证券研究报告·公司点评报告·互联网电商 华凯易佰（300592） 2024Q2 业绩点评：利润短期承压，看好收购 通拓科技的协同效应 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4417 | 6518 | 8792 | 12367 | 13414 | | 同比（ % ） | 112.88 | 47.56 | 34.89 | 40.67 | 8.47 | | 归母净利润（百万元） | 216.98 | 332.16 | 395.52 | 545.06 | 604.59 | | 同比（ % ） | 348.25 | 53.08 | 19.07 | 37.81 | 10.92 | | EPS- 最新摊薄（元 / 股） | 0.5 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Insights - The company is expected to achieve revenues of 8.078 billion, 9.803 billion, and 11.499 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 23.94%, 21.35%, and 17.30%. The net profit attributable to the parent company is projected to be 342 million, 440 million, and 537 million yuan for the same years, with growth rates of 3.09%, 28.49%, and 22.03% respectively. The EPS is expected to be 0.85, 1.09, and 1.33 yuan per share, leading to corresponding PE ratios of 13.1x, 10.2x, and 8.4x for 2024-2026 [2][7]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 3.519 billion yuan (up 17.6% year-on-year) and a net profit of 135 million yuan (down 35.3% year-on-year). For Q2 2024, revenue was 1.822 billion yuan (up 12.9% year-on-year) with a net profit of 53 million yuan (down 60.1% year-on-year) [6]. - The company's gross margin for H1 2024 was 36.7% (down 1.6 percentage points year-on-year), and the net profit margin was 3.8% (down 3.1 percentage points year-on-year) [6]. Revenue Breakdown - The cross-border e-commerce revenue grew steadily, with cross-border export e-commerce and comprehensive services achieving revenues of 3.03 billion and 490 million yuan respectively, representing year-on-year growth of 13.7% and 54.1%. The average transaction price for general merchandise was approximately 107 yuan, while for premium products it was about 385 yuan [6]. Business Strategy - The company is actively expanding into new channels, reducing reliance on single e-commerce platforms. Sales on the Amazon platform accounted for 73% of total revenue in H1 2024, down from 76% in H1 2023, as the company explores platforms like Temu and TikTok [6]. Long-term Outlook - Despite short-term impacts on profit margins due to new business expansions, the company is expected to maintain growth through its focus on "premium + Yimai platform" and the integration of Tongtuo Technology, leading to a reasonable valuation and sustained growth [2][7].

F熄证券 商贸零售/互联网电商 公 司 研 究 华凯易佰（300592.SZ） 2024 年 08 月 26 日 上半年营收稳健增长，新业务投入等拖累业绩表现 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 骆峥（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 luozheng@kysec.cn 证书编号：S0790524040008 | --- | --- | |-------------------------|------------| | 日期 | 2024/8/26 | | 当前股价 ( 元 ) | 10.47 | | 一年最高最低 ( 元 ) | 28.39/9.27 | | 总市值 ( 亿元 ) | 42.39 | | 流通市值 ( 亿元 ) | 38.36 | | 总股本 ( 亿股 ) | 4.05 | | 流通股本 ( 亿股 ) | 3.66 | | 近 3 个月换手率 (%) | 98.46 | 股价走势图 -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 华凯易佰 沪深300 数据来源： ...

