Investment Rating - The report assigns a "Buy" rating for 汇通达网络 (9878 HK) with a target price of HK$30.00, indicating a potential upside of 31.0% from the current price of HK$22.90 [3][4]. Core Insights - 汇通达网络 is committed to returning at least 15% of its distributable profits as cash dividends to shareholders over the next three years (2024-2026) [1]. - The company is focusing on a production and sales integration strategy and expanding its overseas operations, particularly in Southeast Asia and Central Asia [2]. - The company aims for a 30% profit growth target for the year, despite short-term revenue pressures due to industry adjustments and external factors such as the price reduction of Apple smartphones [2]. Summary by Sections Business Development - As of June 2024, the company has 240,000 registered member stores and 90,000 active member stores, representing year-on-year growth of 12% and 19% respectively. The average procurement amount per store remains at RMB 350,000 [1]. - Revenue from member stores has increased to 44% in the first five months of 2024, up from 35% in the same period last year [1]. - The company has improved its profit structure by increasing its own brand offerings, with the headquarters supply chain accounting for 51% of total sales, and the average gross margin for key product categories rising by 21% year-on-year [1]. Sector Performance - In the consumer electronics sector, smartphone sales have benefited from price reductions by Apple, with expectations of recovery in the second half of the year due to supportive sales policies from brands [1]. - The home appliance sector faces short-term growth challenges but is focusing on developing its own brands, such as the air conditioning brand 阿尔蒂莎, which has already received initial orders [1]. - The new energy transportation sector is expanding into new car sales, used car sales, and battery recycling, along with new photovoltaic-related businesses [1]. - The agricultural inputs sector is experiencing a downturn, with price and sales declines in fertilizers and pesticides, prompting a strategic reduction in general fertilizer scale [1]. - In daily chemical products, the company plans to deepen cooperation with cleaning brands and launch its own household cleaning products [1]. Overseas Expansion - The company is leveraging its supply chain capabilities to expand into Southeast Asia and Central Asia, with a focus on aligning products with local consumer habits [2]. - The partnership with 极兔 is expected to enhance its market presence in Southeast Asia, supported by the existing network of its affiliate, 五星控股 [2].

