Huakai Yibai(SZ:300592) Guolian Securities·2024-08-28 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Insights - The company is expected to achieve revenues of 8.078 billion, 9.803 billion, and 11.499 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 23.94%, 21.35%, and 17.30%. The net profit attributable to the parent company is projected to be 342 million, 440 million, and 537 million yuan for the same years, with growth rates of 3.09%, 28.49%, and 22.03% respectively. The EPS is expected to be 0.85, 1.09, and 1.33 yuan per share, leading to corresponding PE ratios of 13.1x, 10.2x, and 8.4x for 2024-2026 [2][7]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 3.519 billion yuan (up 17.6% year-on-year) and a net profit of 135 million yuan (down 35.3% year-on-year). For Q2 2024, revenue was 1.822 billion yuan (up 12.9% year-on-year) with a net profit of 53 million yuan (down 60.1% year-on-year) [6]. - The company's gross margin for H1 2024 was 36.7% (down 1.6 percentage points year-on-year), and the net profit margin was 3.8% (down 3.1 percentage points year-on-year) [6]. Revenue Breakdown - The cross-border e-commerce revenue grew steadily, with cross-border export e-commerce and comprehensive services achieving revenues of 3.03 billion and 490 million yuan respectively, representing year-on-year growth of 13.7% and 54.1%. The average transaction price for general merchandise was approximately 107 yuan, while for premium products it was about 385 yuan [6]. Business Strategy - The company is actively expanding into new channels, reducing reliance on single e-commerce platforms. Sales on the Amazon platform accounted for 73% of total revenue in H1 2024, down from 76% in H1 2023, as the company explores platforms like Temu and TikTok [6]. Long-term Outlook - Despite short-term impacts on profit margins due to new business expansions, the company is expected to maintain growth through its focus on "premium + Yimai platform" and the integration of Tongtuo Technology, leading to a reasonable valuation and sustained growth [2][7].