Loctek(300729) 新浪财经·2025-04-22 00:42Core 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]