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%， ...

] 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 ...

证券研究报告·海外公司点评·软件服务(HS) 汇通达网络（09878.HK） 2023 年业绩点评：主动优化业务结构，利润 2024 年 04月 03日 率有所提升 证券分析师 吴劲草 买入（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 阳靖 营业总收入（百万元） 80,355 82,433 85,039 89,217 95,078 执业证书：S0600523020005 yangjing@dwzq.com.cn 同比 22.19% 2.59% 3.16% 4.91% 6.57% 归母净利润（百万元） 287.25 448.28 604.68 783.42 981.25 股价走势 同比 182.10% 56.06% 34.89% 29.56% 25.25% 汇通达网络 恒生指数 EPS-最新摊薄（元/股） 0.51 0.80 1.07 1.39 1.74 9% P/E（现价&最新摊薄） 56.13 35.96 26.66 20.58 16.43 5% ...

公司研 究 证 券研究 报 告 商贸零售 2024年03月31日 汇 通达网络（09878.HK）2023年报点评 推 荐 （维持） 目标价：34港元 优化品类结构，盈利稳定增长 当前价：30.65港元 事项： 华创证券研究所 ❖ 公司发布2023年业绩公告，全年实现营业收入824.3亿元，同比增长0.4%（重 证券分析师：王薇娜 述口径，下同）；实现归母净利润4.5亿元，同比增长41.7%。 电话：010-66500993 评论： 邮箱：wangweina@hcyjs.com 执业编号：S0360517040002 ❖ 供应链能力持续提升，会员零售门店再破新高。公司交易业务板块实现收入 联系人：杨澜 816.2亿元，同比增长0.5%。分品类看，消费电子收入448.9亿元，同比增长 19%；农业生产资料收入122.6亿元，同比下滑22.3%，系种植和养殖市场波 邮箱： yanglan@hcyjs.com 动较大，公司主动降低了这块业务的占比；家用电器收入123.1亿元，同比下 滑11.5%；交通出行收入76.1亿元，同比下滑6.5%，系公司主动收缩部分低 公司基本数据 毛利传统汽车零部件业务；家居建材29.9 ...

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， ...

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月28日 港元30.65 港元30.00↓ -2.1% 汇通达网络 (9878 HK) 2024年业务健康度调整影响业绩增长；下调至中性  2023年受业务调整影响收入增长低于预期，利润低于预期9%。全年收入 个股评级 824亿元（人民币，下同），对比我们/彭博一致预期900亿元，同比基本 中性↓ 持平，其中交易业务持平，服务业务降18%。毛利率3.3%，同比基本持平 ，多数交易子品类毛利率提升，但被收入结构调整（毛利较低的消费电子 1年股价表现 占比上升）抵消。调整后归母净利润4.5亿元，同比增10%。 9878 HK 恒生指数  2023年业绩要点：1）交易业务：行业虽然较为分散，但除消电外其他多 10% 5% 数品类收入承压。消电（+19%）拉动板块收入，深化与头部品牌（苹果 0% 、联想等）合作；农资农机（-22%）上游价格波动，家电（-11%）/家居 -5% -10% （-6.3%）受行业周期及房地产市场影响较为疲软，交通（-6.5%）收缩低 -15% 毛利的零部件业务、聚焦新能源汽车，酒水（-32%）受白酒产销下降影响 -2 ...

