司及其他有 限合伙人共同投资设立海南招服贸易新业态股权投资基金合伙企业（有限合 伙）（以下简称"海南招服贸易基金"）。公司以自有资金认缴出资额人民币 3,000 万元，占目前海南招服贸易基金认缴出资总额的 15.00%。具体内容详见公司于 2023 年 11 月 24 日和 2024 年 9 月 12 日披露于巨潮资讯网 （www.cninfo.com.cn）的相关公告。 一、基本情况概述 二、本次进展情况 （四）托管人名称：招商银行股份有限公司 1 （五）备案日期：2024 年 11 月 3 日 公司将持续关注海南招服贸易 ...

Company and Industry Summary Company Overview - The conference call was held for a technology company, referred to as "Smart Technology," to discuss its third-quarter performance and future outlook [1][2]. Key Financial Data - **Q3 Revenue**: Approximately 5.7 billion RMB, a year-on-year increase of 38% [2]. - **Q3 Profit**: Approximately 1 billion RMB, showing significant improvement compared to the previous quarter [2]. - **Q3 Revenue Breakdown**: - Revenue for Q3 was around 2 billion RMB, with a year-on-year growth of 34% [2]. - The average selling price (ASP) increased from 276 RMB in Q2 to 293 RMB in Q3, reflecting a 3.3% increase [3]. - **Full Year Revenue Target**: The company is on track to meet its full-year revenue target of 25% growth [2]. Market Performance - **Regional Performance**: - North America: Q3 revenue was approximately 800 million RMB, with an average growth rate of nearly 50%, outperforming the company's overall average growth [4]. - Europe: Q3 revenue was around 1.2 billion RMB, with a slight slowdown in growth due to price adjustments [4]. - **Product Categories**: - Home and furniture categories showed strong growth, with home products growing over 40% year-on-year and furniture products growing around 32% [5]. Strategic Initiatives - **Pricing Strategy**: The company plans to maintain pricing levels similar to Q3 while managing inventory to avoid stockouts, particularly in Europe [12]. - **Sales Channels**: The company is focusing on expanding its sales channels, particularly through Amazon and new platforms like Timo, which has shown rapid growth [28][36]. - **Cost Management**: The company has implemented cost control measures, reducing marketing expenses to around 3.8% of revenue in Q3 [7]. Challenges and Risks - **Cost Pressures**: The company anticipates continued pressure from shipping costs, particularly in Q4, which is traditionally a peak season [9][35]. - **Market Dynamics**: The U.S. market is experiencing slower growth compared to Europe, with increased competition and pricing pressures affecting profitability [24][26]. Future Outlook - **2024 Projections**: The company is optimistic about achieving its revenue targets for 2024, supported by internal restructuring and improved supply chain management [10]. - **Market Expansion**: Plans to increase market share in both the U.S. and European markets, with a focus on enhancing product offerings and expanding into new sales channels [26][28]. Management Changes - Recent management changes have been made to improve operational efficiency, particularly in supply chain and sales coordination [16][17]. Conclusion - Overall, Smart Technology has demonstrated strong financial performance in Q3, with a positive outlook for future growth despite facing challenges related to cost pressures and market competition. The company is strategically positioning itself to leverage new sales channels and optimize its product offerings to sustain growth.

