吉宏股份（002803.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|--------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 5,376 | 6,695 | 8,074 | 9,646 | 11,434 | 股票信息 | | | 增长率 yoy （ % ） | 3.8 | 24.5 | 20.6 | 19.5 | 18.5 | | | | 归母净利润（百万元） | 184 | 345 | 437 | 537 | 648 | 行业 | 商贸零售 | | 增长率 yoy （ % ） | -19.1 | 87.6 | 26.6 | 22.9 | 20.7 | 2024 年 3 月 ...

本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 厦门吉宏科技股份有限公司（以下简称"公司"）于 2023 年 8 月 30 日召开 第五届董事会第十次会议，审议通过《关于回购公司股份的议案》，同意公司使 用不低于人民币 4,000 万元、不超过人民币 6,000 万元的自有资金、通过二级市 场以集中竞价交易方式回购部分公司发行的人民币普通股（A 股）股票，用于后 期实施员工持股计划或股权激励计划，回购价格不超过 25 元/股，回购期限自董 事会审议通过回购方案之日起不超过 12 个月。具体内容详见公司于 2023 年 8 月 31 日刊登在《证券时报》《证券日报》《中国证券报》《上海证券报》和巨潮资 讯网（www.cninfo.com.cn）的《关于回购公司股份方案的公告》（公告编号： 2023-068）。 基于对公司未来发展前景的信心及对公司价值的高度认可，经综合考虑公司 未来发展战略、经营情况、财务状况和合理估值水平，为维护公司及广大投资者 的利益，增强投资者对公司的投资信心，公司于 2024 年 2 月 5 日召开第五届董 事会第十五次会议，审议通过《关于增加公 ...

Investment Rating - The investment rating for the company is "Buy" [23][19][24] Core Insights - The company demonstrated strong revenue and profit growth in 2023, with revenue reaching 66.95 billion and a year-on-year increase of 24.53%. The net profit attributable to shareholders was 3.45 billion, reflecting a year-on-year growth of 87.57% [23][24] - The gross margin improved by 5.97 percentage points to 46.66%, driven by the recovery of overseas consumption and the application of AI technology to enhance efficiency [23][24] - The cross-border e-commerce business achieved significant growth, with revenue of 42.57 billion, a year-on-year increase of 37.02%, benefiting from the recovery in overseas markets [24][19] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 66.95 billion (YoY +24.53%) and a net profit of 3.45 billion (YoY +87.57%) [23] - The gross margin for the packaging business increased by 3.44 percentage points to 19.20% [3] - The cross-border e-commerce business's gross margin improved by 3.82 percentage points to 63.31% [24] Business Segments - The packaging business generated revenue of 20.97 billion (YoY +5.75%), focusing on fast-moving consumer goods clients [23] - The application of AI technology in cross-border e-commerce includes optimizing product selection, generating landing pages, and enhancing advertising efficiency [17][24] Future Projections - Revenue projections for 2024, 2025, and 2026 are 79 billion, 91 billion, and 104 billion respectively, with net profits of 4.8 billion, 5.8 billion, and 6.4 billion [19] - The expected diluted EPS for 2024, 2025, and 2026 are 1.25, 1.50, and 1.65 respectively, with corresponding P/E ratios of 14, 12, and 10 [19]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [14][22]. Core Insights - The company achieved a revenue of 6.695 billion yuan in 2023, representing a year-on-year growth of 24.53%, and a net profit attributable to shareholders of 345.1 million yuan, up 87.57% year-on-year [21][22]. - The gross margin improved to 46.66% in 2023, an increase of 5.97 percentage points compared to the previous year [8]. - The cross-border e-commerce business saw rapid growth, with revenue reaching 4.257 billion yuan, a 37.02% increase year-on-year, driven by a recovery in key sales regions and rising consumer purchasing power [8][22]. - The company is focusing on brand building, having established several proprietary brands, which is expected to enhance revenue through brand premium [8][22]. - The company is leveraging AI to enhance operational efficiency and decision-making in advertising, with multiple AI models already in use [28]. Financial Summary - The company’s revenue and profit forecasts for 2024-2025 have been adjusted, with net profit estimates revised to 4.3 billion yuan for 2024 and 5.3 billion yuan for 2025 [22]. - The packaging business generated revenue of 2.097 billion yuan in 2023, reflecting a 5.75% year-on-year growth, maintaining a stable market position [15]. - The report highlights a stable R&D investment of 142 million yuan in 2023, despite a slight decrease of 4.40% year-on-year, with ongoing projects in packaging and e-commerce [8][15].

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5]. Core Insights - The company is positioned as the second-largest B2C cross-border e-commerce player in China, with a projected CAGR of 35.47% for cross-border social e-commerce revenue from 2018 to 2023 [1]. - The company achieved a revenue of 6.69 billion yuan in 2023, representing a year-on-year growth of 24.53%, and a net profit of 345.1 million yuan, up 87.57% year-on-year [16]. - The gross margin for 2023 was reported at 46.66%, an increase of 5.98 percentage points compared to the previous year [3]. Revenue Analysis - The cross-border social e-commerce business generated revenue of 4.257 billion yuan in 2023, reflecting a year-on-year increase of 37.02%, while the packaging business achieved revenue of 2.097 billion yuan, growing by 5.75% [6]. - The company has maintained a stable inventory turnover ratio, with inventory sales ratio controlled around 3% over the past three years [1]. Financial Performance - The company reported a cash flow from operating activities of 726 million yuan in 2023, marking an 85.6% increase year-on-year [1]. - The financial forecast indicates expected net profits of 430 million yuan, 520 million yuan, and 620 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 16, 13, and 11 [18]. Strategic Initiatives - The company plans to enhance brand building and continue developing the "Jimiang Cloud" SaaS platform, leveraging its marketing data and technology to incubate proprietary brands [4]. - The company is expanding its cross-border e-commerce services to over 40 countries, utilizing AI-driven operational systems to create a competitive edge [7].

