华凯易佰：收购通拓科技，旺季即至，业绩有望拐点向上

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the next six months [64]. Core Insights - The company has undergone a strategic transformation to focus on cross-border e-commerce, acquiring a majority stake in Yibai Network and subsequently integrating it as a wholly-owned subsidiary [5][6]. - The cross-border e-commerce industry is experiencing robust growth, with significant market potential driven by policy support and increasing consumer demand [11][14]. - The company is expanding its product offerings in both the general and premium categories, leveraging its digital capabilities to optimize product structures and enhance market responsiveness [46][28]. Summary by Sections Industry Overview - The cross-border e-commerce sector is a trillion-dollar market with steady growth, supported by favorable policies and increasing participation from various stakeholders [11][14]. - The SaaS industry related to cross-border e-commerce is also growing rapidly, with a projected market size increase from 2.9 billion to 5.3 billion by 2028, reflecting a CAGR of 14.9% [22][24]. Company Strategy - The company has established a diversified product strategy, focusing on high-value, low-competition categories such as kitchen appliances and smart home products [28]. - The acquisition of Tongtuo Technology is expected to enhance the company's competitive edge by complementing its existing product matrix and expanding its supply chain capabilities [51][59]. Financial Performance - The company reported significant revenue growth, with total revenue expected to reach 88.41 billion in FY2024, reflecting a year-on-year increase of 35.6% [56]. - The net profit forecast for FY2024 is projected at 3.82 billion, with a steady increase in profitability anticipated through operational improvements and strategic acquisitions [64][56]. Market Position - The company primarily sells through Amazon, which accounted for 74.81% of its revenue in 2023, while also diversifying its sales channels to include platforms like Shopee and Mercado Libre [48][49]. - The company has successfully increased its SKU count by 108% year-on-year, indicating a strong market presence and product diversification [46][30].