证券代码：301376 证券简称：致欧科技 公告编号：2024-055 致欧家居科技股份有限公司 关于控股股东解除一致行动关系暨权益变动的提示性公告 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。 一、本次权益变动原因 本次权益变动完成后，宋川先生将直接持有 201,268,169 股公司首发前限售股， 占公司总股本的 50.13%。 截至本公告披露之日，本次权益变动的过户手续尚未办理完成，相关股份变 动数据以过户完成后中国证券登记结算有限责任公司出具的过户证明材料为准， 公司将就此事项持续履行信息披露义务。 四、其他情况说明 本次权益变动，不会导致公司控股股东及实际控制人发生变更，不会影响公 司的治理结构和持续经营，亦不会对公司日常经营活动产生不利影响。 1 致欧家居科技股份有限公司（以下简称"公司"）于近日收到控股股东、实际控 制人宋川先生的通知，其一致行动人张秀荣女士因病去世，张秀荣女士生前直接 持有 3,307,747 股公司首发前限售股，占公司总股本的 0.82%。根据《中华人民共 和国民法典》、《中华人民共和国继承法》的相关规定以及河南省郑州市黄河 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [1][4][16]. Core Insights - The company has demonstrated strong revenue growth, with a year-on-year increase of 38.49% in the first three quarters of 2024, driven by enhanced marketing efforts and an increase in the sales proportion of new and emerging products [1][4]. - Despite a slight decline in net profit by 3.11% year-on-year to 278 million yuan, the decrease in profit margin has narrowed compared to previous periods, indicating an improvement in performance [1][4]. - The company has actively increased product prices to mitigate the impact of rising shipping costs and exchange rate fluctuations, which has positively affected gross margin levels [1][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 5.728 billion yuan, with a net profit attributable to shareholders of 278 million yuan [1][4]. - The gross margin for the first three quarters was reported at 35.10%, a decrease of 1.76 percentage points year-on-year, but an improvement from the mid-year report [1][4]. - The company plans to distribute a cash dividend of 1 yuan per share, totaling 40.15 million yuan, reflecting confidence in future profitability [3][4]. Future Outlook - The company is expected to continue increasing its investment in new product launches to support future revenue growth and expand into new platforms and offline markets [4]. - Projections for net profit are 409 million yuan for 2024, 542 million yuan for 2025, and 726 million yuan for 2026, with corresponding earnings per share (EPS) of 1.02 yuan, 1.35 yuan, and 1.81 yuan respectively [4][11].

Investment Rating - The investment rating for the company is "Hold" [1]. Core Insights - The company has achieved a revenue of 5.73 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 38.5%. The net profit attributable to shareholders is 280 million yuan, down 3.1% year-on-year, while the net profit after deducting non-recurring items is 260 million yuan, down 17.4% year-on-year. In Q3 alone, the company generated revenue of 2.01 billion yuan, up 34.5% year-on-year, with a net profit of 110 million yuan, an increase of 5.4% year-on-year [1][2]. Summary by Sections Revenue and Profitability - The company has adopted a market share enhancement strategy, leading to successful new product launches and increased contributions from European and American channels. The overall gross margin for the first three quarters is 35.1%, down 1.8 percentage points year-on-year, and the net profit margin is 4.9%, down 2.1 percentage points year-on-year. The total expense ratio is 29.8%, up 2 percentage points year-on-year [2][3]. Strategic Initiatives - The company plans to improve profitability in the second half of the year through several initiatives, including real-time monitoring of product sales conversion and market share, enhancing the proportion of self-dispatch from U.S. warehouses, increasing the shift of the supply chain to Southeast Asia, and negotiating lower shipping costs through long-term contracts [2][3]. Financial Forecast - The company is expected to achieve EPS of 1.02 yuan, 1.30 yuan, and 1.53 yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 20x, 15x, and 13x. The company’s product cost-performance ratio is outstanding, and there is ample room for market share growth, leading to a maintained "Hold" rating [3][4]. Market Performance - The company’s stock has shown relative performance against the market, with a current price of 20.01 yuan and a market capitalization of 8.034 billion yuan. The stock price has fluctuated between 16.36 yuan and 29.6 yuan over the past 52 weeks [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][2][12] Core Views - The company has shown strong revenue growth, with a 38.5% increase in revenue for the first three quarters of 2024, reaching 5.73 billion [1] - The net profit for the same period is 280 million, reflecting a slight decline of 3.1% year-on-year, while the adjusted net profit decreased by 17.4% to 260 million [1] - The third quarter revenue was 2.01 billion, up 34.5% year-on-year, with a net profit of 106 million, marking a 5.4% increase [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 40.15 million [1] - New product launches are expected to continue performing well, contributing over 10% to annual revenue [1] - The company is expanding its market presence on platforms like OTTO, Temu, and Shein, alongside traditional markets [1] Financial Summary - Revenue for 2024 is projected to be 7.82 billion, a 28.7% increase from 2023 [3] - The forecasted net profit for 2024 is 388 million, a decrease of 6.0% compared to 2023, with subsequent years showing significant growth [2][3] - The company's gross margin for Q3 2024 is reported at 35.4%, down 2.3 percentage points year-on-year, while the net profit margin decreased by 1.5 percentage points to 5.3% [1] - The company has enhanced its local fulfillment capabilities, with over 350,000 square meters of overseas self-operated warehouse space established [1] - The company is also migrating its supply chain to Southeast Asia to reduce costs and mitigate tariff risks [1]