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion in the latest fiscal year[9]. - Revenue for the year ended December 31, 2023, reached RMB 82,432.52 million, a slight increase from RMB 82,105.99 million in 2022[35]. - Revenue from commerce business was RMB 81,618.10 million, compared to RMB 81,177.33 million in the previous year[35]. - Gross profit for 2023 was RMB 2,739.72 million, up from RMB 2,588.10 million in 2022, reflecting a gross margin improvement[35]. - Operating profit increased to RMB 794.01 million from RMB 714.65 million in 2022, indicating operational efficiency[35]. - Profit attributable to equity shareholders of the Company was RMB 448.28 million, compared to RMB 316.38 million in the prior year[35]. - The Group achieved operating revenue of RMB 82.43 billion in 2023, representing a year-on-year increase of 0.4%[44]. - Profit attributable to equity shareholders of the Company was RMB 448 million, reflecting a year-on-year growth of 41.7%[44]. - The adjusted net profit for 2023 was RMB 697.3 million, an increase of 7.3% from RMB 649.6 million in 2022[95]. - The adjusted net profit attributable to equity shareholders for 2023 was RMB 448.3 million, representing a growth of 9.8% from RMB 408.2 million in 2022[99]. User Growth and Market Expansion - User data showed a growth of 20% in active users, totaling 5 million by the end of the reporting period[9]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[9]. - The total number of registered member retail stores exceeded 237,000, a year-on-year growth of 15.0%[47]. - The number of active member retail stores surpassed 90,000, with a year-on-year increase of 19.1%[47]. - Total SaaS+ subscription users reached approximately 132,000, up 15.6% year-on-year, with paid SaaS+ users exceeding 48,000, a growth of 61.4%[47]. Strategic Initiatives - New product launches contributed to a 25% increase in sales in the last quarter, with three major products introduced[9]. - A strategic acquisition of a local competitor was completed, expected to enhance market penetration and operational efficiency[9]. - The Group conducted over 456 joint promotional events with 35 core brand factories to enhance operational efficiency for member retail stores[47]. - The Group aims to enhance the value of its digital platform by optimizing vertical industrial Internet platforms and developing AI high-value products[62]. - The Group plans to deepen strategic cooperation with partners to explore broader market opportunities and improve operational efficiency[67]. Financial Management and Cost Control - The company aims to improve its gross margin by 5% through cost optimization strategies in the upcoming year[9]. - Research and development expenses increased by 18%, focusing on innovative technologies and product enhancements[9]. - Selling and marketing expenses increased by 1.8% from RMB 1,356.4 million in 2022 to RMB 1,380.8 million in 2023, maintaining a stable proportion of revenue[82]. - Administrative and other operating expenses decreased by 6.8% from RMB 401.3 million in 2022 to RMB 373.8 million in 2023, attributed to improved digital capabilities and personnel structure adjustments[85]. - Research and development costs decreased by 17.4% from RMB 113.2 million in 2022 to RMB 93.5 million in 2023, due to prior significant investments in digital infrastructure[87]. Corporate Governance and Management - The Company is committed to maintaining high standards of corporate governance and transparency in its operations[171]. - The management team emphasizes the importance of technological leadership and innovation in driving future growth[163]. - The Company aims to enhance its operational efficiency and financial performance through improved management practices and strategic oversight[166]. - The Company is focused on corporate governance, with Ms. Ni overseeing governance practices since September 2023[192]. - The Company has multiple subsidiaries under the management of senior executives, enhancing operational efficiency and market reach[190]. Employee Incentives and Performance Targets - The Group's equity incentive plan granted approximately 4.84 million RSUs to 494 employees, with a key vesting condition of a year-on-year increase in net profit of no less than 30%[53]. - The RSU Scheme aims to recognize contributions from eligible persons, attract talent, and align their interests with the Group's long-term development goals[108]. - The company aims for a net profit growth of no less than 30% for shareholders in 2023, 2024, and 2025[129]. - The vesting criteria for the RSUs will be determined by the Board or its delegatee while the RSU Scheme is in force[109]. - The fair value of the RSUs granted on April 6, 2023, was based on the closing price of HK$31.15, while the price before the grant was HK$31.10[124]. Cash Flow and Financial Position - Cash and cash equivalents decreased to RMB 3,748.94 million from RMB 4,082.24 million in the previous year[35]. - Net cash inflow from operating activities reached RMB 471 million, marking an increase of 80.1% year-on-year[44]. - The company's gearing ratio as of December 31, 2023, was 7.4%, indicating a normal range for business vitality and market exploration[137]. - The company has structured deposits and wealth management products pledged for bills payable amounting to RMB 1,810.2 million as of December 31, 2023[134]. - The company has no specific plans for material investments or acquisitions of capital assets as of December 31, 2023[137].

Investment Rating - The report maintains a rating of "Buy" for 汇通达网络 (9878) [3][12]. Core Views - The company has further enhanced its supply chain construction and membership service capabilities, optimizing its business structure for long-term healthy and stable development [2]. - In 2023, the company achieved revenue of 82.4 billion RMB, a slight increase of 0.4%, and a net profit attributable to shareholders of 448 million RMB, representing a significant growth of 41.7% [2]. - The adjusted net profit for 2023 was also 448 million RMB, aligning with expectations, while forecasts for 2024-2025 adjusted net profits were lowered to 602 million RMB and 759 million RMB, with growth rates of 34% and 26% respectively [2]. Summary by Relevant Sections Financial Performance - In 2023, the trading business revenue was 816.2 billion RMB, up 0.5%, with notable performance in consumer electronics at 448.9 billion RMB (+19%) [2]. - The service business revenue was 6.55 billion RMB, down 17.6%, with the SaaS and subscription business showing growth at 5.3% [2]. - The gross profit margin for 2023 was 3.3%, with the trading business at 2.5% and service business at 87.7% [2]. Membership and SaaS Growth - By the end of 2023, the number of registered member stores reached 237,000, a 15% increase, while active member stores grew by 19.1% to 90,700 [2]. - The number of SaaS subscription users reached 132,000, with paid SaaS users increasing by 61.4% to 48,100, resulting in a penetration rate of 36.4% [2]. Supply Chain and Service Enhancements - The company continues to strengthen its supply chain and membership service capabilities, collaborating with leading brands and enhancing its digital infrastructure [2]. - A new equity incentive plan was announced, aiming for a more than 100% increase in net profit by 2026 compared to 2023, which is expected to boost team efficiency and support long-term performance goals [2].