7 高毛利跨境业务占比持续提升，带动盈利能力不断提升 2024 年 04 月 01 日 | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-----------------|------------|--------| | 项目/年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 6,695 | 7,671 | 8,829 | 10,209 | | 增长率（%） | 24.5 | 14.6 | 15.1 | 15.6 | | 归属母公司股东净利润（百万元） | 345 | 436 | 517 | 602 | | 增长率（ %） | 87.6 | 26.5 | 18.4 | 16.4 | | 每股收益（元） | 0.90 | 1.13 | 1.34 | 1.56 | | PE | 20 | 16 | 13 | 11 | | PB | 3.0 | 2.7 | 2.4 | 2.1 | | 资料来源： Wind ，民生证券研究院预测 ...

包装业务深耕快消品领域。全年包装业务的营业收入为 20.96 亿 元，同比增速为 5.75%，占收入比例 31.32%。主要客户群体包括 食品、餐饮、饮料、日用品及快消品行业的龙头企业，核心竞争 力在于公司能满足从营销策略、产品设计、工艺设计及技术策划、 生产到及运输及物流的一站式需求。 风险提示 1.《吉宏股份公司深度-跨境主业修复，Al+品牌策略促增长》，2024.3.19 敬请参阅最后一页特别声明 1 敬请参阅最后一页特别声明 2 | --- | --- | --- | --- | --- | --- | |-------|-----------------------------------------|-------|-------|-------|-------| | | 日期 一周内 一月内 二月内 三月内 六月内 | | | | | | 买入 | 2 | 9 | 13 | 20 | 47 | | 增持 | 0 | 0 | 0 | 1 | 0 | | 中性 | 0 | 0 | 0 | 0 | 0 | | 减持 | 0 | 0 | 0 | 0 | 0 | | 评分 | 1.00 1.00 1.00 ...

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Investment Rating - The investment rating for Jihong Co., Ltd. is "Buy" with a target price of 27.18 CNY, maintaining the same rating as before [16][22]. Core Views - Jihong Co., Ltd. reported an 88% increase in annual performance and an 86% growth in operating net cash flow for 2023, indicating strong financial health and operational efficiency [22]. - The company is focusing on enhancing its overseas market influence and brand building through the issuance of H-shares, which is expected to further strengthen its market position [22]. - The revenue forecast for 2024-2026 shows a steady growth trajectory, with EPS expected to increase by 26% in 2024 and 25% in 2025, reflecting a robust growth outlook [22]. Financial Summary - For 2023, the total revenue is projected to be 66.95 billion CNY, representing a 24.5% increase, while the net profit attributable to shareholders is expected to reach 3.45 billion CNY, marking an 87.6% growth [22]. - The company’s gross profit margin is anticipated to improve to 46.7% in 2024, up by 6 percentage points from the previous year [22]. - The net profit margin is also expected to rise to 5.4% in 2024, reflecting improved operational efficiency [22]. Operational Metrics - The company has established long-term stable partnerships with major clients such as Yili Group and Lenovo, which enhances its market credibility and operational stability [22]. - Jihong Co., Ltd. is leveraging advanced technologies, including AI and big data, to optimize its operations and strengthen its brand presence [22]. - The inventory turnover rate is projected to improve, indicating better inventory management and operational efficiency [22]. Market Position - The company is well-positioned in the fast-moving consumer goods packaging sector, with a significant market share in e-commerce and packaging solutions [22]. - The Asian social e-commerce market is expected to grow at a CAGR exceeding 20%, providing a favorable environment for Jihong Co., Ltd. to expand its market share [22]. - The company aims to enhance its brand recognition and market presence through innovative product offerings and strategic partnerships [22].

吉宏股份（002803.SZ） 2024 年 03 月 31 日 | --- | --- | |-------------------------|-------------| | 日期 | 2024/3/29 | | 当前股价 ( 元 ) | 17.35 | | 一年最高最低 ( 元 ) | 26.00/11.81 | | 总市值 ( 亿元 ) | 66.80 | | 流通市值 ( 亿元 ) | 49.36 | | 总股本 ( 亿股 ) | 3.85 | | 流通股本 ( 亿股 ) | 2.84 | | 近 3 个月换手率 (%) | 290.48 | 公 司 研 究 投资评级：买入（维持） 股价走势图 数据来源：聚源 《 2023 年 归 母 净 利 润 预 计 同 增 80-100%，拟发行 H 股助力跨境电商 业 务 发 展 — 公 司 信 息 更 新 报 告 》 -2024.1.29 《2023H1 归母净利润+64.3%略超预 告上限，围绕"数据为轴，技术驱动" 持续强化长期竞争力—公司信息更新 报告》-2023.8.31 事件：2023 年归母净利润同增 87.6%，跨境社交电商龙头表现亮眼 跨 ...