Investment Rating - The investment rating for the company is maintained as "Buy" [1][3]. Core Views - The company has shown impressive revenue growth in Q1-Q3 2024, achieving a revenue of 5.73 billion yuan, which is a year-on-year increase of 38.5%. However, the net profit attributable to the parent company decreased by 3.1% to 278 million yuan [3][4]. - The revenue for Q3 2024 reached 2.01 billion yuan, reflecting a growth of 34.5%, while the net profit for the same quarter increased by 5.4% to 110 million yuan [3][4]. - The company is expanding its product lines and channels, particularly in the home and pet sectors, and is actively exploring cross-border e-commerce platforms, which is expected to drive future growth [5]. Financial Performance Summary - For the period of Q1-Q3 2024, the gross profit margin was 35.1%, down by 1.8 percentage points year-on-year, while the net profit margin was 4.8%, a decrease of 2.1 percentage points [4]. - The company’s operating expenses increased due to higher marketing costs and foreign exchange losses, impacting profitability [4]. - The forecast for net profit attributable to the parent company for 2024-2026 is adjusted to 408 million, 541 million, and 717 million yuan respectively, with corresponding EPS of 1.02, 1.35, and 1.79 yuan [3][6]. Strategic Initiatives - The company is focusing on channel expansion and product diversification, with significant investments in R&D and marketing to mitigate external pressures from shipping costs and currency fluctuations [5]. - The company is enhancing its logistics and supply chain management to improve profitability and counteract adverse external factors [5]. Financial Projections - The projected revenue for 2024 is 7989 million yuan, with a year-on-year growth of 31.5%, and expected to reach 9730 million yuan in 2025 and 11854 million yuan in 2026 [6][8]. - The projected net profit for 2024 is 408 million yuan, with a slight decline of 1.2% year-on-year, followed by growth of 32.5% in 2025 and 32.6% in 2026 [6][8]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected at 19.3 for 2024, decreasing to 14.5 in 2025 and 11.0 in 2026, indicating a favorable valuation trend [3][6]. - The price-to-book (P/B) ratio is expected to decline from 2.4 in 2024 to 1.8 in 2026, suggesting improving value for investors [6][8].

公司报告 | 季报点评 海运费回落盈利有望优化 公司发布 2024 年三季度报告 24Q3 收入 20.1 亿，同比+34.5%，归母净利润 1.1 亿，同比+5.4%，扣非归 母净利润 1.0 亿，同比-1.5%； 24Q1-3 收入 57.3 亿，同比+38.5%，归母净利润 2.8 亿，同比-3.1%，扣非 归母净利润 2.6 亿，同比-17.4%。 Q3 收入延续高增长，利润主要受海运费上涨等因素影响。目前公司积极进 行旺季备货（Q3 末存货较年初+55%）；我们预计 Q4 收入稳健增长，伴随 海运费回落盈利有望边际改善。 24Q1-Q3 公司拟现金分红 4015 万元，分红比例 14%。 新品类、渠道、区域势能充足 区域方面，公司北美市场提升较快主要系①产品策略聚焦 top 类产品，运 营策略和营销策略对应调整，市场占有率排名进一步提升；②美国多仓布 局完成，提升自发货比例；③Temu 平台带来新业务增量，同时加大亚马逊 VC 投放力度；④墨西哥市场 23H2 开售，整体增速较快。 公司坚持"自营仓+平台仓+三方仓"布局，截至 24H1 自营仓 35 万+平米， 我们预计自发货比例及尾程派送能力持续 ...

上 市 公 司 轻工制造 公 司 研 究/ 公 司 点 评 证 券 研 究 报 告 2024 年 10 月 27 日 致欧科技 (301376) ——2024 年三季报点评：收入端延续高增，Q3 提价部 分对冲海运压力 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 25 日 | | 收盘价（元） | 20.01 | | 一年内最高/最低（元） | 31.30/16.15 | | 市净率 | 2.5 | | 息率（分红 / 股价） | 2.50 | | 流通 A 股市值（百万元） | 2,553 | | 上证指数 / 深证成指 | 3,299.70/10,619.85 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净 ...

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