华凯易佰更新报告：董事增持彰显信心，收购落地助力发展

Investment Rating - The report maintains an "Accumulate" rating for the company [2][13]. Core Views - The company is expected to benefit from the acquisition of Tongtuo, which is anticipated to enhance its competitive strength and future development prospects [4][25]. - The company has shown strong performance in turnover and employee efficiency metrics, with a projected revenue growth of 30.8% in 2024 [4][28]. - The completion of the acquisition of Tongtuo Technology is expected to create synergies, with Tongtuo contributing approximately 52% of the company's revenue in 2023 [13][28]. - The company is actively expanding into new platforms and regions, which is expected to positively impact future earnings [13][28]. Financial Forecast - The company forecasts EPS for 2024-2026 to be 1.13, 1.43, and 1.73 CNY, representing growth rates of 37%, 27%, and 21% respectively [13][28]. - Revenue is projected to increase from 6,518 million CNY in 2023 to 8,528 million CNY in 2024, reflecting a growth of 30.8% [28]. - Net profit attributable to the parent company is expected to rise from 332 million CNY in 2023 to 456 million CNY in 2024, indicating a growth of 37.2% [28]. Market Data - The current stock price is 10.54 CNY, with a target price set at 15.82 CNY, down from a previous forecast of 19.35 CNY [2][13]. - The company has a total market capitalization of 4,267 million CNY and a total share capital of 405 million shares [24]. Shareholder Confidence - Multiple board members have increased their shareholdings, indicating confidence in the company's future [13][25]. - The report highlights significant share purchases by directors, including a plan for further investments totaling between 10 million and 20 million CNY [13]. Strategic Initiatives - The company is benefiting from the Amazon Prime Day, with a significant increase in consumer spending, which is expected to enhance its revenue from Amazon channels [13][28]. - The company is also focusing on optimizing its cost structure and improving profit margins through adjustments in logistics and supply chain management [13][28].