证券代码：300592 证券简称：华凯易佰 公告编号：2024-120 华凯易佰科技股份有限公司 关于股东协议转让股份过户完成暨公司控制权发生变更的公告 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。 华凯易佰科技股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日收到 罗晔女士、胡范金先生、庄俊超先生的通知，罗晔女士通过协议转让方式向胡 范金先生转让其持有的公司 23,286,559 股股份（占公司全部已发行股份总数的 5.75%）、向庄俊超先生转让其持有的公司 23,935,420 股股份（占公司全部已发 行股份总数的 5.91%）事宜已在中国证券登记结算有限责任公司深圳分公司办 理完成过户登记手续，并取得了《证券过户登记确认书》。同时，公司控股股东、 实际控制人由周新华先生变更为无控股股东、无实际控制人，具体情况如下： 一、本次协议转让基本情况 2024 年 9 月 25 日，罗晔女士与胡范金先生、庄俊超先生分别签署《关于华 凯易佰科技股份有限公司之股份转让协议》（以下简称"《股份转让协议》"）， 约定罗晔女士将其所持有的公司 23,28 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 15.8 CNY per share [1][2]. Core Insights - The company achieved a revenue of 6.12 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 28.8%. However, the net profit attributable to shareholders decreased by 36.7% to 190 million CNY [1]. - In Q3 alone, the company reported a revenue of 2.6 billion CNY, a significant increase of 47.7% year-on-year, but the net profit fell by 40.0% to 50 million CNY [1]. - The acquisition of Tongtuo Technology has been successfully integrated, contributing positively to the overall revenue and profit of the group [2]. - The company is actively expanding into new e-commerce platforms such as Temu and TikTok, generating revenues of 92 million CNY and 109 million CNY respectively in Q3 [2]. Financial Performance Summary - The gross margin for Q3 was 33.0%, down 4.1 percentage points year-on-year. The sales expense ratio increased to 24.7%, up 1.6 percentage points, while the management expense ratio decreased to 4.9% [2]. - The company’s inventory increased by 139.1% compared to the beginning of the year, leading to higher storage and rental costs [2]. - The forecast for net profit attributable to shareholders for 2024-2026 has been revised down to 340 million CNY, 430 million CNY, and 520 million CNY respectively [2]. - The company’s total revenue is projected to grow from 6.518 billion CNY in 2023 to 9.044 billion CNY in 2024, reflecting a growth rate of 38.8% [3].

西部证券股份有限公司 关于 华凯易佰科技股份有限公司 详式权益变动报告书 之 2024 年第三季度持续督导意见 财务顾问 二〇二四年十一月 财务顾问声明 本持续督导意见根据上市公司公开披露的相关材料编制，相关方已向本财 务顾问承诺，其所提供的为出具本报告所依据的所有文件和材料真实、准确、 完整、及时，不存在重大遗漏、虚假记载或误导性陈述，并对其真实性、准确 性、完整性和及时性负责。 1 本财务顾问特别提醒投资者注意，本持续督导意见不构成对上市公司的任 何投资建议；投资者根据本持续督导意见所做出的任何投资决策而产生的相应 风险，本财务顾问不承担任何责任。 本财务顾问未委托或授权其他任何机构或个人提供未在本持续督导意见中 列载的信息和对本持续督导意见做任何解释或者说明，同时本财务顾问提请投 资者认真阅读上市公司发布的 2024 年第三季度报告及其他信息披露文件。 2 | | | | 财务顾问声明 1 | | --- | | 目 录 3 | | 释 义 4 | | 一、上市公司权益变动情况及标的股份过户情况 5 | | 二、信息披露义务人及上市公司依法规范运作情况 7 | | 三、信息披露义务人及其一致行动人履行公 ...

证券代码：300592 证券简称：华凯易佰 公告编号：2024-119 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 2024 年 4 月 17 日召开 第三届董事会第三十二次会议和第三届监事会第二十四次会议，于 2024 年 5 月 10 日召开了 2023 年年度股东大会，审议通过了《关于公司和子公司 2024 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"）2024 年度向银行申请不超过人民币 90,550 万元综合授信 额度，担保方式包括但不限于母、子公司之间互相连带责任担保、公司董事长及 其配偶以及子公司实际控制人及其配偶连带责任担保、公司资产抵押、质押等。 具体内容详见公司于 2024 年 4 月 19 日在巨潮资讯网（www.cninfo.com.cn）披 露的《关于公司和子公司 202 ...

