证券代码：300592 证券简称：华凯易佰 公告编号：2024-053 华凯易佰科技股份有限公司 关于为全资子公司银行授信事项提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、担保情况概述 华凯易佰科技股份有限公司（以下简称"公司"）于 2023 年 4 月 18 日召开 第三届董事会第二十二次会议和第三届监事会第十七次会议，于 2023 年 5 月 15 日召开了 2022 年年度股东大会，会议审议通过了《关于公司和子公司 2023 年向 银行申请综合授信额度及提供担保的议案》。同意公司、子公司深圳市易佰网络 科技有限公司（以下简称"易佰网络"）及其全资子公司易佰科技有限公司（以 下简称"香港易佰"）战略发展规划及经营需要，2023 年度拟向银行申请不超 过人民币 92,785.84 万元综合授信额度，需提供相应担保；因与供应商业务合作， 2023 年度易佰网络及其全资子（孙）公司涉及不超过人民币 5,000 万元的内部 担保，授权期限自公司股东大会审议批准之日起 12 个月。具体内容详见 2023 年 4 月 20 日公司刊载于中国证 ...

＃：assAuthor＃ 证券研究报告 ＃industryId＃ 跨境电商 ＃investSuggestion＃ ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-04-30 | | 收盘价（元） | 18.77 | | 总股本（百万股） | 289.18 | | | | | 流通股本（百万股） | 144.30 | | 净资产（百万元） | 2229.69 | | 总资产（百万元） | 3465.68 | | 每股净资产 ( 元 ) | 7.71 | ＃分析师： emailAuthor＃ daiky@xyzq.com.cn S0190519050001 jinqiu@xyzq.com.cn S0190520080004 投资要点 | --- | --- | --- | --- | --- | |---------------------------------------|------ ...

证券代码：300592 证券简称： 华凯易佰 公告编号：2024-052 华凯易佰科技股份有限公司 关于举行 2023 年度暨 2024 年第一季度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 会 议 问 题 征 集 ： 投 资 者 可 于 2024 年 5 月 13 日 前 访 问 网 址 https://eseb.cn/1e0N4P4ullC 或使用微信扫描下方小程序码进行会前提问，公 司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行 回答。 特此公告。 一、说明会召开的时间、地点和方式 会议召开时间：2024 年 5 月 13 日（星期一）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、参加人员 公司董事长、总经理周新华先生，副董事长胡范金先生，董事、董事会秘书 王安祺先生，董事、财务总监贺日新先生，独立董事钟水东先生。（如遇特殊情 况，参会人员可能进行调整） 三、投资者参加方式 投资者可于 2024 年 5 月 13 日（星 ...

T[ [Table_Title] 华凯易佰（300592）2023年报点评 业绩稳健增长，拓渠道拓区域打开成长 空间 亿迈生态平台发展提速。亿迈生态平台实现收入 7.86 亿元，同比增 长 188.52%，占营业收入比重从 2022 年 6.16%提升至 2023 年 12.05%。 2023 年亿迈生态平台推出"半托管"服务模式，成功助力众多业内卖 家和跨行业卖家低成本、高效率地开拓全球生意。 收入结构调整影响毛利率水平。利润端，2023 年毛利率和净利率分别 为 36.96%/5.35%，同比变动分别为-0.97/-0.17pct。毛利率下滑主要 与亿迈生态跨境服务业务占比上升有关。2023 年销售/管理/研发/财 务费用率分别为 23.43%/6.38%/1.00%/-0.28%，同比变动分别为 -1.21pct/+0.88pct/-0.17pct/-0.21pct。管理费用率上升与计提易 佰网络团队超额业绩奖励相关。 公司发布 2023 年报及 2024 年一季报。公司 2023 年实现营业收入 65.18 亿元，同比增长 47.56%；实现归母净利润 3.32 亿元，同比增 长 53.61%；实现扣 ...