[Important Notes, Table of Contents, and Definitions](index=1&type=section&id=第一节%20重要提示、目录和释义) This section provides the company's assurance of report accuracy, lists all chapters, details reference documents, and defines key terms. [Important Notes](index=1&type=section&id=重要提示) The board and management assure report accuracy and completeness, taking legal responsibility, and state no cash dividends or capital reserve conversions are planned. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[1](index=1&type=chunk) - Company head Hu Fanjin, chief accountant He Rixin, and head of accounting department Wang Haichun declare that the financial report in this semi-annual report is true, accurate, and complete[1](index=1&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[1](index=1&type=chunk) [Table of Contents](index=3&type=section&id=目录) This chapter outlines all sections of the 2024 semi-annual report, covering key company information, financial performance, governance, and significant events. [Catalog of Reference Documents](index=4&type=section&id=备查文件目录) This chapter lists the report's reference documents, including the original report, financial statements, and publicly disclosed materials. - Reference documents include the original full text of the 2024 semi-annual report signed by the company's legal representative[3](index=3&type=chunk) - Reference documents include financial statements signed and sealed by the company head, chief accountant, and head of the accounting department[3](index=3&type=chunk) [Definitions](index=5&type=section&id=释义) This chapter defines key terms used in the report, covering company entities, reporting periods, and cross-border e-commerce terminology. - Company, this company, Huakai Yibai refers to Huakai Yibai Technology Co., Ltd., formerly known as "Hunan Huakai Cultural Creative Co., Ltd."[4](index=4&type=chunk) - Reporting period, this reporting period, this period refers to January 1, 2024, to June 30, 2024[4](index=4&type=chunk) - FBA, or Fulfillment by Amazon, means sellers send product inventory to Amazon's local warehouse for Amazon's system to complete shipments[4](index=4&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information, contact details, and key financial performance metrics. [I. Company Profile](index=6&type=section&id=一、公司简介) This chapter provides the company's basic information, including stock details, names, and legal representative. Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Huakai Yibai | | Stock Code | 300592 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Huakai Yibai Technology Co., Ltd. | | Company Legal Representative | Hu Fanjin | [II. Contact Persons and Information](index=6&type=section&id=二、联系人和联系方式) This chapter provides contact details for the company's board secretary and securities affairs representative. - The Board Secretary is Wang Anqi, and the Securities Affairs Representative is Liu Yi, both with the contact address at 1610, Building A, Kailin International, No. 53 Binjiang Road, Yuelu District, Changsha City, Hunan Province[6](index=6&type=chunk) [III. Other Information](index=6&type=section&id=三、其他情况) This chapter confirms no changes in company contact information, disclosure channels, or registration status during the reporting period. - The company's registered address, office address, website, and email address remained unchanged during the reporting period[7](index=7&type=chunk) - The company discloses its semi-annual report on the Shenzhen Stock Exchange website (http://www.szse.cn) and through media such as "China Securities Journal" and Juchao Information Network (http://www.cninfo.com.cn)[9](index=9&type=chunk) - The company's registration status remained unchanged during the reporting period, as detailed in the 2023 annual report[10](index=10&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) This chapter presents key accounting data and financial indicators for the current period versus last year, detailing revenue, net profit, cash flow, EPS, and asset changes. Comparison of Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,518,832,273.28 | 2,992,170,296.01 | **17.60%** | | Net Profit Attributable to Shareholders | 134,533,879.70 | 207,959,293.06 | **-35.31%** | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items | 130,237,156.55 | 192,541,881.30 | **-32.36%** | | Net Cash Flow from Operating Activities | -127,669,430.62 | 277,370,050.96 | **-146.03%** | | Basic Earnings Per Share (CNY/share) | 0.35 | 0.76 | **-53.95%** | | Diluted Earnings Per Share (CNY/share) | 0.35 | 0.75 | **-53.33%** | | Weighted Average Return on Net Assets | 6.14% | 9.42% | **-3.28%** | | **Period-End Indicators** | **Current Period-End (CNY)** | **Prior Year-End (CNY)** | **YoY Change** | | Total Assets | 3,638,996,017.04 | 3,256,116,616.10 | **11.76%** | | Net Assets Attributable to Shareholders | 2,201,833,342.24 | 2,133,962,523.65 | **3.18%** | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) This chapter confirms no differences in net profit or net assets between domestic and international accounting standards during the reporting period. - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards versus Chinese Accounting Standards[12](index=12&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards versus Chinese Accounting Standards[12](index=12&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=六、非经常性损益项目及金额) This chapter details non-recurring gains and losses for the period, totaling **4.30 million CNY**, and confirms no misclassification of these items. Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 4,574.84 | | Government Grants Recognized in Current Profit/Loss | 980,331.94 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises (excluding effective hedge accounting related to normal operations) | 1,141,833.38 | | Fund Occupancy Fees Received from Non-Financial Enterprises Recognized in Current Profit/Loss | 55,687.50 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 3,576,546.17 | | Other Non-Operating Income and Expenses (excluding the above) | -1,305,420.01 | | Less: Income Tax Impact | 145,927.94 | | Minority Interest Impact (After Tax) | 10,902.73 | | Total | 4,296,723.15 | - The company does not classify non-recurring gains and losses listed in "Interpretive Announcement No. 1 for Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[14](index=14&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides a comprehensive analysis of the company's business operations, financial performance, competitive advantages, and risk factors during the reporting period. [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company conducted cross-border export e-commerce via Yibai Network, focusing on general, premium, and ecosystem platform businesses, leveraging data and AIGC for efficiency. [1. Main Business](index=9&type=section&id=1、主营业务) The company's core business is cross-border export e-commerce, selling cost-effective Chinese goods globally via platforms like Amazon and eBay. - The company conducts cross-border export e-commerce business through its wholly-owned subsidiary Yibai Network, leveraging China's high-quality supply chain resources and market demand orientation[15](index=15&type=chunk) - It primarily sells cost-effective Chinese manufactured goods to overseas end-consumers through third-party platforms such as Amazon, eBay, AliExpress, Cdiscount, TikTok, and Walmart[15](index=15&type=chunk) [2. Main Products and Services](index=9&type=section&id=2、主要产品与服务) The company offers general merchandise (**1.08 million SKUs**, **107 CNY** AOV), premium products (**1,284 SKUs**, **385 CNY** AOV, TikTok-driven), and Yimai Ecosystem Platform services (219 merchants, seven core services). - General merchandise business offers approximately **1.08 million SKUs** with an average order value of about **107 CNY**, achieving low cost and high efficiency through data-driven and systematic operations[16](index=16&type=chunk) - Premium product business offers approximately **1,284 SKUs**

