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 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a revenue of 6.518 billion yuan in 2023, representing a year-on-year growth of 47.56%, and a net profit attributable to shareholders of 332 million yuan, up 53.61% year-on-year [3][10] - The "Yimai Ecological Platform" has accelerated its development, generating revenue of 786 million yuan, a significant increase of 188.52% year-on-year, and accounting for 12.05% of total revenue in 2023 [1][8] - The company is expanding its product categories and exploring new markets, including furniture and toys, while also targeting emerging platforms like TikTok and Temu [11] Financial Performance - In 2023, the gross margin and net margin were 36.96% and 5.35%, respectively, with slight declines of 0.97 and 0.17 percentage points year-on-year [2] - The company expects revenues of 8.478 billion yuan, 10.228 billion yuan, and 11.909 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 448 million yuan, 551 million yuan, and 648 million yuan [8][9] - The cross-border e-commerce segment generated 5.696 billion yuan in revenue, reflecting a year-on-year growth of 38.62% [10] Strategic Initiatives - The company is focusing on a dual strategy of enhancing its core business while developing premium products and the Yimai Ecological Platform, aiming for sustained growth [8] - The introduction of a "semi-managed" service model on the Yimai platform is expected to help small and medium-sized sellers expand their overseas markets efficiently [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11][24] Core Views - The company has demonstrated steady growth in performance, with a focus on enhancing shareholder returns [11][24] - The company is expected to achieve revenue of 8.57 billion yuan in 2024, representing a 31% year-on-year growth, and a net profit of 453 million yuan, reflecting a 36% increase [5][24] - The company is strategically positioned in the e-commerce sector, leveraging digitalization and operational efficiency to expand its global business [30] Financial Summary - Revenue (million yuan): 6,518 in 2023, projected to be 8,571 in 2024, 10,624 in 2025, and 12,311 in 2026, with growth rates of 48%, 31%, 24%, and 16% respectively [5][6] - Net profit (million yuan): 332 in 2023, expected to rise to 453 in 2024, 551 in 2025, and 667 in 2026, with growth rates of 53%, 36%, 22%, and 21% respectively [5][6] - Diluted EPS (yuan): 1.15 in 2023, projected to be 1.57 in 2024, 1.90 in 2025, and 2.31 in 2026 [5][6] - ROE (%): 16% in 2023, expected to increase to 19% in 2024, and stabilize at 18% in 2025 and 2026 [5][6] - P/E ratio: 20.15 in 2023, projected to decrease to 11.69 in 2024, 9.61 in 2025, and 7.94 in 2026 [5][6] Business Strategy - The company has established a comprehensive business model combining "general products, premium products, and cross-border e-commerce services" [30] - The general products segment has optimized its supply chain, with approximately 1.04 million SKUs and an average selling price of 107 yuan [30] - The premium products segment focuses on high-quality offerings, primarily sold through platforms like Amazon, with around 636 SKUs and an average selling price of 380 yuan [30] - The "Yimai" cross-border e-commerce platform offers diverse services to support sellers, including semi-managed services on Amazon and supply chain management [30]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 23 CNY, corresponding to a market value of 6.7 billion CNY based on a 15x PE ratio for 2024 [1]. Core Views - The company is expected to see significant growth in its premium and cross-border services, with projected net profits of 450 million CNY, 550 million CNY, and 640 million CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 35%, 23%, and 17% [1]. - The company has successfully implemented its "One Body, Two Wings" strategy, achieving a revenue of 5.7 billion CNY in cross-border export business, a 38.6% increase year-on-year, and a remarkable 188.5% increase in cross-border e-commerce comprehensive service revenue [1]. Business Segments Summary - The cross-border export business has expanded significantly, with 1.04 million SKUs available and an average transaction value of 107 CNY. The premium product line includes categories such as clean appliances, home appliances, pet supplies, and lighting, with 636 SKUs and an average transaction value of 380 CNY [1]. - The company is leveraging AIGC technology to enhance its production processes, including the development of intelligent procurement systems, intelligent product selection systems, and smart customer service solutions [1]. - The acquisition of Tongtuo Technology is progressing, with plans to establish a headquarters in South China, supported by a 1.5 billion CNY investment [1]. Financial Performance Summary - In 2023, the company reported total revenue of 6.52 billion CNY, a year-on-year increase of 47.6%, and a net profit attributable to shareholders of 332 million CNY, up 53.6% [35]. - For the first quarter of 2024, the company achieved a revenue of 1.7 billion CNY, reflecting a year-on-year growth of 23.1%, and a net profit of 82 million CNY, a 7.7% increase [35]. - The company plans to distribute a cash dividend of 4 CNY per 10 shares, totaling 116 million CNY, with a payout ratio of 35% [35].

