事项： 证 券 研 究 报 告 汇通达网络（09878.HK）2024 年报点评 推荐（维持） 业绩短期承压，供应链升级不改长期趋势 目标价：13.3 港元 公司发布 2024 年财报，全年实现营业收入 600.6 亿元，同比减少 27.1%，实现 归母净利润 2.7 亿元，同比减少 39.8%。 评论： [ReportFinancialIndex] 主要财务指标 证券分析师：杨澜 邮箱：yanglan@hcyjs.com 执业编号：S0360524070008 证券分析师：姚婧 邮箱：yaojing@hcyjs.com 执业编号：S0360522090001 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 60,059 | 66,135 | 71,451 | 77,182 | | 同比增速(%) | 0.4% | 10.1% | 8.0% | 8.0% | | 归母净利润(百万) | 270 | 349 | 481 | 658 | | 同比增速(%) | -39.8% | 29.5% | 37 ...

汇通达网络(09878) 报告日期：2025 年 04 月 11 日 业务结构优化，发展新阶段重回快车道 ——汇通达网络年报点评报告 投资要点 证券研究报告 | 公司点评 | IT 服务Ⅱ 投资评级: 买入(维持) 2024 年服务业务板块业务结构： 门店 SaaS+订阅 5亿（-9%），商家解决方案 1亿 （+8%）。截至 24 年底，公司注册会员零售门店突破 24.9 万家，同增 5%；活跃 会员零售门店达 9.5万家，同增 5%；订阅 SaaS+用户总数近 10.8 万家，其中付费 SaaS+用户超 3.8 万家。 渠道端线上线下两手抓，2024 年新渠道销售额达 36 亿。截至 2024 年底，公司线 下渠道已覆盖全国 21 个省、2.5 万乡镇、24.8 万家会员店。此外进一步布局线 上、社群和海外渠道，试点开展社交电商和内容电商业务，上线社交电商"芸豆 派"商城；私域与社群渠道，推进政采企采，与积分礼品等平台达成战略合作。 此外亦积极试点跨境出海业务，销售阿尔蒂沙空调等产品。 ❑ 迎合时代浪潮，接入 DeepSeek 大模型 公司旗下"千橙云 SaaS+"平台已全面接入 DeepSeek，通过 A ...

2025年4月10日，汇通达网络(9878)举办"AI+战略产品发布暨江苏省'苏青小店'培育计划启动仪式。" 发布会上，汇通达"AI+产品"矩阵集中亮相，覆盖会员店经营全场景，超50+Agent助手赋能门店实现效 率倍增。 与此同时，在下沉市场成为经济发展"稳定器"和"创新场"的环境下，汇通达发布"AI+战略"，立足国内 城乡双向流通的进一步"智能化"升级，向行业正式推出"一朵云+三大工程"的云、边、端一体化产业AI 体系。 三大工程，分别是同步服务产业与零售端的"AI+产业平台工程"，链接更多上游品牌工厂，为会员店建 立质优价优的智慧供应链商品，满足供需双方对长尾、个性化商品的交易需求；重点服务会员店 的"AI+SaaS服务工程"，包括"AI+供应链""AI门店"等在内的AI产品矩阵，帮助会员店同步提升采购效率 和交易体量；以及打通全链路的"AI+智能终端工程"，汇通达与AI硬件厂商深度合作，满足客户个性化 定制、本地化部署、保姆式托管等多场景的AI应用需求。 以"AI+SaaS服务工程"为例，我们全新升级打造的"千橙AI超级店长"APP，围绕门店经营的商品、营 销、活动、创意、运营、销售、社群、客服8大场 ...

近期，提振消费被摆到更加突出的位置，继跃居2025年政府工作报告任务之首后，再迎政策的全面性升 级——中办、国办印发《提振消费专项行动方案》，要求"发挥财政政策引导带动作用"，将促消费同惠 民生、补短板结合起来。 数字化能力加码，构建更具潜力的商业生态 汇通达网络的数字化战略中，AIaaS(AI即服务)的提前布局与"1+3"策略的推进，正逐步推动其业态升 级，有助于更好地释放数字资产价值，实现客户赋能和共赢。 AIaaS方向来看，汇通达网络加速推进AI+战略落地，未来将提高AI Agent服务收入占比，加速智能终端 与AI机器人业务增长等。 这样一来，汇通达网络可以通过AIaaS平台向下沉零售市场大量小B商家输出智能化工具，大大降低其 使用AI技术的门槛，赋能其降本增效。同时，汇通达网络一方面能够在服务过程中持续沉淀用户行 为、交易链路、库存周转等数据，实现算法模型优化等，另一方面也能通过AI直接提升服务精准度和 辐射力，反哺业务生态。 且值得注意的是，汇通达网络即将召开"AI+战略产品"发布活动，集中展示千橙云AI行业大模型、千橙 AI超级店长千橙A大模型一体机等产品，并启动"千橙AI生态合作伙伴计划"。可 ...

