Loctek(300729) Minsheng Securities·2024-10-29 02:14Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company has shown strong revenue growth, with a year-on-year increase of 48.03% in the first three quarters of 2024, reaching 3.975 billion yuan [1]. - The overseas warehouse business continues to grow significantly, with a revenue increase of 147% year-on-year in the first three quarters [1]. - The company is expected to benefit from the expansion of its overseas warehouses, which is projected to enhance profitability and reduce costs in the future [1]. Financial Performance Summary - Revenue for 2024 is projected to be 5.547 billion yuan, representing a growth rate of 42.2% compared to 2023 [2]. - The net profit attributable to shareholders is expected to decrease to 447 million yuan in 2024, reflecting a decline of 29.5% [2]. - The company’s gross margin is forecasted to be 30.99% in 2024, down from 36.53% in 2023 [5]. Operational Highlights - The company has expanded its overseas warehouse area by 330,000 square meters in 2024, bringing the total to 620,000 square meters [1]. - The independent station sales channel has seen a year-on-year growth of 23% in the first three quarters of 2024 [1]. - The company completed a private placement to raise 393 million yuan for its Ellabell overseas warehouse project, which is expected to achieve a gross margin of 17.39% upon maturity [1]. Profitability and Valuation Metrics - The projected PE ratios for 2024, 2025, and 2026 are 12, 10, and 9 respectively [2]. - The net profit margin is expected to be 8.06% in 2024, down from 16.24% in 2023 [5]. - The company’s return on equity (ROE) is projected to be 13.45% in 2024 [5].