Investment Rating - The report maintains a rating of "Buy" for the company [5][19]. Core Views - Q3 performance was negatively impacted by new platform expenses and equity incentive costs, but there are expectations for improvement in Q4 due to the holiday season [1]. - Revenue for the first three quarters reached 6.12 billion yuan, an increase of 28.8%, while net profit attributable to shareholders was 189 million yuan, a decrease of 36.7% [1]. - The forecast for EPS from 2024 to 2026 has been revised down to 0.84, 1.08, and 1.32 yuan respectively, reflecting growth rates of 3%, 28%, and 22% [1]. - The target price has been adjusted to 15.12 yuan based on a PE ratio of 18 times for 2024 [1][11]. Financial Summary - Revenue for 2022 was 4.417 billion yuan, projected to increase to 6.518 billion yuan in 2023, and further to 9.034 billion yuan in 2024, reflecting growth rates of 112.9%, 47.6%, and 38.6% respectively [2]. - Net profit attributable to shareholders for 2022 was 217 million yuan, expected to rise to 332 million yuan in 2023, and 341 million yuan in 2024, with growth rates of 348.3%, 53.1%, and 2.7% respectively [2]. - The company’s PE ratio for 2023 is 14.89, with a projected PE of 14.51 for 2024 [2][11]. Operational Insights - Q3 revenue was 2.6 billion yuan, a 47.7% increase year-on-year, but net profit dropped to 55 million yuan, a 40% decline [1]. - The company has integrated Tongtuo Technology since July, which contributed approximately 677 million yuan in revenue for Q3, and is expected to improve further in Q4 [1]. - The company is actively expanding into new platforms such as Temu, TikTok, and Walmart, with Q3 revenues from these platforms reaching approximately 0.92 billion, 1.09 billion, and 1.01 billion yuan respectively [1]. Market Position - The company is recognized as one of the leading players in the domestic cross-border e-commerce sector, with comparable companies including Saiwei Times, Zhiyou Technology, Anker Innovation, and Jihong Co., Ltd [12].

证券代码：300592 证券简称：华凯易佰 公告编号：2024-118 华凯易佰科技股份有限公司 二、担保进展情况 近日，公司全资子公司易佰网络与上海浦东发展银行股份有限公司深圳分行 （以下简称"浦发银行深圳分行"）签署了《融资额度协议》，易佰网络向浦发 银行深圳分行申请人民币 10,000 万元的最高融资额度。公司就上述融资额度与 浦发银行深圳分行签署了《最高额保证合同》。 三、被担保人的基本情况 公司名称：深圳市易佰网络科技有限公司 统一社会信用代码：914403005840583015 成立日期：2011 年 10 月 20 日 1 注册地址：深圳市龙岗区坂田街道大发埔社区里浦街 7 号 TOD 科技中心 1 栋 101 法定代表人：庄俊超 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 2024 年 4 月 17 日召开 第三届董事会第三十二次会议和第三届监事会第二十四次会议，于 2024 年 5 月 10 日召开了 2023 年年度股东大 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company reported a significant revenue increase of 47.72% year-on-year in Q3 2024, with total revenue reaching 2.596 billion yuan. However, the net profit attributable to shareholders decreased by 40.01% to 55 million yuan due to increased costs associated with business expansion and acquisitions [5][6] - The company has successfully integrated Tongtuo Technology, which contributed 677 million yuan in revenue for Q3 2024, marking a turnaround to profitability. Meanwhile, Yibai Network's revenue grew by 9.2% year-on-year to 1.91 billion yuan [5][6] - The company is actively expanding into emerging platforms, with notable revenues from Temu (91.58 million yuan), TikTok (110 million yuan), and Walmart (100 million yuan) [7] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 6.115 billion yuan, reflecting a year-on-year growth of 28.75%. The net profit attributable to shareholders for the same period was 189 million yuan, down 36.74% year-on-year [5][6] - The company expects revenues for 2024, 2025, and 2026 to be 9.04 billion yuan, 12.149 billion yuan, and 13.912 billion yuan, respectively, with year-on-year growth rates of 38.7%, 34.4%, and 14.5% [8][11] - The projected net profit for the same years is 336 million yuan, 459 million yuan, and 581 million yuan, with growth rates of 1.1%, 36.8%, and 26.4% respectively [8][11] Revenue Breakdown - The company's revenue from cross-border e-commerce is projected to reach 7.937 billion yuan in 2024, with a year-on-year growth of 39.4% [9] - The comprehensive service revenue from cross-border e-commerce is expected to grow to 1.1 billion yuan in 2024, reflecting a 40% increase [9] Valuation and Market Position - The company is valued at a price-to-earnings (P/E) ratio of 18-22 times for 2024, suggesting a reasonable market capitalization range of 6.047 billion to 7.391 billion yuan [7][8] - The average P/E ratio of comparable companies is around 20.3 times for 2024 [10]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company is experiencing pressure on its performance, with expectations for improved profitability following the consolidation of Tongtuo Technology. The revenue for the first three quarters of 2024 reached 6.115 billion yuan, a year-on-year increase of 28.75%, while the net profit attributable to the