Loctek(300729)2024-10-30 10:40Investment Rating - The report maintains a "Recommended" rating for the company 乐歌股份 (300729.SZ) [2] Core Insights - The company reported a revenue of 3.975 billion yuan for Q3 2024, representing a year-on-year increase of 48.03%. However, the net profit attributable to shareholders decreased by 48.64% to 265 million yuan [2] - The company is accelerating its overseas warehouse layout, which enhances its competitive advantage in the independent station market. The overseas warehouse revenue reached 1.439 billion yuan, a year-on-year increase of 147% [2] - New product categories are gradually gaining traction, with the importance of independent stations further highlighted. The cross-border e-commerce revenue for the period was 1.48 billion yuan, up 15.87% year-on-year [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.975 billion yuan, with a growth rate of 48.03%. The net profit attributable to shareholders was 265 million yuan, down 48.64% [2] - The gross profit margin for the reporting period was 29.84%, a decrease of 6.68 percentage points year-on-year. The net profit margin for the first three quarters was 3.51%, down 2.18 percentage points year-on-year [2] - The company forecasts revenues of 5.616 billion yuan, 6.987 billion yuan, and 8.342 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 43.94%, 24.41%, and 19.40% [5][9] Business Strategy and Outlook - The company is positioned as a leader in the ergonomic industry, with continuous development of its own brand and successful expansion into new product categories. The overseas warehouse strategy is expected to drive rapid business growth [2] - The company anticipates benefiting from the high growth potential of cross-border e-commerce, with projected earnings per share of 1.40 yuan, 1.58 yuan, and 1.85 yuan for 2024, 2025, and 2026, respectively [2][5]