Investment Rating - The report assigns a "Buy" rating for 汇通达网络 (9878 HK) with a target price of HK22.90 [3][4]. Core Insights - 汇通达网络 is committed to returning at least 15% of its distributable profits as cash dividends to shareholders over the next three years (2024-2026) [1]. - The company is focusing on a production and sales integration strategy and expanding its overseas operations, particularly in Southeast Asia and Central Asia [2]. - The company aims for a 30% profit growth target for the year, despite short-term revenue pressures due to industry adjustments and external factors such as the price reduction of Apple smartphones [2]. Summary by Sections Business Development - As of June 2024, the company has 240,000 registered member stores and 90,000 active member stores, representing year-on-year growth of 12% and 19% respectively. The average procurement amount per store remains at RMB 350,000 [1]. - Revenue from member stores has increased to 44% in the first five months of 2024, up from 35% in the same period last year [1]. - The company has improved its profit structure by increasing its own brand offerings, with the headquarters supply chain accounting for 51% of total sales, and the average gross margin for key product categories rising by 21% year-on-year [1]. Sector Performance - In the consumer electronics sector, smartphone sales have benefited from price reductions by Apple, with expectations of recovery in the second half of the year due to supportive sales policies from brands [1]. - The home appliance sector faces short-term growth challenges but is focusing on developing its own brands, such as the air conditioning brand 阿尔蒂莎, which has already received initial orders [1]. - The new energy transportation sector is expanding into new car sales, used car sales, and battery recycling, along with new photovoltaic-related businesses [1]. - The agricultural inputs sector is experiencing a downturn, with price and sales declines in fertilizers and pesticides, prompting a strategic reduction in general fertilizer scale [1]. - In daily chemical products, the company plans to deepen cooperation with cleaning brands and launch its own household cleaning products [1]. Overseas Expansion - The company is leveraging its supply chain capabilities to expand into Southeast Asia and Central Asia, with a focus on aligning products with local consumer habits [2]. - The partnership with 极兔 is expected to enhance its market presence in Southeast Asia, supported by the existing network of its affiliate, 五星控股 [2].
汇通达网络：宣布分红规划；继续推进产销一体战略及出海规划