Huakai Yibai(300592) 兴业证券·2024-11-17 02:17Investment Rating - The report maintains an "Accumulate" rating for the company [5][10]. Core Insights - The company has shown steady growth in its main business, driven by digital empowerment in cross-border e-commerce [7]. - The integration of Tongtuo Technology has contributed to revenue growth, although short-term profits are under pressure due to increased costs associated with the integration and new platform expansions [8][9]. - The company is actively expanding into popular overseas e-commerce platforms such as Temu, TikTok, and Walmart, with significant revenue contributions from these channels [9]. Financial Performance Summary - For the fiscal year 2023, the company reported a revenue of 6,518 million yuan, with a year-on-year growth of 47.6% [6]. - The projected revenues for 2024, 2025, and 2026 are 9,040 million yuan, 11,047 million yuan, and 13,550 million yuan, respectively, with expected growth rates of 38.7%, 22.2%, and 22.7% [6][10]. - The net profit attributable to the parent company for 2023 is 332 million yuan, with a projected decline of 0.8% in 2024, followed by growth of 30.7% and 40.5% in 2025 and 2026, respectively [6][10]. - The gross profit margin is expected to stabilize around 35% in the coming years, with a return on equity (ROE) projected to increase from 12.8% in 2024 to 18.4% in 2026 [6][10].