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%， ...

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% ...

] 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 ...

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]

Financial Performance - For the six months ended June 30, 2023, the company reported a total revenue of RMB 1.2 billion, representing a year-on-year increase of 15%[42]. - The net profit for the same period was RMB 300 million, which is a 20% increase compared to the previous year[42]. - Revenue for the six months ended June 30, 2023, was RMB 43,376,803, representing a year-on-year increase of 6.6% from RMB 40,685,881[27]. - Profit for the period reached RMB 382,957, a significant increase of 67.5% from RMB 228,662 year-on-year[27]. - Adjusted net profit attributable to equity shareholders was RMB 382,957, up 19.5% from RMB 320,492 in the previous year[27]. - The Group achieved total revenue of RMB 43.377 billion in the first half of 2023, representing a year-on-year growth of 6.6%[33]. - Profit attributable to equity shareholders amounted to RMB 245 million, reflecting a significant year-on-year increase of 118.0%[33]. - Basic and diluted earnings per share for the period were RMB 0.44, compared to RMB 0.26 in the previous year[190]. - Profit before taxation rose to RMB 441,822, a significant increase from RMB 281,309 in the same period last year[190]. - Total comprehensive income for the period was RMB 382,948, compared to RMB 228,662 in the prior year[192]. User Growth and Market Expansion - The active user base grew to 5 million, reflecting a 25% increase year-on-year[42]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in international revenue by the end of 2024[10]. - The total number of registered member retail stores reached 217,592, an increase of 13.5% compared to the same period in 2022[32]. - The number of active member retail stores grew to 77,514, marking an 18.8% year-on-year increase[32]. - Total SaaS+ subscription users increased to 121,209, representing a growth of 9.4% year-on-year[32]. - Paid SaaS+ users rose to 37,182, showing a substantial year-on-year growth of 37.4%[32]. Strategic Initiatives and Partnerships - A strategic partnership with Alibaba China is anticipated to enhance supply chain capabilities and improve service delivery[21]. - The company is exploring potential acquisition opportunities to bolster its market position and expand its service offerings[10]. - The acquisition of Nanjing Hosjoy Engineering was completed on May 5, 2023, and has been included in the financial results for the reporting period[30]. - The Group aims to upgrade supply chain capacity by collaborating with high-quality upstream brand manufacturers and creating an innovative supply chain to enhance production and marketing integration[52][53]. - The Group plans to enhance member store service capabilities by leveraging AI technology to improve operational efficiency and profitability in a competitive market[56]. Research and Development - The company is investing RMB 100 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[42]. - Research and development costs decreased by 27.7% from RMB 63.5 million for the six months ended June 30, 2022, to RMB 45.9 million for the six months ended June 30, 2023[85]. - The Group optimized big data analysis functions to enhance operational efficiency for member retail stores[44]. Financial Position and Cash Flow - The cash flow from operating activities for the first half of 2023 was RMB 400 million, up 10% from the previous year[50]. - Cash and cash equivalents as of June 30, 2023, amounted to RMB 4,672.8 million, an increase from RMB 4,082.2 million as of December 31, 2022, indicating sufficient working capital for operating requirements[101]. - Inventories as of June 30, 2023, were RMB 2,705.2 million, up 6.0% from RMB 2,553.1 million as of December 31, 2022, primarily due to stocking of household appliances[103]. - Trade and bills payables increased by 6.4% to RMB 16,033.8 million as of June 30, 2023, compared to RMB 15,071.4 million as of December 31, 2022, reflecting an increase in procurement scale[103]. Corporate Governance and Shareholder Information - The company is committed to maintaining sound corporate governance to enhance corporate value and accountability[139]. - The interests and short positions of Directors and Supervisors in the company's shares were disclosed as of June 30, 2023[140]. - The company has complied with the corporate governance code provisions during the reporting period[139]. - As of June 30, 2023, the total number of issued shares was 562,569,837, including 180,266,339 H Shares and 382,303,498 Domestic Shares[142]. Future Outlook and Guidance - The company has set a performance guidance of RMB 2.5 billion in revenue for the full year 2023, indicating a growth target of 18%[42]. - The company targets a year-on-year increase of no less than 30% in net profits attributable to equity shareholders for the years 2023, 2024, and 2025[119]. - The company aims for a year-on-year increase of no less than 10% in profits before tax for other subsidiaries over the same three-year period[119].

[0 -> 27] 尊敬的各位投资者朋友大家下午好那么这场是我们今天一号录演厅的最后一场那么是我们惠通达的这个录演那么接下来有请管理层来为我们做分享和点评有请好的非常感谢啊这次这个非常珍贵的机会可以参与一次这个智能财经包括第一沙盘以及联合智盘的这么一个会我们是惠通达的IRM推销的专辑 [27 -> 52] 我看很多都是新朋友,那我还是比较全面的介绍一下公司的一个整体的应用逻辑,包括目标市场等等方面的消息。可以看一下,我们是中国下沉市场零售行业通病领域里面最大的交易平台。我们主要的目标市场就是中国下沉市场有将近500万家的乡镇夫妻店。 [52 -> 79] 以及它所代表的巴以的農村消費市場那我們秉承著讓農民生活的更美好的企業使命我們主要是給這些鄉鎮夫妻店一方面是提供以供應鏈為核心的交易業務另一塊是提供以SaaS為核心的數字化的服務業務同時我們又去疊加我們的科技的底層能力給這些鄉鎮夫妻店去提供在運營方面的一個整體的能力的提升 [79 -> 107] 那我们目前整个业务网络已经覆盖了21个省和自家市24000个乡镇这是一个什么概念呢全国是一共有4万个乡镇我们是已经覆盖了一半以上了我们目前累计的会员店数量已经将近22 ...