2024 年 04 月 27 日 公司研究 评级：买入(维持) 事件: 沪深 300 1.1% 7.5% -9.5% 相关报告 《华凯易佰（300592.SZ）2023 年财报点评：业绩 稳健增长，持续提升股东回报（买入）*互联网电 商*陈梦竹，张娟娟》——2024-04-23 《华凯易佰（300592.SZ）2023 年业绩预告点评： 易佰网络预计超额完成业绩承诺，看好多维度协同 下的长期增长（买入）*互联网电商*陈梦竹，张娟 娟》——2024-01-22 证券研究报告 | --- | --- | --- | --- | --- | |--------------------------------|-------|-------|-------|-------| | 预 Ta 测 ble 指 _F 标 orcast1] | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 6518 | 8571 | 10624 | 12311 | | 增长率 (%) | 48 | 31 | 24 | 16 | | 归母净利润（百万元） | 332 | 453 | 551 | 66 ...

证 券 研 究 报 告 深耕"一体两翼"战略，业务全面开花。分业务板块看，2023 年跨境出口业 务实现收入 57.0 亿元，同比增长 38.6%，跨境出口电商综合服务收入 7.9 亿 元，同比增长 188.5%。其中，泛品业务依托亚马逊平台，积极开拓拉美等新 兴市场，以数字化赋能选品、库存管理等环节，截至 23 年底在售 sku 约 104 万个，客单价 107 元；精品业务已经形成清洁电器、家电、宠物用品、灯具四 大产品线，截至 23 年底在售 sku 约 636 个，客单价约 380 元；亿迈推出"半 托管"服务，截至 23 年底合作商户 160 家，助力出海中小商家降本增效，提 升经营效率。 应用 AIGC 技术，赋能生产环节，提升数字化水平。公司积极研发和搭建自 主的 AIGC 模型，推出智能采购系统（实现催改价、催发货、订单自动审核 等）、智能选品系统（提高选品开发效率和精度）、智能客服（提升用户体验）、 智能文案（节省时间）等等。 收购通拓有序进行，拟建设华南总部。据公告，公司拟以现金方式收购华鼎股 份持有的通拓科技 100%股权及主营业务相关的全部经营性资产，于 23 年 12 月与华鼎签署了 ...

民币 50,000,000 元。 重要内容提示： 华凯易佰科技股份有限公司（以下简称"公司"）于 2024 年 3 月 8 日披露了《关 于董事配偶前次增持计划实施完毕暨再次增持公司股份计划的公告》（公告编号： 2024-025），公司副董事长胡范金先生之配偶罗春女士基于对公司未来发展前景的 强烈信心以及对公司投资价值的高度认同，计划自 2024 年 3 月 8 日起 6 个月内（除 法律、法规及深圳证券交易所业务规则等有关规定不准增持的期间之外）通过深圳 证券交易所交易系统以集中竞价交易方式使用自有资金或自筹资金增持公司股份， 在股价不高于 21 元/股的前提下，合计增持金额不低于人民币 50,000,000 元，具体 根据公司股票价格波动情况及资本市场整体趋势，择机实施增持计划。 近日，公司收到公司副董事长胡范金先生之配偶罗春女士提交的告知函，本次 增持公司股份比例已达到 1%；两次增持计划，罗春女士累计增持公司股份比例已达 到 2%，根据《上市公司收购管理办法》第十三条第三款规定，现将有关情况公告如 下： 一、增持主体的基本情况 罗春女士为公司副董事长胡范金先生之配偶，公司于 2024 年 2 月 5 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong revenue growth, with 2023 full-year revenue reaching 6.52 billion yuan, a year-on-year increase of 47.6%, and Q1 2024 revenue at 1.70 billion yuan, up 23% year-on-year. The cross-border e-commerce segment contributed significantly, with revenue of 5.696 billion yuan in 2023, a 38.6% increase, and comprehensive service revenue of 786 million yuan, up 188.5% [1][14] - The company plans to expand into emerging markets such as Latin America and new platforms like TikTok and Temu, aiming for a total revenue of 8.5 billion yuan in the cross-border e-commerce segment for 2024 [1][14] - Profit margins have fluctuated due to expenses related to performance incentives and share-based payments, with a net profit margin of 5.1% for 2023, up 0.2 percentage points year-on-year. The company expects to incur 75.84 million yuan in equity incentive expenses in 2024 [2][14] - The company is focusing on digital technology to enhance operational efficiency and supply chain responsiveness, which is expected to help mitigate the impact of incentive-related expenses on profit margins [2][14] Financial Summary - The company’s total revenue is projected to grow from 6.518 billion yuan in 2023 to 8.574 billion yuan in 2024, representing a year-on-year growth rate of 31.54% [14] - The net profit attributable to the parent company is expected to increase from 332.16 million yuan in 2023 to 440.18 million yuan in 2024, reflecting a growth rate of 32.52% [14] - The earnings per share (EPS) is forecasted to rise from 1.15 yuan in 2023 to 1.52 yuan in 2024 [14] - The company’s gross profit margin is projected to be 36.96% in 2023, slightly decreasing to 36.23% in 2024 [6][14]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.46 CNY per share, compared to the current price of 18.49 CNY [5]. Core Views - The company reported a stable performance in its Q1 results, achieving revenue of 1.7 billion CNY, a year-on-year increase of 23.0%. The net profit attributable to shareholders was 80 million CNY, up 7.7% year-on-year, while the non-recurring net profit also reached 80 million CNY, reflecting a 6.7% increase [1][2]. - The company is actively exploring new platforms and channels, and is continuously working on incubating its own brands, which is expected to positively impact its performance this year [2]. - In February 2024, a board member's spouse increased their stake in the company by purchasing 3.085 million shares for a total of 50.9 million CNY, indicating management's confidence in the company's future performance [2]. Financial Summary - The company’s revenue is projected to grow from 8.578 billion CNY in 2024 to 13.309 billion CNY in 2026, with year-on-year growth rates of 31.6%, 25.8%, and 23.3% respectively [2][3]. - The net profit attributable to shareholders is expected to rise from 450 million CNY in 2024 to 630 million CNY in 2026, with growth rates of 36.2%, 18.8%, and 18.0% respectively [2][3]. - The company’s gross margin for Q1 was 36.5%, a decrease of 1.54 percentage points year-on-year, while the net margin was 4.8%, down 0.69 percentage points year-on-year [1][2].