parent company was 189 million yuan, a year-on-year decrease of 36.74% [2][4]. - The third quarter of 2024 saw a revenue of 2.596 billion yuan, a year-on-year increase of 47.72%, primarily due to the consolidation of Tongtuo Technology, which achieved a revenue of 677 million yuan and turned profitable [2][4]. - The company is actively expanding its overseas e-commerce presence through platforms like Temu, TikTok, and Walmart, with significant revenue contributions from these channels [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 35.13%, down 2.68 percentage points year-on-year, and a net profit margin of 3.10%, down 3.20 percentage points year-on-year [2][5]. - The third quarter of 2024 saw a gross margin of 33.03%, down 4.08 percentage points year-on-year, and a net profit margin of 2.11%, down 3.08 percentage points year-on-year [2][5]. - The company anticipates achieving net profits of 297 million yuan, 374 million yuan, and 453 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 18, 14, and 12 [2][5]. Business Strategy - The company is driven by three main business segments: "General Products + Premium Products + Yimai." The general products segment is expected to grow through regional expansion, while the premium products segment focuses on key categories such as clean appliances and pet supplies [2][4]. - The Yimai platform is aimed at assisting sellers in expanding into overseas markets, capitalizing on the industry's growth opportunities [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is experiencing stable growth in cross-border business and has achieved profitability through the consolidation of Tongtuo Technology. The revenue for Q3 2024 reached 2.596 billion yuan, a year-on-year increase of 47.72%. The net profit attributable to the parent company for the same period was 55 million yuan, a decrease of 40.01% year-on-year [1][3] - The company is actively expanding into overseas emerging platforms, with significant revenue contributions from Temu (0.092 billion yuan), TikTok (0.109 billion yuan), and Walmart (0.101 billion yuan) in Q1-Q3 2024. The number of cooperative merchants for the Yimai business has increased to 263, a quarter-on-quarter increase of 44 [1] - The company has undergone a management transition, focusing on enhancing its cross-border e-commerce business and leveraging the potential of its core team [1] Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 6.115 billion yuan, representing a year-on-year growth of 28.75%. The net profit attributable to the parent company was 189 million yuan, down 36.74% year-on-year [1][2] - The projected revenues for 2024-2026 are 9.031 billion yuan, 11.744 billion yuan, and 12.841 billion yuan, respectively, with net profits expected to be 349 million yuan, 474 million yuan, and 620 million yuan [2][10] - The earnings per share (EPS) for 2024-2026 are forecasted to be 0.86 yuan, 1.17 yuan, and 1.53 yuan, with corresponding price-to-earnings (P/E) ratios of 15.0x, 11.1x, and 8.5x [2][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant increase in revenue for Q3 2024, with a year-on-year growth of 47.72%, primarily driven by the integration of Tongtu Technology and the growth of new business initiatives. However, net profit has been under pressure, declining by 40.01% year-on-year in Q3 [6][4] - The company is actively expanding into overseas e-commerce platforms such as Temu, TikTok, and Walmart, which contributed to its revenue growth. The revenue from these platforms was 91.58 million, 109.27 million, and 100.74 million respectively in Q3 [6] - Despite the short-term profit margin pressure due to increased costs from the integration of Tongtu Technology and new business investments, the long-term outlook remains positive with expected revenue growth of 23.94%, 21.35%, and 17.30% for 2024, 2025, and 2026 respectively [6][7] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.115 billion (up 28.75% year-on-year) and a net profit of 189 million (down 36.74% year-on-year) [2][6] - The gross margin for Q3 2024 was 33.03%, a decrease of 4.08 percentage points year-on-year, while the net margin was 2.13%, down 3.06 percentage points year-on-year [6] - The company’s total inventory reached 2.016 billion by the end of Q3, reflecting a year-on-year increase of 139.06% [6] Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 8.078 billion, 9.803 billion, and 11.499 billion respectively, with corresponding growth rates of 23.94%, 21.35%, and 17.30% [7] - The expected net profits for the same years are 342 million, 440 million, and 537 million, with growth rates of 3.09%, 28.49%, and 22.03% respectively [7] - The earnings per share (EPS) are forecasted to be 0.85, 1.09, and 1.33 for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 15.3x, 11.9x, and 9.8x [6][7]