Tianfeng Securities: Maintains "Buy" rating on Loctek, overseas warehouse business continues to grow rapidly

Tianfeng Securities' research report points out that Loctek achieved a net profit attributable to the parent company of 130 million yuan in the first half of 2025, a year-on-year decrease of 19%, with a net profit of 80 million yuan in Q2, a year-on-year decrease of 4%. The company's overseas warehouse revenue has grown significantly. Against the backdrop of increasing e-commerce penetration in the United States and accelerated cross-border e-commerce in China, the company's leading position and good reputation in the medium and large item overseas warehouse sector have been consolidated. The European market has performed outstandingly, with the utilization rate of the German warehouse exceeding 70%, achieving profitability. In terms of automation, the company has introduced pre-sorting assembly lines, automatic labeling lines, and AGV handling in its core warehouses on the East and West coasts of the United States, significantly improving operational efficiency and sorting accuracy. In addition, the company has established a deep cooperation with FedEx to create local pickup SOPs, implement in-warehouse pre-sorting and "first gun" operational standards, and solve capacity bottlenecks through direct delivery models, greatly improving last-mile delivery timeliness. The company's overseas warehouse business has consistently remained profitable, and economies of scale are beginning to emerge. Considering the potential impact of tariffs and other factors, the profit forecast has been adjusted, and a "Buy" rating is maintained