The company released 24Q1 financial report

24Q1 revenue of 1.8 billion yuan, an increase of 45%; net profit attributable to mother was 100 million, an increase of 15%; after deducting non-net profit of 100 million yuan, an increase of 14%;

Continuously expand product advantages

① Stylization: The company takes the Ekho series as an example. The products bring consumers better visual enjoyment with a unified design language and unique design style; ② Serialization: Customers can choose from multiple categories based on one style. ③ Cost-effective: The company does not use complicated or expensive materials to achieve stylization and serialization. The product itself may not be much different in cost from the models on the market, but it can bring better visual enjoyment.

Improve category management efficiency

① The core of the company's logic of adding SKUs is to increase the integrity of the product layout under a single listing, including color, specifications, etc., so adding SKUs can increase the sales volume and traffic of the listing itself and maintain its head position; ② In order to reduce the impact on the supply chain after the SKU increase, the company carries out serialized and standardized integration, such as strict unification of hardware accessories, raw materials, colors, etc., to reduce the cost and difficulty of procurement of raw materials; ③ The company is more confident in its overall operating capacity and can guarantee effective turnover; ④ Informatization is also As part of the construction, in addition to the original system construction, the company further extended the information technology construction to the supplier side, improving the company's more accurate control over all aspects of the supply chain through further opening up suppliers and companies.

Third-party channels are growing rapidly

In other words, tripartite platforms other than Amazon, such as OTTO, are German online and offline supermarket platforms, and have also become the company's second-largest B2C channel platform. At the same time, independent sites are growing well, but the overall revenue share is not high. The products sold at independent stations are medium to large, and the customer unit price is high. An independent site is more conducive to the company to display products in a series. The effect is better. Customers may buy multiple products at once, and buy more together

Maintain profit forecasts and maintain “buy” ratings

The company's competitive advantage is clear ① Oversized products must be self-built and distributed. The company has a big advantage in last-tier account discounts, and new sellers have less impact on European formation; ② The company's strong categories firmly occupy Amazon's top listing, have strong organic traffic, save promotion costs and lead to sales conversion, but it is very difficult for new manufacturers to hit the top listing; ③ China's domestic online competition ideas cannot be equated with overseas online market competition. Overseas online market competition is longer and more complicated, and the company has accumulated experience over the years Able to Efficiently link the entire chain. We expect the company's net profit to be 50,000/61/730 million yuan respectively in 24-26, EPS is 1.25/1.51/1.82 yuan/share, respectively, and the corresponding PE is 19/16/13X, respectively.

Risk warning: risk of falling overseas demand; rising global shipping rates; increased industry competition; supply chain construction progress falling short of expectations, etc.