Core Viewpoint - The company is expected to experience rapid business recovery starting in 2025, driven by AI-enabled upgrades from "digitalization" to "intelligence" [1] Group 1: Company Performance - As of the end of 2024, the company has 249,000 registered member stores, a year-on-year increase of 4.8%, and 95,000 active member stores, up 4.9% year-on-year, indicating strong customer engagement [2] - The company achieved an operating profit of 600 million yuan in 2024, with an operating profit margin of 1.00%, reflecting a year-on-year increase of 0.03 percentage points [2] - The net profit for 2024 was 462 million yuan, showcasing improved profitability [2] Group 2: Strategic Focus - The company plans to focus on AI strategy over the next three years, aiming to implement the "AI + Smart Supply Chain," "AI + SaaS," and "AI + Smart Terminals and Robots" initiatives, with a target for AI-related service revenue to exceed 1.2 billion yuan [2][3] - The customer strategy aims to increase the number of member stores to 300,000, with improvements in store density and customer loyalty by over 20% [3] - The supply chain strategy focuses on reducing the procurement ratio of subsidiary companies while increasing the procurement ratio of top brands to 60%, with proprietary brands accounting for 5% of total revenue and new categories exceeding 10% [3]

Core Viewpoint - Huitongda Network is transforming traditional rural retail networks into intelligent business operating systems by leveraging "data + supply chain + AI" to create a new growth cycle while revolutionizing the commercial infrastructure in rural areas [1][7]. Group 1: Policy, Technology, and Consumer Upgrade - Huitongda is positioned at the intersection of policy support, technological advancement, and consumer upgrade, which drives its growth momentum [2]. - The company's business model aligns with national policies promoting rural economic digital transformation, utilizing a decade's worth of rural consumer behavior data to establish an efficient circulation system [2][3]. - Huitongda's early investment in AI technology has enabled it to implement AI-driven solutions across various management scenarios, enhancing operational efficiency and enabling traditional stores to transition into the digital age [2][3]. Group 2: Capital Value Reconstruction - Huitongda is undergoing a strategic upgrade in 2024, focusing on "profit + cash flow" and implementing systematic changes across five key areas, resulting in improved profitability [4]. - The company's gross margin increased by 0.5 percentage points to 3.8%, with a net profit of 460 million yuan, and it has achieved positive operating cash flow for six consecutive years [4]. - Huitongda's intelligent supply chain initiatives have led to a 44.3% procurement share from top brands, while high-margin products now account for over 20% of its revenue [4][5]. Group 3: Digital Transformation and Business Model Restructuring - The digital upgrade at Huitongda represents not only a technological breakthrough but also a significant reshaping of its business model, opening new profit growth opportunities [6]. - The company is transitioning from a tool-based approach to an ecosystem-driven strategy centered around "AI + SaaS," aiming to create a leading smart supply chain platform [5][6]. Group 4: Market Dynamics and Future Outlook - Huitongda's efforts are breaking down barriers between urban and rural markets, capitalizing on the faster income growth in rural areas and the substantial offline network of 248,000 member stores [7]. - The company's database, which provides real consumer data for AI model training, is becoming a valuable asset in the new economy, positioning Huitongda for significant value release in the future [7].

Core Insights - Huitongda Network Co., Ltd. reported a total revenue of 60.06 billion yuan and a net profit of 460 million yuan for the year 2024, with a gross margin increase of 0.5 percentage points to 3.8% [1] - The company has shifted its operational strategy from a scale-oriented approach to one focused on profit and cash flow, emphasizing five strategic directions: adjusting operational orientation, optimizing supply chain structure, developing omnichannel operations, promoting digital intelligence upgrades, and implementing organizational changes [1][2] - By the end of 2024, Huitongda Network had expanded its coverage to 25,000 towns, with 248,000 registered member stores and over 95,000 active member stores, while enhancing online, community, and overseas channels [1] Supply Chain Optimization - In 2024, the company deepened partnerships with leading brands, developed its own brand business, and expanded into new categories, channels, and models, resulting in over 44% of purchases coming from top brands and a gross margin of over 20% for its own brands [1] - The average gross margin for new categories exceeded 15%, indicating a positive trend in the proportion of high-margin businesses within the supply chain [1] Online and New Channels - The company launched a social e-commerce platform called "Yundou Pai" and engaged in strategic collaborations for private domain and community channels, achieving sales of 3.6 billion yuan through new channels in 2024 [2] - Huitongda Network plans to maintain a profit and cash flow-oriented approach in 2025, focusing on four core strategies, including AI empowerment, to enhance member store density and loyalty [2]