全体监事签名： 华凯易佰科技股份有限公司 （以下无正文） 第 1 页，共 2 页 （本页无正文，为《华凯易佰科技股份有限公司监事关于公司 2024 年半年度报告 的书面确认意见》之签字页） 监事关于公司 2024 年半年度报告的书面确认意见 根据《中华人民共和国证券法》、中国证监会《公开发行证券的公司信息披露 内容与格式准则第 3 号——半年度报告的内容与格式》及《深圳证券交易所创业板 股票上市规则》等有关法律、法规规定的相关要求，作为华凯易佰科技股份有限公 司监事，我们在全面了解和审核公司《2024 年半年度报告全文及摘要》后，认为： 公司严格按照股份制公司财务制度规范运作，公司编制的《2024 年半年度报告 全文及摘要》审议程序符合法律、行政法规和中国证监会的规定。我们保证公司 《2024 年半年度报告全文及摘要》所披露的信息能够真实、准确、完整地反映公司 的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏，对其内容的真实性、 准确性和完整性承担个别及连带的法律责任。 耿立鹏 刘铁 管军铃 第 2 页，共 2 页 2024 年 8 月 23 日 ...

华凯易佰科技股份有限公司 董事、高级管理人员关于公司 2024 年半年度报告的 书面确认意见 （本页无正文，为《华凯易佰科技股份有限公司董事、高级管理人员关于公司 2024 年半年度报告的书面确认意见》之签字页） 第 1 页，共 3 页 （本页无正文，为《华凯易佰科技股份有限公司董事、高级管理人员关于公司 2024 年半年度报告的书面确认意见》之签字页） 全体董事签名： 胡范金 庄俊超 王安祺 贺日新 张敏 刘露 张学礼 蔡四平 钟水东 2024 年 8 月 23 日 第 2 页，共 3 页 根据《中华人民共和国证券法》、中国证监会《公开发行证券的公司信息披 露内容与格式准则第 3 号——半年度报告的内容与格式》及《深圳证券交易所创 业板股票上市规则》等有关法律、法规规定的相关要求，作为华凯易佰科技股份 有限公司董事、高级管理人员，我们在全面了解和审核公司《2024 年半年度报告 全文及摘要》后，认为： 公司严格按照股份制公司财务制度规范运作，公司编制的《2024 年半年度报 告全文及摘要》审议程序符合法律、行政法规和中国证监会的规定。我们保证公 司《2024 年半年度报告全文及摘要》所披露的信息能够真实、准 ...

