Huakai Yibai(300592) 海通证券·2024-10-29 06:11Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company reported a significant revenue increase of 47.72% year-on-year in Q3 2024, with total revenue reaching 2.596 billion yuan. However, the net profit attributable to shareholders decreased by 40.01% to 55 million yuan due to increased costs associated with business expansion and acquisitions [5][6] - The company has successfully integrated Tongtuo Technology, which contributed 677 million yuan in revenue for Q3 2024, marking a turnaround to profitability. Meanwhile, Yibai Network's revenue grew by 9.2% year-on-year to 1.91 billion yuan [5][6] - The company is actively expanding into emerging platforms, with notable revenues from Temu (91.58 million yuan), TikTok (110 million yuan), and Walmart (100 million yuan) [7] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 6.115 billion yuan, reflecting a year-on-year growth of 28.75%. The net profit attributable to shareholders for the same period was 189 million yuan, down 36.74% year-on-year [5][6] - The company expects revenues for 2024, 2025, and 2026 to be 9.04 billion yuan, 12.149 billion yuan, and 13.912 billion yuan, respectively, with year-on-year growth rates of 38.7%, 34.4%, and 14.5% [8][11] - The projected net profit for the same years is 336 million yuan, 459 million yuan, and 581 million yuan, with growth rates of 1.1%, 36.8%, and 26.4% respectively [8][11] Revenue Breakdown - The company's revenue from cross-border e-commerce is projected to reach 7.937 billion yuan in 2024, with a year-on-year growth of 39.4% [9] - The comprehensive service revenue from cross-border e-commerce is expected to grow to 1.1 billion yuan in 2024, reflecting a 40% increase [9] Valuation and Market Position - The company is valued at a price-to-earnings (P/E) ratio of 18-22 times for 2024, suggesting a reasonable market capitalization range of 6.047 billion to 7.391 billion yuan [7][8] - The average P/E ratio of comparable companies is around 20.3 times for 2024 [10]