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong revenue growth of 23.0% year-on-year in Q1 2024, with a revenue of 1.697 billion yuan and a net profit of 82 million yuan, reflecting a 7.7% increase year-on-year [4][5] - The company is positioned as a leading player in the cross-border e-commerce sector, leveraging its self-developed information systems to enhance operational capabilities and maintain competitive advantages [4] - The company aims to drive growth through a strategic focus on "general products + premium products + Yimai ecosystem platform," which is expected to sustain its impressive growth trajectory [9] Financial Performance Summary - In Q1 2024, the company's gross margin was 36.5%, a decrease of 1.5 percentage points year-on-year, attributed to a shift in business structure with a higher proportion of lower-margin cross-border e-commerce services [5] - The company maintains its profit forecasts for 2024-2026, projecting net profits of 446 million, 552 million, and 679 million yuan, respectively, with corresponding EPS of 1.54, 1.91, and 2.35 yuan [4][11] - The current price-to-earnings (P/E) ratios are projected at 12.0, 9.7, and 7.9 for the years 2024, 2025, and 2026, respectively [4][11] Market Strategy - The company plans to diversify its channels and expand into new markets, particularly focusing on the Latin American market, exemplified by Mexico, which has significant growth potential [9] - The company is also investing in technological innovations to enhance operational efficiency, including the application of AIGC technology for intelligent customer service and digital operations [9]

Financial Performance - The company's revenue for Q1 2024 was ¥1,696,741,014.32, representing a 23.05% increase compared to ¥1,378,940,104.95 in the same period last year[5] - Net profit attributable to shareholders was ¥81,948,947.54, up 7.67% from ¥76,108,527.59 year-on-year[5] - Total operating revenue for Q1 2024 reached ¥1,696,741,014.32, an increase of 23.0% compared to ¥1,378,940,104.95 in the previous period[28] - Net profit for Q1 2024 was ¥81,948,947.54, a decrease of 4.5% from ¥85,505,735.10 in the same period last year[28] - The total comprehensive income attributable to the parent company for Q1 2024 was ¥85,383,287.79, compared to ¥66,898,175.95 in Q1 2023, reflecting an increase of about 27.6%[29] - Basic earnings per share for Q1 2024 were ¥0.2834, up from ¥0.2646 in Q1 2023, indicating a growth of approximately 7.5%[29] Cash Flow - The net cash flow from operating activities decreased significantly by 91.69%, amounting to ¥13,534,116.03 compared to ¥162,894,028.58 in the previous year[5] - Cash inflow from operating activities for Q1 2024 was ¥1,724,562,602.73, compared to ¥1,410,168,260.97 in Q1 2023, marking an increase of about 22.2%[31] - Cash flow from investing activities for Q1 2024 resulted in a net outflow of ¥92,387,273.36, an improvement from a net outflow of ¥234,724,150.10 in Q1 2023[32] - Cash flow from financing activities for Q1 2024 was a net inflow of ¥162,283,416.23, compared to a net outflow of ¥130,059,669.64 in Q1 2023[32] - The total cash and cash equivalents at the end of Q1 2024 were ¥588,137,032.35, a decrease from ¥635,776,824.46 at the end of Q1 2023[32] - The company reported a tax refund of ¥9,815,127.65 in Q1 2024, compared to ¥2,787,377.62 in Q1 2023, indicating a significant increase in tax refunds received[31] Assets and Liabilities - Total assets increased by 6.44% to ¥3,465,679,347.77 from ¥3,256,116,616.10 at the end of the previous year[5] - Total liabilities increased to ¥1,235,992,499.69, a rise of 10.1% compared to ¥1,122,154,092.45 previously[28] - The company's inventory increased to ¥885,582,151.13, up 5.0% from ¥843,351,856.78 at the start of the period[26] - Long-term equity investments grew to ¥49,009,698.99 from ¥48,398,118.56, indicating a 1.3% increase[26] - The total equity attributable to shareholders increased to ¥2,229,686,848.08, up 4.5% from ¥2,133,962,523.65[28] Shareholder Information - The total number of common shareholders at the end of the reporting period is 12,461[11] - The largest shareholder, Luo Ye, holds 16.84% of shares, totaling 48,710,414 shares[11] - The second-largest shareholder, Siyang Mangliduo Enterprise Management Partnership, holds 10.35% of shares, totaling 29,939,034 shares[11] - The total shares held by the top ten shareholders account for 26.71% of the company's total shares[11] - The company has a total of 77,240,884 shares held by related parties, accounting for 26.71% of total shares[11] Management and Expenses - Management expenses surged by 53.19% to ¥103,298,977.34, primarily due to increased personnel costs and restructuring expenses[9] - The company reported a 166.06% increase in credit impairment losses, totaling ¥6,889,697.28, compared to ¥2,589,507.89 in the previous year[9] Investment and Acquisitions - The company plans to invest a total of RMB 1.5 billion in the establishment of a new headquarters in Zhongshan, Guangdong Province[17] - The company is in the process of acquiring 100% equity of Tongtuo Technology and related operational assets from Huading Co., with the transaction still in the planning stage[16] - The newly established wholly-owned subsidiary, Guangdong Huakai Yibai Technology Co., Ltd., has completed registration and obtained a business license[17] - The company has conducted multiple board meetings to discuss and approve various investment and incentive plans throughout early 2024[19] - The company is enhancing its market competitiveness and long-term strategic planning through these investments and acquisitions[17]