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 17.60 CNY [19] Core Views - The company achieved revenue of 1.697 billion CNY in 1Q24, a YoY increase of 23.05%, but a QoQ decline of 4.04% [1] - Net profit attributable to the parent company was 82 million CNY in 1Q24, a YoY increase of 7.67% and a QoQ surge of 148.79% [1] - The company plans to invest 1.5 billion CNY to establish a South China headquarters in Zhongshan, aiming to enhance market competitiveness [1] - The chairman's spouse increased holdings twice, demonstrating strong confidence in the company's future [1] - The company launched its first equity incentive plan, targeting a 30% YoY growth in revenue or profit for 2024 [1] Financial Performance - Gross margin in 1Q24 was 36.46%, down 1.54 pct YoY but up 1.79 pct QoQ [1] - Net profit margin in 1Q24 was 4.83%, down 0.69 pct YoY but up 2.97 pct QoQ [1] - Operating cash flow in 1Q24 was 366 million CNY, a YoY increase of 28.28% [1] - Inventory turnover days increased by 4.71 days YoY to 78.29 days [1] Business Strategy - The company's business is driven by three main segments: general products, premium products, and the Yimai platform [19] - General products focus on regional expansion and cost efficiency through IT systems [19] - Premium products have formed four major product lines: cleaning appliances, home appliances, pet supplies, and lighting [19] - The Yimai platform assists sellers in expanding overseas markets, benefiting from the global e-commerce boom [19] Financial Forecasts - Revenue is expected to grow from 6.518 billion CNY in 2023 to 11.983 billion CNY in 2026, with a CAGR of 22.6% [9] - Net profit attributable to the parent company is forecasted to increase from 332 million CNY in 2023 to 673 million CNY in 2026, with a CAGR of 26.5% [9] - EPS is projected to rise from 1.15 CNY in 2023 to 2.33 CNY in 2026 [9] - PE ratio is expected to decline from 15x in 2023 to 8x in 2026, indicating improving valuation [9] Key Developments - The company plans to establish a South China headquarters with a total investment of 1.5 billion CNY [1] - The chairman's spouse completed two share purchase plans, totaling 50.9 million CNY [1] - The company launched its first equity incentive plan, targeting 30% YoY growth in revenue or profit for 2024 [1]