Huakai Yibai(300592) 国盛证券·2024-10-28 09:14Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is experiencing stable growth in cross-border business and has achieved profitability through the consolidation of Tongtuo Technology. The revenue for Q3 2024 reached 2.596 billion yuan, a year-on-year increase of 47.72%. The net profit attributable to the parent company for the same period was 55 million yuan, a decrease of 40.01% year-on-year [1][3] - The company is actively expanding into overseas emerging platforms, with significant revenue contributions from Temu (0.092 billion yuan), TikTok (0.109 billion yuan), and Walmart (0.101 billion yuan) in Q1-Q3 2024. The number of cooperative merchants for the Yimai business has increased to 263, a quarter-on-quarter increase of 44 [1] - The company has undergone a management transition, focusing on enhancing its cross-border e-commerce business and leveraging the potential of its core team [1] Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 6.115 billion yuan, representing a year-on-year growth of 28.75%. The net profit attributable to the parent company was 189 million yuan, down 36.74% year-on-year [1][2] - The projected revenues for 2024-2026 are 9.031 billion yuan, 11.744 billion yuan, and 12.841 billion yuan, respectively, with net profits expected to be 349 million yuan, 474 million yuan, and 620 million yuan [2][10] - The earnings per share (EPS) for 2024-2026 are forecasted to be 0.86 yuan, 1.17 yuan, and 1.53 yuan, with corresponding price-to-earnings (P/E) ratios of 15.0x, 11.1x, and 8.5x [2][10]