华凯易佰(300592)：收入同比高增 主动清库存致利润承压

Core Viewpoint - The company reported a significant increase in revenue for 2024, but net profit declined sharply, indicating challenges in profitability despite revenue growth [1][4]. Financial Performance - For 2024, the company achieved a total revenue of 9.022 billion yuan, a year-on-year increase of 38.42%, while the net profit attributable to shareholders was 170 million yuan, a decrease of 48.77% [1]. - In Q1 2025, the company reported revenue of 2.292 billion yuan, up 35.08% year-on-year, but a net loss of 15 million yuan, marking a shift from profit to loss [1]. Integration and Channel Diversification - The integration of Tongtuo Technology began to show results, contributing 1.313 billion yuan in revenue from July to December 2024, with a net loss of 11 million yuan, significantly improved from a loss of 99.92 million yuan in 2023 [2]. - The company is actively expanding into popular e-commerce channels, with Temu generating over 352 million yuan, TikTok over 188 million yuan, and Walmart over 381 million yuan, reducing reliance on Amazon, whose revenue share dropped from 74.81% to 64.03% [2]. Profitability Challenges - The company's gross margin for 2024 was 33.86%, down 3.10 percentage points year-on-year, and the net profit margin was 1.89%, down 3.21 percentage points [3]. - In Q1 2025, the gross margin further declined to 31.48%, a decrease of 4.97 percentage points, with a net profit margin of -0.66%, down 5.49 percentage points [3]. - The decline in profitability is attributed to an active inventory clearance plan, with asset impairment losses of 74 million yuan in 2024 and 22 million yuan in Q1 2025, representing significant year-on-year increases [3]. Long-term Outlook - Despite short-term profitability pressures, the company is expected to maintain growth momentum through its focus on new platforms like Temu and TikTok, and the integration of Tongtuo Technology [4]. - Revenue projections for 2025-2027 are 11.294 billion yuan, 13.507 billion yuan, and 15.873 billion yuan, with corresponding growth rates of 25.18%, 19.60%, and 17.51% [4]. - Expected net profits for the same period are 286 million yuan, 406 million yuan, and 563 million yuan, with growth rates of 67.92%, 42.03%, and 38.64% respectively [4].