新股前瞻 |排名第五的数字零售解决方案提供商凯诘电子：业绩连年下滑

Core Viewpoint - The company, Kaijie Electronics, is facing continuous performance decline despite being the fifth largest digital retail solution provider in China, as it prepares for its IPO in Hong Kong [1][2]. Group 1: Company Performance - Kaijie Electronics has shown a compound annual revenue growth rate (CAGR) of -3.65% from 2022 to 2024, with net profit declining at a CAGR of -16.47% during the same period [2]. - The revenue structure has been adjusted, but it has not reversed the downward trend in performance. The company serves over 200 brands, including more than 100 international brands across various sectors [3]. - The revenue from To-C (consumer) and To-B (business) segments for 2024 is projected to be 974 million RMB and 582 million RMB, respectively, accounting for 57.3% and 34.3% of total revenue [3]. Group 2: Profitability and Financial Metrics - The overall gross margin for 2024 is expected to be 21.8%, a decrease of 2.2 percentage points from 2022. The gross margins for To-C and To-B segments are 25.8% and 11.2%, respectively [4][5]. - The company has a relatively dispersed customer concentration, with the top five customers contributing 26.6% of revenue, while the top five suppliers account for 52.6% of procurement [3][4]. Group 3: Market Position and Industry Context - The digital retail market in China is projected to reach 13.9 trillion RMB in 2024, with a compound growth rate of 11.8% over the past five years. In contrast, Kaijie Electronics' performance lags behind this industry growth [7][8]. - The company holds a mere 1% market share, indicating a loss of market position as it faces intense competition in a highly fragmented market [9]. - Despite the challenges, the digital retail solutions market is expected to grow significantly, with projections indicating a market size of 3.4 trillion RMB by 2029 [8][9]. Group 4: Strategic Initiatives - To enhance competitiveness, the company is investing in research and development to create an integrated smart e-commerce platform and is focusing on AI technology to improve its service offerings [6][10]. - The company has increased its brand partnerships to 113 in 2024, up by 33 over three years, indicating efforts to strengthen its market presence [9].