一、关于 2024 年半年度公司控股股东及其他关联方占用上市公司资金情况 的专项说明和独立意见 我们根据中国证监会《上市公司监管指引第 8 号——上市公司资金往来、对 外担保的监管要求》《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作》及《公司章程》等有关规定要求，本着实事求是、认真负责 的态度，了解和查询了公司 2024 年半年度的控股股东及其他关联方占用上市公 司资金的情况，并发表独立意见如下： 华凯易佰科技股份有限公司独立董事 关于公司第四届董事会第二次会议相关事项的独立意见 根据中国证监会《上市公司独立董事管理办法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 司规范运作》等法律、法规、规范性文件以及《华凯易佰科技股份有限公司章程》 （以下简称"《公司章程》"）、《华凯易佰科技股份有限公司独立董事工作制度》 等相关规定，我们作为华凯易佰科技股份有限公司（以下简称"公司"）的独立董 事，基于独立判断立场，秉持实事求是的原则，仔细审阅了公司第四届董事会第 二次会议相关事项，现发表如下独立意见： 截止本报告期末，公司不存在为控 ...

1、公司严格按照公司财务制度规范运作，公司《2024 年半年度报告》及摘 要包含的信息公允、全面、真实地反映了公司本报告期的财务状况和经营成果等 事项。 2、我们保证公司《2024 年半年度报告》及摘要所披露的信息真实、准确、 完 整，承诺本报告所载资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其 内容的真实性、准确性和完整性承担个别及连带责任。 （以下无正文） 1 华凯易佰科技股份有限公司监事会 关于第四届监事会第二次会议相关事项发表的审核意见 根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市规则》《上 市公司自律监管指引第 2 号——创业板上市公司规范运作》及《华凯易佰科技股 份有限公司章程》《华凯易佰科技股份有限公司监事会议事规则》等有关规定， 我们作为华凯易佰科技股份有限公司（以下简称"公司"）的监事，本着审慎的原 则，基于独立判断的立场，现就公司第四届监事会第二次会议的相关事项发表如 下意见： 一、关于公司 2024 年半年度报告全文及摘要的审核意见 （本页无正文，为《华凯易佰科技股份有限公司监事会关于第四届监事会第二次 会议相关事项发表的审核意见》之签字页） 全体监事签名： 耿立鹏 ...

证券代码：300592 证券简称：华凯易佰 公告编号：2024-101 华凯易佰科技股份有限公司 关于完成法定代表人变更并换发营业执照的公告 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 8 月 12 日 召开了第四届董事会第一次会议，审议通过了《关于选举公司第四届董事会 董事长暨变更法定代表人的议案》，同意选举胡范金先生为公司第四届董事 会董事长。根据《华凯易佰科技股份有限公司章程》的相关规定，董事长为 公司法定代表人，故公司法定代表人由周新华先生变更为胡范金先生。具体 内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《第四届董事会第 一次会议决议公告》（公告编号：2024-095）。 近日，公司完成了法定代表人变更的工商变更登记手续，并取得了湖 南省市场监督管理局换发的《营业执照》，具体信息如下： 1、名称：华凯易佰科技股份有限公司 7、住所：长沙市岳麓区创源路 8 号华凯文化科技园 1、2 栋 101 8、经营范围：许可项目：在线数据处理与交易处理业务（经营类电子商 务） ...

关于公司全资子公司变更经营范围暨取得营业执照的公告 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。 近日，华凯易佰科技股份有限公司（以下简称"公司"）收到全资子公司广 东华凯易佰科技有限公司（以下简称"广东华凯"）的通知，广东华凯完成了经 营范围变更的工商登记手续并取得了中山市市场监督管理局换发的《营业执照》， 现将变更情况公告如下： 证券代码：300592 证券简称：华凯易佰 公告编号：2024-100 华凯易佰科技股份有限公司 3、类型：有限责任公司（自然人投资或控股的法人独资） | 一、本次变更的情况 | | --- | | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 经营范围 | 一般项目:家用电器零配件销 | 一般项目:家用电器制造；软 | | | 售；软件开发；互联网销售（除 | 件开发；互联网销售(除销售 | | | 销售需要许可的商品）；五金 | 需要许可的商品)；家用电器 | | | 产品制造；五金产品零售；模 | 研发；家用电器销售；家用电 | | | 具制造；模具销售；日用品批 | 器零配件销售；五金 ...