Loctek(300729) 国金证券·2025-04-23 10:23Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [6][14]. Core Insights - The company reported a revenue of 5.67 billion RMB for 2024, reflecting a year-on-year growth of 45.33%, while the net profit attributable to shareholders decreased by 47% to 336 million RMB [2]. - The cross-border e-commerce segment showed strong performance, with revenue reaching 2.03 billion RMB, a growth of 14.28%. The independent site revenue grew by 22.04% to 819 million RMB, indicating a shift towards higher consumer spending on customized products [3]. - The overseas warehouse business experienced significant growth, with revenue increasing by 154.76% to 2.42 billion RMB. The company expanded its operations to the UK, Canada, and Germany, increasing its warehouse area by 128.63% [4]. - The company is positioned as a leading player in the cross-border e-commerce sector, benefiting from the rising penetration of its product categories and the expansion of its overseas warehouse capabilities [5]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 5.67 billion RMB, a 45.33% increase year-on-year, while the net profit attributable to shareholders was 336 million RMB, down 47% [2]. Operational Analysis - The cross-border e-commerce segment generated 2.03 billion RMB in revenue, with independent site sales growing significantly. The average spending per buyer on independent sites was nearly double that on platforms like Amazon [3]. - The overseas warehouse segment reported a revenue of 2.42 billion RMB, with a substantial increase in operational capacity and service to over 1,175 foreign trade enterprises [4]. Profit Forecast and Valuation - The company is expected to continue its growth trajectory, with projected net profits of 385 million RMB, 435 million RMB, and 522 million RMB for 2025, 2026, and 2027, respectively. The current price-to-earnings ratios are estimated at 13, 11, and 9 times for the same years [6].