乐歌股份海外仓增收不增利，利润都去哪儿了？

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]