Huakai Yibai(300592) 国联证券·2024-10-27 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant increase in revenue for Q3 2024, with a year-on-year growth of 47.72%, primarily driven by the integration of Tongtu Technology and the growth of new business initiatives. However, net profit has been under pressure, declining by 40.01% year-on-year in Q3 [6][4] - The company is actively expanding into overseas e-commerce platforms such as Temu, TikTok, and Walmart, which contributed to its revenue growth. The revenue from these platforms was 91.58 million, 109.27 million, and 100.74 million respectively in Q3 [6] - Despite the short-term profit margin pressure due to increased costs from the integration of Tongtu Technology and new business investments, the long-term outlook remains positive with expected revenue growth of 23.94%, 21.35%, and 17.30% for 2024, 2025, and 2026 respectively [6][7] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.115 billion (up 28.75% year-on-year) and a net profit of 189 million (down 36.74% year-on-year) [2][6] - The gross margin for Q3 2024 was 33.03%, a decrease of 4.08 percentage points year-on-year, while the net margin was 2.13%, down 3.06 percentage points year-on-year [6] - The company’s total inventory reached 2.016 billion by the end of Q3, reflecting a year-on-year increase of 139.06% [6] Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 8.078 billion, 9.803 billion, and 11.499 billion respectively, with corresponding growth rates of 23.94%, 21.35%, and 17.30% [7] - The expected net profits for the same years are 342 million, 440 million, and 537 million, with growth rates of 3.09%, 28.49%, and 22.03% respectively [7] - The earnings per share (EPS) are forecasted to be 0.85, 1.09, and 1.33 for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 15.3x, 11.9x, and 9.8x [6][7]