一年内股价相对走势 提升产品性能及市场竞争力， 公司深度研究 | 焦点科技 正文目录 | --- | |---------------------------------------------------------------------------------------------------| | | | 1 焦点科技——领衔跨境电商发展,整合全面生态链布局 … | | 1.1 深耕电商服务多年,积累优势稳步 | | 1.2 B2B 跨境电商为基本盘, 广泛发展配套业务 | | 1.3 股权结构集中稳定，管理团队经验丰富 | | 1.4 业绩保持逆势增长, 盈利能力稳步提高 . | | 1.5 科技引领电子商务发展,自主创新带来广阔前景 | | 2 外贸持续走高;政策驱动跨境电商发展. | | 2.1 进出口持续稳定增长. | | 2.2 国家政策加持,跨境电商行业预计快速发展 | | 2.3 跨境电商份额稳步增长,仍有巨大空间……………………………………………………………………………………………………………………………………………………… 12 | | 3 行业积累先发优势,科技创新助力发展. | ...

证券代码：002315 证券简称：焦点科技 焦点科技股份有限公司投资者关系活动记录表 投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人 员姓名 线上参与焦点科技 2023 年年度报告网上业绩说明会的 投资者 时间 2024 年 02 月 26 日（星期一）下午 15:00-17:00 地点 "焦点科技投资者关系"微信小程序 上市公司接待人员 姓名 董事长兼总裁：沈锦华先生 财务总监：顾军先生 董事会秘书：迟梦洁女士 独立董事：冯巧根先生 投资者关系活动主 要内容介绍 一、请问 2024年公司有新的利润增长点吗？公司有收购新 的项目吗？公司如何能保持收入和利润的平衡增长？ 答：利润增长离不开新业务增量的提升，新业务增量主要集 中在：1.客户拓展：从海关公布的进出口企业数据和中国外贸的 总体规模来看，中国制造网的付费客户群还有很大的增长潜力。 未来我们将对中国制造网的架构和销售体系进行了持续优化， 对新客户的开发投入更多精力。2.提供更多新服务与新产品：未 来我们会将更多的新服务、新产品引入到中 ...

证券代码：002315 证券简称：焦点科技 焦点科技股份有限公司投资者关系活动记录表 √特定对象调研 分析师会议 投资者关系活动 □媒体采访 □业绩说明会 类别 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 德睿恒丰：江昕；中邮保险资产管理有限公司：张雪峰；中银基金：崔凡 平；中信证券：朱珏琦；中信建投证券：杨艾莉、罗泽兰、蔡佳成；中信 建投基金：禹世亮；中泰证券：朱骎楠；中国国际金融：谭哲贤、王之昊、 张煜昱、周文菁；云杉投资：李晟；征金资本：谢丰；真科基金：杨君山； 浙商证券：汤秀洁、陶韫琦、吴安琪；招商证券资管：何怀志；长盛基金： 吴午、王柄方；长江证券：高超；长见投资：唐祝益；长城证券：沈彻； 长城基金：陈良栋；长城财富：胡纪元；樟树基金：张国澄；张家港高竹： 李心宇；悦溪投资：李晓光；元泓投资：周立峰；誉辉资本：郝彪；禹田 资本：刘元根；永赢基金：任桀；银华基金：刘宇尘；银河基金：杨宁； 阳光资管：王逸峰；亚太财险：程永宾；兴华基金：崔涛；兴合基金：侯 吉冉；信泰人寿：刘跃；鑫诺嘉誉：廖勇；西南证券：苟宇睿；西部证券： 高悦欣、卢可欣、陆亚宁；西部利得基金：邹玲玲；天猊 ...

【风险提示】 全球经济下行，海外需求下降； AI麦可助手获客不及预期； 研发不及预期，AI麦可升级遇瓶颈。 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

焦点科技（ [Table_StockNameRptType] 002315） | --- | --- | --- | --- | --- | --- | |---------|------------------------------------------|-------|-----------------------------|------------------------|----------| | ⚫ [Tab | 重要财务指标 le_Profit] 主要财务指标 | | | 单位 | : 百万元 | | | | 2023A | 2024E 1527 1770 2150 2507 | 2025E | 2026E | | | 营业收入 收入同比（ % ） | 3.5% | 15.9% | 21.5% | 16.6% | | | 归属母公司净利润 | | 379 465 580 693 | | | | | | | | | | | | 净利润同比（ % ） | 26.1% | 22.6% | 24.8% | 19.5% | | | 毛利率（ % ） | 79.4% | 80.2% | 80.7% | ...

