Loctek(300729) Haitong Securities·2024-10-31 02:56Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a significant increase in revenue driven by the growth of its overseas warehouse business, with a year-on-year revenue increase of 48.03% for the first three quarters of 2024, totaling 3.975 billion yuan [5] - The net profit attributable to the parent company decreased by 48.64% year-on-year to 265 million yuan, while the net profit excluding non-recurring items decreased by 8.64% to 140 million yuan [5] - The gross profit margin for the first three quarters of 2024 was 29.84%, a decrease of 6.7 percentage points compared to the previous year [5] - The company expects net profits for 2024 and 2025 to be 460 million yuan and 530 million yuan, respectively, reflecting a year-on-year change of -27.4% and +14.7% [6] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.548 billion yuan, a year-on-year increase of 53.67%, and a net profit of 105 million yuan, up 43.01% year-on-year [5] - The comprehensive gross profit margin for the first three quarters of 2024 was 29.84%, with a period expense ratio of 24.76%, down 4.8 percentage points [5] - The financial expenses increased mainly due to higher interest expenses on lease liabilities and increased exchange losses [5] Business Development - Approximately 50-60% of the company's overseas warehouse package orders come from the Amazon platform, with rapid growth in orders from platforms like Temu and TikTok, which now account for about 10% of total orders [6] - The company is expected to maintain a strong growth trajectory in its overseas warehouse business, contributing significantly to revenue [6] Valuation and Forecast - The company is valued at a reasonable price range of 23.52 to 24.99 yuan per share based on a PE ratio of 16-17 times for 2024 [6] - The projected revenue for 2024 is 4.958 billion yuan, with a year-on-year growth rate of 27.1% [9] - The net profit for 2023 is projected at 634 million yuan, with a significant increase of 189.7% compared to the previous year [9]