Core Insights - In 2024, China's total retail sales of consumer goods showed a year-on-year growth of 3.5%, indicating a weak recovery in the market [1] - Rural residents experienced a higher growth rate in disposable income and per capita consumption expenditure compared to urban residents, with rural disposable income increasing by 6.6% year-on-year [1] - The rise of lower-tier markets is expected to contribute significantly to personal consumption growth, with predictions indicating a personal consumption scale of 65.3 trillion yuan by 2030, driven largely by these markets [1] Company Performance - 汇通达网络 has focused on enhancing its membership store business, achieving coverage in 21 provinces and 25,000 towns, with registered member stores reaching 248,000, a 3% year-on-year increase [2] - The revenue from member stores increased from 39% in 2023 to 46% in 2024, reflecting a successful strategy in expanding membership engagement [2] - The company has diversified its sales channels, including social e-commerce and community group buying, achieving a sales scale of 3.6 billion yuan through new channels in 2024 [2] Product and Brand Strategy - 汇通达网络 has expanded into high-margin product categories, with sales from these new categories exceeding 150 million yuan and accounting for over 20% of total revenue [3] - The company has developed over 10 proprietary brands, generating 180 million yuan in revenue, with proprietary brand sales exceeding 30 million yuan and a gross margin above 20% [3] - By optimizing its business structure, the company has focused on high-value operations while divesting low-margin businesses, enhancing operational efficiency and cash flow [3] Financial Performance - The company's gross margin improved from 3.3% in 2023 to 3.8% in 2024, with the second half of the year reaching a record high of 4.3% [4] - Operating cash flow net inflow reached 275 million yuan, maintaining positive inflow for six consecutive years, indicating strong financial health [4] - The company plans to initiate a dividend program by 2025, aiming to enhance shareholder returns as the economy continues to recover [4] Market Outlook - With ongoing economic recovery and rising incomes, the consumption market is expected to expand, supported by new consumption policies and business models [4] - 汇通达网络 is positioned for sustainable growth, leveraging both internal and external growth strategies to achieve higher quality performance in the coming years [4]
盈利能力稳健提升，现金流持续强劲，汇通达网络(09878)价值重估正当时