◼ 平台付费会员数环比 2023 年年中增长了 198 位，AI 会员付费率持续提 升：截至 2023 年末，中国制造网实现现金回款较去年同期增长超 15%。 平台收费会员数为 24,586 位相比 2023 年中报的 24,388 位，增长了 198 位，相比 2022 年底下滑了 321 位，主要由于 2022 年政府补贴客户粘性 较差所致。购买 AI 麦可的会员数约 4000 位（不含试用体验包客户）， 现金回款超过 2000 万元。 ◼ 未来广告流量平台项目有望提升变现水平：焦点科技开发了流量大数据 平台项目，希望能够通过流量调配、数据管理、流量承接、推广投放等 功能调控买卖双方流量平衡，创造提升商业机会和转化率，以此实现精 准流量分发。2023 年中国制造网买家 APP 端活跃用户数量同比增长 47.6%，商机同比增长 31.6%。中国制造网持续发力新兴市场，扩充多 语言站点，上新 5 个小语种站点，推出阿拉伯语版 APP2023 年，中国 制造网来自中东、南美、东南亚等新兴市场的商机同比显著增长。 2024 年 02 月 26 日 股价走势 市场数据 | --- | --- | |-------- ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 30.71 CNY and a target value of 46.49 CNY [3]. Core Insights - The company reported a significant improvement in Q4 2023, achieving a revenue of 400 million CNY, a year-on-year increase of 10.8%, and a net profit of 70 million CNY, up 35.7% year-on-year. This marks a turning point in performance improvement [1]. - For the full year 2023, the company achieved a total revenue of 1.53 billion CNY, a growth of 3.5%, and a net profit of 370 million CNY, reflecting a 31.7% increase year-on-year [1]. - The company expects net profit growth of over 25% in 2024, with a proposed cash dividend of 10 CNY per 10 shares, resulting in a payout ratio of 83% [36]. Financial Summary - In 2023, the company's revenue from China Manufacturing Network was 1.25 billion CNY, a growth of 3.4%, with active users increasing by 48% and business opportunities rising by 32% [18]. - The company forecasts revenues of 1.8 billion CNY, 2.08 billion CNY, and 2.4 billion CNY for 2024, 2025, and 2026 respectively, with growth rates of 17.9%, 15.3%, and 15.3% [19]. - The projected net profit for 2024, 2025, and 2026 is 490 million CNY, 600 million CNY, and 736 million CNY, with growth rates of 29.2%, 22.6%, and 22.7% respectively [22].

Investment Rating - The report maintains a "Buy" rating for the company [1][5][22]. Core Insights - The company is expected to benefit from the commercialization of AI products despite increasing competition in the cross-border e-commerce industry [2][5]. - The company's revenue for 2023 reached 1.527 billion yuan, representing a year-on-year growth of 3.51%, while the net profit attributable to shareholders was 379 million yuan, up 26.12% year-on-year [16][17]. - The company plans to distribute cash dividends of 316 million yuan, which accounts for over 80% of the net profit for 2023, and aims for a net profit growth of over 25% in 2024 [17]. Financial Performance - The company achieved a revenue of 1.246 billion yuan from China Manufacturing Network in 2023, with a year-on-year growth of 3.4% [3][17]. - The AI business generated approximately 6.32 million yuan in revenue in 2023, with cash collections exceeding 20 million yuan [17]. - The company forecasts revenues of 1.79 billion yuan, 2.08 billion yuan, and 2.34 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 456 million yuan, 552 million yuan, and 648 million yuan [5][6]. Market Data - The current stock price is 32.41 yuan, with a 52-week price range of 18.10 to 47.61 yuan [3][22]. - The total market capitalization is approximately 10.24 billion yuan, with a circulating market capitalization of about 6.52 billion yuan [3][22]. - The company has a total share capital of 31.59 million shares, with a circulating share capital of 20.11 million shares [3][22].

Investment Rating - The investment rating for the company is "Buy" (maintained) [15]. Core Insights - The company's performance in 2023 met expectations, with revenue of 1.527 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to the parent company of 379 million yuan, up 26.1% year-on-year [15]. - The AI business revenue was disclosed for the first time, showing promising results with 6.32 million yuan in revenue, primarily contributing in the second half of 2023 [4][5]. - The company has set an optimistic performance guidance for 2024, targeting a net profit growth of over 25% year-on-year [5]. Financial Summary - Total revenue for 2023 was 1,527 million yuan, with a year-on-year growth rate of 3.5% [18]. - The net profit attributable to the parent company for 2023 was 379 million yuan, reflecting a year-on-year increase of 26.1% [18]. - The company plans to distribute cash dividends of 315 million yuan, which represents 83.1% of the net profit attributable to the parent company, resulting in a dividend yield of 3.1% based on the closing price on February 23, 2024 [16]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 1.773 billion yuan, 2.136 billion yuan, and 2.459 billion yuan, respectively [18]. - The net profit attributable to the parent company is expected to reach 477 million yuan in 2024, 581 million yuan in 2025, and 695 million yuan in 2026 [18]. - The company anticipates a significant acceleration in AI business revenue growth in 2024, supported by an increase in paid memberships for its AI assistant [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company is experiencing stable growth while continuously reducing costs and improving efficiency [1]. - The cross-border B2B market is showing healthy growth, with private enterprises playing a significant role [2]. - The company's B2B business generated revenue of 1.324 billion RMB in 2023, a year-on-year increase of 5.24%, accounting for 87.15% of total revenue [2]. - The insurance business has seen a revenue of 113 million RMB in 2023, with a gross margin of 97.03%, an increase of 2.01 percentage points year-on-year [2]. - The company is leveraging AI technology to enhance its services, with active users on its buyer app increasing by 47.6% year-on-year [2]. Summary by Sections Performance Overview - In 2023, the company reported total revenue of 1.527 billion RMB, a year-on-year growth of 3.51%, and a net profit attributable to shareholders of 379 million RMB, a year-on-year increase of 26.12% [17][21]. - The net profit margin improved to 24.94%, up 4.41 percentage points from the previous year [17]. Financial Projections - The projected net profits for 2024, 2025, and 2026 are 441 million RMB, 520 million RMB, and 631 million RMB, respectively [18]. - The corresponding price-to-earnings ratios (PE) for these years are estimated at 22.01x, 18.65x, and 15.38x [18]. Market Context - The cross-border e-commerce export B2B market is expanding, with China's export value reaching 23.77 trillion RMB in 2023, of which manufacturing products accounted for 23.51 trillion RMB [2]. - The number of foreign trade entities in China reached 645,000, with private enterprises making up 556,000 and accounting for 53.5% of total import and export value [2].