Huakai Yibai(300592) 民生证券·2024-10-28 15:41Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company is experiencing pressure on its performance, with expectations for improved profitability following the consolidation of Tongtuo Technology. The revenue for the first three quarters of 2024 reached 6.115 billion yuan, a year-on-year increase of 28.75%, while the net profit attributable to the parent company was 189 million yuan, a year-on-year decrease of 36.74% [2][4]. - The third quarter of 2024 saw a revenue of 2.596 billion yuan, a year-on-year increase of 47.72%, primarily due to the consolidation of Tongtuo Technology, which achieved a revenue of 677 million yuan and turned profitable [2][4]. - The company is actively expanding its overseas e-commerce presence through platforms like Temu, TikTok, and Walmart, with significant revenue contributions from these channels [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 35.13%, down 2.68 percentage points year-on-year, and a net profit margin of 3.10%, down 3.20 percentage points year-on-year [2][5]. - The third quarter of 2024 saw a gross margin of 33.03%, down 4.08 percentage points year-on-year, and a net profit margin of 2.11%, down 3.08 percentage points year-on-year [2][5]. - The company anticipates achieving net profits of 297 million yuan, 374 million yuan, and 453 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 18, 14, and 12 [2][5]. Business Strategy - The company is driven by three main business segments: "General Products + Premium Products + Yimai." The general products segment is expected to grow through regional expansion, while the premium products segment focuses on key categories such as clean appliances and pet supplies [2][4]. - The Yimai platform is aimed at assisting sellers in expanding into overseas markets, capitalizing on the industry's growth opportunities [2][4].