Loctek(300729) 天风证券·2025-04-21 05:43Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is experiencing a dual-driven growth in its smart home and overseas warehouse businesses, achieving a revenue increase of 45.3% year-on-year in 2024, reaching 5.67 billion [1]. - Despite the revenue growth, the net profit attributable to the parent company decreased by 47% year-on-year to 336 million due to various factors including reduced non-recurring gains from previous overseas warehouse sales and increased R&D and operational costs [1][4]. - The overseas warehouse business saw significant growth, with revenue reaching 2.423 billion, a year-on-year increase of 154.76%, benefiting from the rising demand for cross-border e-commerce [2]. - The cross-border e-commerce segment also grew, generating 2.026 billion in revenue, a 14.28% increase, supported by the expansion of product categories and a focus on self-owned brands [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.695 billion, up 39.4% year-on-year, while the net profit attributable to the parent company was 70 million, down 39.7% [1]. - The overall revenue for 2024 was 5.67 billion, with a net profit of 336 million, reflecting a significant decline in profitability [1][5]. Business Segments - The overseas warehouse business is a key growth driver, with a revenue of 2.423 billion and a gross margin of 10.37%, despite a slight decrease in margin [2]. - The cross-border e-commerce segment generated 2.026 billion, with a focus on expanding product offerings and enhancing brand presence [3]. Cost and Profitability - The company's gross margin for 2024 was 29.1%, down 7.4 percentage points, primarily due to new warehouse ramp-up and high shipping costs [4]. - The report highlights a significant increase in operational costs due to the expansion of overseas warehouse operations and increased personnel for R&D and marketing [1][4]. Future Outlook - The company plans to enhance its competitive advantage by increasing the proportion of self-built overseas warehouses, which are expected to reduce operational costs [2]. - Profit forecasts for 2025 to 2027 indicate a gradual recovery in net profit, with estimates of 390 million, 460 million, and 530 million respectively [9].