浦银国际研究 财务模型更新 | 互联网行业 汇通达（9878.HK）：业务调整优化， 赵丹 浦 专注于利润端改善 首席互联网分析师 银 dan_zhao@spdbi.com 国 (852) 2808 6436 收入持平，利润改善。公司2023 年收入人民币824 亿元，同比增长 际 0.4%；毛利率同比改善 0.17pp 至 3.32%；调整后净利润为 4.5 亿元， 杨子超，CFA 互联网分析师 同比增长 10%，调整后净利率为 0.54%。 charles_yang@spdbi.com 财 (852) 2808 6409 交易板块维持稳定，消费电子品类表现突出。2023 年公司交易业务 务 维持稳定，同比增长 0.5%至 816 亿元；毛利率同比改善 0.18pp 至 2024年4月3日 模 型 2.50%。按品类来看，消费电子产品表现亮眼，收入同比增长 19.0%， 更 为公司业务增长重要驱动，主要得益于公司加强与行业头部品牌战略 评级 新 合作，进一步深化销售渠道拓展；农业生产资料波动较大，同比下降 22.3%，主要是公司主动调整业务结构导致；家用电器疲弱，同比下 目标价（港元） 36 降 11.5% ...

Table_BaseInfo 2024 年 4 月 2 日 公司动态分析 汇通达网络（9878.HK） 证券研究报告 软件与互联网 供应链效率提升，会员网络稳健扩张 投资评级： Xx 买入 xx 事件：汇通达网络公布2023年业绩，全年实现营收824.3亿元，同比增长0.4%， 目标价格： 42.7 港元 其中交易业务贡献收入同比增长0.5%至816.2亿元，服务业务收入同比下降 17.6%至6.5亿元。公司整体毛利率同比增加0.1pct至3.3%，净利润6.97亿， 现价(2024-3-29)： 30.65港元 同比增长25%，归母净利润4.48亿元，同比增长42%，盈利能力进一步增强； 经营活动所得现金流入净额4.7亿元，同比增长80.1%，实现连续五年正流入。 报告摘要 总市值(百万港元) 17,242.8 流通市值(百万港元) 5,525.2 供应链效率大幅提升 2023年公司总部供应链占比稳步提升至51%，通过持续推进 总股本(百万股) 562.6 以需定采、以销定进打造B2F反向供应链模型，持续优化二级品类，循环经济快 流通股本(百万股) 180.3 速发展，促使毛利率提升9%，周转效率提升8%， ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 82.43 billion RMB in 2023, reflecting a year-on-year increase of 0.4% after restating 2022 financial data. The net profit attributable to shareholders reached 448.28 million RMB, up 41.7% year-on-year [2][3] - The company's gross margin improved to 3.3%, with a net profit margin of 0.8%, both showing a year-on-year increase of 0.1 percentage points. This improvement is attributed to the optimization of the business structure and a faster growth rate in higher-margin SaaS business revenue [3] - The trading segment, which is the main revenue source, generated 81.62 billion RMB in 2023, a 0.5% increase year-on-year, with a gross margin of 2.5%, up 0.2 percentage points. The company focused on improving the business structure to enhance profitability and turnover efficiency [3] Financial Forecasts - The company’s revenue projections for 2024 and 2025 have been adjusted downwards to 60 million RMB and 78 million RMB respectively, with a new net profit forecast for 2026 set at 98 million RMB. The expected year-on-year growth rates for 2024 to 2026 are 35%, 30%, and 25% respectively [3] - The price-to-earnings ratio (P/E) corresponding to the closing price on April 2 is projected to be 27, 21, and 16 times for 2024, 2025, and 2026 respectively [3]