Revenue and Profit Performance - Revenue for 2023 reached RMB 82.43 billion, a year-on-year increase of 0.4%[2] - Revenue in 2023 increased slightly to RMB 82,432.5 million from RMB 82,106.0 million in 2022, representing a marginal growth[11] - Revenue for 2023 was RMB 82,432.5 million, slightly up from RMB 82,105.9 million in 2022[31] - Total revenue for 2023 reached RMB 82,432,520 thousand, with a slight increase from RMB 82,105,987 thousand in 2022[47] - Net profit attributable to equity holders of the company was RMB 448.275 million, up 41.7% year-on-year[2] - Net profit attributable to equity holders surged by 41.7% to RMB 448.3 million in 2023, up from RMB 316.4 million in 2022[21] - Net profit attributable to equity holders was RMB 448.3 million in 2023, up from RMB 316.4 million in 2022[31] - Profit attributable to equity holders of the company increased to RMB 448,275 thousand in 2023 from RMB 316,378 thousand in 2022[62] - Adjusted net profit for 2023 was RMB 697.3 million, a 7.3% increase from RMB 649.6 million in 2022[22] - Adjusted net profit attributable to equity holders was RMB 448.3 million in 2023, up 9.8% from RMB 408.2 million in 2022[23] Business Segments and Revenue Breakdown - The transaction business segment revenue grew by 0.5% to RMB 81,618.1 million in 2023, with consumer electronics showing a significant increase of 19.0%[12][13] - The service business segment revenue decreased by 17.6% to RMB 654.7 million in 2023, primarily due to a 64.5% decline in merchant solutions[15] - Transaction business segment contributed RMB 81,618,095 thousand in revenue, while the service business segment contributed RMB 654,719 thousand[53] - Total revenue for 2023 was RMB 2,488,862 thousand, a decrease of 16.8% compared to RMB 2,992,653 thousand in 2022[73] Gross Profit and Margin - Gross profit increased by 5.9% to RMB 2,739.7 million in 2023, with the gross margin slightly improving to 3.3% from 3.2% in 2022[16] - Gross profit increased to RMB 2,739.7 million in 2023 from RMB 2,588.1 million in 2022[31] - Gross profit rose to RMB 2,588,101 thousand post-restatement, compared to RMB 2,496,846 thousand previously[42] Operating Profit and Expenses - Operating profit rose to RMB 794.0 million in 2023 from RMB 714.7 million in 2022[31] - Operating profit increased to RMB 714,650 thousand after restatement, up from RMB 663,120 thousand[42] - Sales and marketing expenses rose by 1.8% to RMB 1,380.8 million in 2023, maintaining a stable ratio to revenue at 1.7%[17] - R&D costs decreased by 17.4% to RMB 93.5 million in 2023, reflecting improved efficiency and reduced infrastructure investments[18] - R&D costs decreased to RMB 93,502 thousand in 2023 from RMB 113,234 thousand in 2022[59] - Employee costs increased to RMB 697,986 thousand in 2023, up from RMB 668,183 thousand in 2022[57] - Other income, including government grants, totaled RMB 44,941 thousand in 2023[56] - Financial costs decreased to RMB 259,457 thousand in 2023 from RMB 286,551 thousand in 2022[58] - Total tax expense increased to RMB 99,723 thousand in 2023 from RMB 96,225 thousand in 2022[61] Cash Flow and Financial Position - The company achieved net cash inflow from operating activities of RMB 471 million, up 80.1% year-on-year[4] - Cash and cash equivalents decreased to RMB 3,748.9 million in 2023 from RMB 4,082.2 million in 2022[24] - Cash and cash equivalents rose to RMB 4,082,240 thousand after restatement, compared to RMB 4,038,408 thousand previously[44] - Bank deposit interest income decreased to RMB 263,295 thousand in 2023 from RMB 225,869 thousand in 2022[58] - Capital expenditure decreased to RMB 33.0 million in 2023 from RMB 55.0 million in 2022, primarily used for property and equipment purchases[26] - Restricted deposits, pledged deposits, and fixed deposits totaled RMB 1,278,600 thousand in 2023, down from RMB 2,165,981 thousand in 2022[75] Assets and Liabilities - Total assets increased to RMB 27,449,473 thousand in 2023 from RMB 27,393,062 thousand in 2022[34] - Non-current assets increased to RMB 1,660,597 thousand in 2023 from RMB 1,995,679 thousand in 2022[33] - Property, plant, and equipment increased to RMB 81,725 thousand in 2023 from RMB 77,077 thousand in 2022[33] - Investment properties increased to RMB 25,298 thousand in 2023 from RMB 15,881 thousand in 2022[33] - Equity in associates increased to RMB 11,831 thousand in 2023 from RMB 9,660 thousand in 2022[33] - Equity in a joint venture was RMB 14,700 thousand in 2023, compared to none in 2022[33] - Current liabilities decreased to RMB 19,316,777 thousand in 2023 from RMB 19,703,648 thousand in 2022[35] - Net current assets increased to RMB 8,132,696 thousand in 2023 from RMB 7,689,414 thousand in 2022[35] - Total equity decreased to RMB 9,495,029 thousand in 2023 from RMB 9,610,170 thousand in 2022[35] - Total assets minus current liabilities amounted to RMB 9,685,093 thousand, with net assets of RMB 9,610,170 thousand[45] - Total equity attributable to shareholders was RMB 8,101,286 thousand, with non-controlling interests of RMB 1,508,884 thousand[45] - Financial liabilities measured at fair value through profit or loss amounted