Loctek(300729) 搜狐财经·2025-04-24 09:17Core 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].