] y r t s u d n I _ e l b a T [ [ 汇Ta 通bl 达e_ 网T 络itl （e] 0 9878.HK）动态点评 公 司 研 究 聚焦经营质量，业绩稳步增长 挖掘价值 投资成长 / 传 媒 [Table_Rank] 增持 互 （维持） 联 网 2024 年 04 月 03 日 / 证 券 [东Ta方bl财e_富Au证th券or研] 究所 研 究 [【Tab事le_项Sum】ma ry] 证券分析师：高博文 报 证书编号：S1160521080001 告 证券分析师：陈子怡  公司发布2023年全年业绩公告，经营业绩稳步增长。2023年公司实 证书编号：S1160522070002 现营业收入824.3亿元，同比增长0.4%;实现归母净利润4.48亿元， 联系人：刘雪莹 同比增长 41.7%；实现经营活动现金流净额 4.71 亿元，同比增长 电话：021-23586475 80.1%。 [相Ta对b指le数_P表ic现Qu ote]  向上加强头部品牌战略合作，提升供应链掌控能力。2023年公司交易 11.33% 业务收入 824.33 亿元，同比增长 0.5%。丰富各行业头 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 34, while the current price is HKD 30.65 [2]. Core Views - The company achieved a total revenue of HKD 824.3 billion in 2023, representing a year-on-year growth of 0.4%, and a net profit attributable to shareholders of HKD 4.5 billion, which is a significant increase of 41.7% [2]. - The company continues to enhance its supply chain capabilities, with retail membership stores reaching a new high of 237,000, marking a 15% increase year-on-year [2]. - The company is focusing on optimizing its service capabilities, with a notable increase in paid users for its SaaS+ subscription service, which grew by 61.4% year-on-year [2]. - A stock incentive plan was implemented, reflecting management's confidence in future business growth, with conditions tied to achieving a net profit increase of over 100% by 2026 [2]. Financial Summary - Total revenue for 2023 was HKD 82,449 million, with a projected revenue of HKD 84,043 million for 2024, and HKD 86,256 million for 2025 [3]. - The net profit for 2023 was HKD 448 million, with forecasts of HKD 583 million for 2024 and HKD 750 million for 2025, indicating a growth rate of 30.1% and 28.6% respectively [3]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 34.9 in 2023 to 26.8 in 2024, and further down to 20.9 in 2025 [3].

2024 年 03 月 30 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 陈梦竹 S0350521090003 业务调整期营收承[Ta 压ble_ ，Tit 利le] 润保持稳健增长 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn ——汇通达网络（ ） 年财报点评 9878.HK 2023 联系人 ： 罗婉琦 S0350122040042 luowq@ghzq.com.cn 最近一年走势 事件 : 2024年3月27日公司发布2023年财报，2023年实现营收824.3亿元 (YoY+0.4%)，毛利润27.4亿元(YoY+5.9%)，净利润7.0亿元(YoY+25%)， 归母净利润4.5亿元(YoY+41.7%)。2023年5月5日，公司完成对南京 好享家工程集团的收购。 投资要点 :  整体业绩表现：2023年公司面临市场环境挑战，主动调整业务结构， 相对恒生指数表现 2024/03/28 营收增速短期承压，但利润端呈现稳健增长，其中，1）交易业务收 表现 1M 3M 12M 入端基本持平，主要由于公 ...

业绩简评 2024 年 3月 27日公司披露2023 年业绩，实现营收824.3 亿元， 同比增长0.4%；归母净利润4.48 亿元，同比增长41.7%，归母净 利润率0.5%。经营性现金流4.7 亿元，连续五年正流入。 经营分析 会员店网络覆盖密度提升，头部品牌合作深化。截至2023 年，公 司累计注册会员零售门店总数突破23.7 万家，同比增长15.0%， 活跃会员门店数超过9万家，同比增长 19.1%。与头部品牌深化合 作，全年联合35 家核心头部品牌工厂落地 456 场联合大促，帮助 会员店提升经营效益。总部供应链采购占比持续提升，从2020 年 港币(元) 成交金额(百万元) 的28%提升至2023 年的 51%。 35.00 45 消费电子品类高增速。2023 年交易业务板块收入816.2 亿元，同 40 33.00 35 比增速 0.5%，占收入比例 99.0%。集团主要覆盖消费电子产品、 30 31.00 25 农业生产资料、家用电器、交通出行、家居建材、酒水饮料六大 20 29.00 15 板块，占自营业务收入比例分别为55%、15%、15%、9%、4%、2%。 27.00 10 5 其中， ...