to RMB 89,381 thousand[45] - Deferred revenue stood at RMB 17,000 thousand, with total deferred income of RMB 74,923 thousand[45] - Total contract liabilities amounted to RMB 2,821,954 thousand, with a significant portion from trade payables and notes[45] - Trade payables and notes payable within 3 months increased to RMB 9,495,937 thousand in 2023 from RMB 7,927,072 thousand in 2022[78] - Contract liabilities at the end of 2023 were RMB 2,426,677 thousand, a decrease from RMB 2,821,954 thousand at the beginning of the year[79] Inventory and Receivables - Inventory remained stable at RMB 2,581.1 million in 2023 compared to RMB 2,553.1 million in 2022, with inventory turnover days reduced from 13 days to 12 days[25] - Inventory grew to RMB 2,553,074 thousand after restatement, compared to RMB 2,443,800 thousand previously[44] - Inventory decreased to RMB 2,581,063 thousand in 2023 from RMB 2,553,074 thousand in 2022[70] - Trade receivables and bills receivable decreased to RMB 2,830,982 thousand in 2023 from RMB 3,206,462 thousand in 2022[72] - Trade receivables and bills increased to RMB 3,206,462 thousand after restatement, up from RMB 3,127,285 thousand[44] - Prepayments, deposits, and other receivables increased to RMB 9,312,440 thousand in 2023 from RMB 9,037,748 thousand in 2022[74] Membership and SaaS+ Growth - Total registered member retail stores reached 237,238, a 15.0% increase year-on-year[3] - Active member retail stores increased to 90,708, up 19.1% year-on-year[3] - SaaS+ subscription users totaled 131,810, with paid SaaS+ users reaching 48,069, a 61.4% increase year-on-year[3] - The company expanded its membership network to over 237,000 retail stores and more than 20,000 service providers and channel partners[5] AI and Product Development - The company independently deployed AI big model service capabilities to support multi-scenario applications for customers, operations, and R&D[7] - The company launched the Qiancheng series of service products, focusing on addressing pain points of member retail stores[6] Employee Compensation and Share Units - The company granted 4.84 million restricted share units to 494 employees, with performance-based unlocking conditions tied to net profit growth[9] - The company granted 8,912,400 restricted share units in 2023, with a weighted average grant date fair value of RMB 26.26 per unit[82] - Total expenses recognized in the consolidated income statement for restricted share units were RMB 24,972 thousand in 2023[83] - The employee stock purchase plan resulted in total expenses of RMB 2,819 thousand in 2023, down from RMB 3,755 thousand in 2022[84] Acquisitions and Restatements - The company completed the acquisition of Nanjing Haoxiangjia Engineering Technology Co., Ltd. for RMB 504,299,500 in 2023[37] - The company's revenue increased to RMB 82,105,987 thousand after restating the financial performance to include Nanjing Haoxiangjia Engineering Group, up from RMB 80,354,775 thousand[42] - Non-current assets increased to RMB 27,393,062 thousand after restatement, up from RMB 26,783,980 thousand[44] - Property, plant, and equipment rose to RMB 77,077 thousand after restatement, compared to RMB 76,685 thousand previously[44] - Right-of-use assets increased to RMB 106,875 thousand after restatement, up from RMB 103,657 thousand[44] Financial Instruments and Investments - Non-current portion of financial assets at fair value through profit or loss increased to RMB 361,834 thousand in 2023 from RMB 312,460 thousand in 2022[67] - Current portion of financial assets at fair value through profit or loss increased to RMB 3,332,713 thousand in 2023 from RMB 2,877,207 thousand in 2022[69] Dividends and Shareholder Information - No dividends were recommended for the years ended December 31, 2023, and 2022[85] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[86] Audit and Compliance - The audit committee reviewed the company's audited annual results for the year ended December 31, 2023, and confirmed compliance with accounting standards and sufficient disclosures[90] - The company's auditor, KPMG, verified the consolidated financial statements for the year ended December 31, 2023, and found consistency with the preliminary announcement[92] - No significant post-reporting period events affecting the group occurred after the reporting period and up to the announcement date[93] - The annual results announcement was published on the Hong Kong Stock Exchange website and the company's website, with the annual report to be published and distributed to H-share shareholders in due course[93] Board and Governance - The company's board includes Chairman and Non-Executive Director Wang Jianguo, Executive Directors Xu Xiuxian, Zhao Liangsheng, and Sun Chao, Non-Executive Directors Cai Zhongqiu and Wang Ran, and Independent Non-Executive Directors Yu Lixin, Liu Xiangdong, and Diao Yang[95]

SHAMPOO HUITONGDA NETWORK CO., 2023 LTD. 匯通達網絡股份有限公司 中 期 報 告 INTERIM REPORT HTD888 目錄 Contents 2 公司資料 Corporate Information 5 釋義 Definitions 8 財務摘要及運營參數 Financial Summary and Operating Metrics 10 管理層討論與分析 Management Discussion and Analysis 32 其他資料 Other Information ...