“制造拓客+品牌出海”效果逐步呈现。2024H1 跨境电商收入16.9 亿元，同比+241%，跨境电商销售渠道已覆盖Amazon、Walmart、TEMU、TikTok 等主流平台，拥有Sweet Furniture、Colamy 等跨境电商品牌，产品覆盖人体工学椅、升降桌、收纳柜、功能沙发等。目前，公司在美国新泽西州、加州共5 大区域设立了面积合计约35 万方的仓储配送中心，不断提高配送时效。2024H1 制造业务（OEM/ODM）实现收入24.6 亿元，同比+11%，公司深耕欧美、开展主动营销，并在北美、中东等区域搭建本地化团队，提升服务能力。Incident: The company released its 2024 semi-annual report. 2024H1 achieved revenue of 4.8 billion yuan, +32% YoY, net profit 0.22 billion yuan YoY, -16% YoY net profit, 0.22 billion yuan YoY, -9% YoY; of these, Q2 achieved revenue of 2.45 billion yuan in a single quarter, +26% YoY, net profit to mother 0.12 billion yuan, -36% YoY.
By product, 2024H1 office furniture revenue was 1.87 billion yuan, +15% YoY, 0.66 billion yuan YoY, +18%, panel furniture 0.45 billion yuan, YoY -10%, new material flooring 0.73 billion yuan, +5% YoY, and other revenue 1.08 billion yuan, +411% YoY.
Profits are under pressure in the short term, mainly due to: ① increasing market share and new product promotion and marketing expenses; ② 23H1 exchange revenue of 98.466 million yuan, 2024H1 exchange revenue of 26.481 million yuan, a year-on-year decrease; ③ 23H1 land expropriation compensation of 28.1786 million yuan; ④ shipping costs increased year-on-year, 24H1 gross profit margin of 21.2%, -2.6 pct; ⑤ added 2024 shares and payment fees of about 10 million yuan.
The effect of “manufacturing development+ brand going overseas” is gradually showing. 2024H1's cross-border e-commerce revenue was 1.69 billion yuan, +241% year-on-year. Cross-border e-commerce sales channels have covered mainstream platforms such as Amazon, Walmart, TEMU, and TikTok, and has cross-border e-commerce brands such as Sweet Furniture and Colamy. The products cover ergonomic chairs, lift tables, storage cabinets, functional sofas, etc. Currently, the company has set up warehousing and distribution centers with a total area of about 0.35 million square meters in the five major regions of New Jersey and California, continuously improving delivery time. The 2024H1 manufacturing business (OEM/ODM) achieved revenue of 2.46 billion yuan, +11% over the same period. The company is deeply involved in Europe and America, carries out active marketing, and has built localization teams in North America, the Middle East and other regions to enhance service capabilities.
Profit forecast and rating: We are optimistic that the company will actively expand the brand's overseas business, ODM/OEM and OBM two-wheel drive, gradually complete the transformation from a “manufacturing” enterprise to a “manufacturing+service” enterprise, and the “big household” strategy is progressing steadily. The net profit for 2024-2026 is expected to be 0.51 billion yuan, 0.64 billion yuan, and 0.76 billion yuan. The corresponding PE is 8x/7x/6x, maintaining the “recommended” rating.
Risk warning: Demand for overseas terminals falls short of expectations; fluctuating raw material prices; fluctuating international shipping rates; fluctuating exchange rates; trade policy risks; intensifying industry competition, etc.