Core Insights - In 2024, China's total retail sales of consumer goods showed a year-on-year growth of 3.5%, indicating a weak recovery in the market [1] - Rural residents experienced a higher growth rate in disposable income and per capita consumption expenditure compared to urban residents, with rural disposable income increasing by 6.6% year-on-year [1] - The rise of lower-tier markets is expected to contribute significantly to personal consumption growth, with predictions indicating a personal consumption scale of 65.3 trillion yuan by 2030, driven largely by these markets [1] Company Performance - 汇通达网络 has focused on enhancing its membership store business, achieving coverage in 21 provinces and 25,000 towns, with registered member stores reaching 248,000, a 3% year-on-year increase [2] - The revenue from member stores increased from 39% in 2023 to 46% in 2024, reflecting a successful strategy in expanding membership engagement [2] - The company has diversified its sales channels, including social e-commerce and community group buying, achieving a sales scale of 3.6 billion yuan through new channels in 2024 [2] Product and Brand Strategy - 汇通达网络 has expanded into high-margin product categories, with sales from these new categories exceeding 150 million yuan and accounting for over 20% of total revenue [3] - The company has developed over 10 proprietary brands, generating 180 million yuan in revenue, with proprietary brand sales exceeding 30 million yuan and a gross margin above 20% [3] - By optimizing its business structure, the company has focused on high-value operations while divesting low-margin businesses, enhancing operational efficiency and cash flow [3] Financial Performance - The company's gross margin improved from 3.3% in 2023 to 3.8% in 2024, with the second half of the year reaching a record high of 4.3% [4] - Operating cash flow net inflow reached 275 million yuan, maintaining positive inflow for six consecutive years, indicating strong financial health [4] - The company plans to initiate a dividend program by 2025, aiming to enhance shareholder returns as the economy continues to recover [4] Market Outlook - With ongoing economic recovery and rising incomes, the consumption market is expected to expand, supported by new consumption policies and business models [4] - 汇通达网络 is positioned for sustainable growth, leveraging both internal and external growth strategies to achieve higher quality performance in the coming years [4]

Core Viewpoint - The Chinese government emphasizes the importance of expanding domestic demand as a long-term strategy to drive economic growth amidst increasing external uncertainties [1] Company Strategy - Huitongda Network (09878) is actively seizing the opportunity presented by the national strategy to expand domestic demand, optimizing its business structure since 2024 to promote sustainable and high-quality development [2] - The company has significantly improved its gross margin from 3.3% in 2023 to 3.8% in 2024, with the second half of 2024 reaching a high of 4.3%, reflecting a 23% quarter-on-quarter increase [2] - Huitongda Network has maintained positive operating cash flow for six consecutive years, indicating a strengthening of its financial health [2] Customer Structure Improvement - The company focuses on enhancing member store density and loyalty by targeting 21 provinces, 25,000 towns, and over 248,000 member stores, while advancing its AI+ strategy to drive internal growth [3] - Huitongda Network anticipates an increase in member store numbers and transaction scale, projecting a rise from 39% in 2023 to 44% in 2024 in terms of member store transaction scale [3] Supply Chain Enhancement - The company is implementing three major projects to improve supply chain capabilities, including enhancing partnerships with top brands and developing its own brand ecosystem [3] - Huitongda Network aims to increase its gross margin through these strategies, with plans to expand strategic cooperation with 5-10 top brands by 2025 [3] Growth Outlook - Huitongda Network is positioned to enter a new growth cycle, driven by a dual growth engine of "internal and external" strategies, targeting a compound annual revenue growth rate of no less than 10% and a net profit growth rate of no less than 30% over the next three years [4] - The company plans to initiate a dividend plan by 2025 to enhance shareholder returns, indicating a focus on long-term growth and profitability [4] Market Position - The company's stock price has adjusted to a relatively low level, presenting a potential historical opportunity for a bottom reversal, supported by strong growth momentum and favorable policies [5] - The anticipated dividend plan will allow investors to benefit from the company's high-quality growth [5]

Core Insights - The company reported a gross margin increase of 0.5 percentage points to 3.8% for the fiscal year 2024, with a net profit of 460 million RMB and positive operating cash flow for six consecutive years [1] - Membership store density and engagement improved, with registered member stores increasing by 5% to 248,000 and active member stores exceeding 95,000 [1] - The company shifted its operational strategy from scale-oriented to profit and cash flow-oriented, resulting in a 15% increase in overall gross margin and a 2% decrease in expenses as a percentage of gross profit [1] Financial Performance - The company achieved a net profit of 460 million RMB for the year 2024 [1] - Operating cash flow has been positive for six consecutive years [1] - The overall gross margin increased by 15% year-on-year, while the expense-to-gross profit ratio decreased by 2% [1] Strategic Initiatives - The company is focusing on "transformation and innovation, quality improvement, and efficiency enhancement" to drive strategic upgrades [1] - It has optimized its supply chain structure and adjusted its operational orientation to promote high-quality development [1] - The company is expanding its omnichannel operations, achieving sales of 3.6 billion RMB through new channels by the end of 2024 [1] Digital Transformation - The company is accelerating its AI + SaaS foundational layout, enhancing digital capabilities in customer acquisition, supply chain collaboration, and management efficiency [2] - The "QianCheng Cloud SaaS+" platform has integrated mainstream large models and launched applications like "AI Employee" [2] - The company aims to enhance the efficiency of the entire supply chain through its AI Agent initiatives [2] Future Outlook - The company plans to maintain a profit and cash flow-oriented development strategy in 2025, focusing on increasing membership store density and customer value [2] - It aims to improve the proportion of top brand procurement and its own brand and new product categories to drive steady growth in gross margin [2] - The company is positioned to re-enter a growth cycle by enhancing its operational strategies and digital capabilities [2]