Loctek(300729) 国联证券·2024-11-01 10:34Investment Rating - The investment rating for the company is "Buy (Maintain)" [4]. Core Insights - The company reported a significant revenue increase driven by its overseas warehouse business, with Q3 2024 revenue reaching 1.548 billion yuan, up 53.67% year-on-year. However, the gross margin faced temporary pressure due to increased operating costs [2][6]. - The company sold part of its overseas warehouse in Florida, contributing a non-operating asset disposal gain of approximately 89.86 million yuan, which positively impacted net profit for Q3 2024 [2][6]. - The company is expected to see a recovery in profitability in Q4 2024, supported by the upcoming promotional season and the continued ramp-up of its overseas warehouse operations [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 3.975 billion yuan, a year-on-year increase of 48.03%. The net profit attributable to shareholders was 265 million yuan, down 48.64% year-on-year [6][10]. - In Q3 2024 alone, the company reported revenue of 1.548 billion yuan, up 53.67% year-on-year, and a net profit of 105 million yuan, up 43.01% year-on-year. However, the net profit after deducting non-recurring items was 33 million yuan, down 53.71% year-on-year [6][10]. Business Operations - The revenue growth was primarily driven by the overseas warehouse business, which saw continuous high growth. The company opened new warehouses in Chicago and Germany and expanded existing facilities to meet Q4 demand [6][10]. - The company has established a total of 19 overseas warehouses globally, with a total storage area of 6.675 million square feet, serving over 800 cross-border e-commerce companies [6][10]. Future Outlook - The company expects revenue for 2024 to reach 5.059 billion yuan, with a year-on-year growth rate of 29.66%. The net profit attributable to shareholders is projected to be 450 million yuan, reflecting a decline of 29.02% year-on-year, but a recovery is anticipated in subsequent years [7][10]. - The company aims to enhance its profitability through self-built warehouses and increased operational efficiency, with expectations of continued rapid growth in its overseas warehouse business [6][10].