Huakai Yibai(300592) 长江证券·2024-11-18 07:24Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In Q3 2024, the company's revenue reached 2.6 billion yuan, representing a year-on-year growth of 48%, while the net profit attributable to the parent company was 55 million yuan, a year-on-year decline of 40% [4][5]. - The revenue growth was primarily driven by the acquisition of Tongtuo Technology, which contributed 677 million yuan in revenue and turned profitable since its consolidation in July 2024. Additionally, the company actively expanded into new channels, achieving significant revenue growth from platforms like Temu, TikTok, and Walmart [4][6]. - The company's gross margin decreased by 4.1 percentage points year-on-year due to higher costs associated with the acquisition and increased promotional expenses related to new platforms [5][6]. - The new channels are expected to become a new growth driver for the company, with significant revenue contributions from Temu (91.58 million yuan), TikTok (109.27 million yuan), and Walmart (100.74 million yuan) in Q1-Q3 2024 [6][5]. - The company forecasts net profits attributable to the parent company of 350 million yuan, 530 million yuan, and 630 million yuan for 2024, 2025, and 2026, respectively [6]. Summary by Sections Revenue Performance - In Q3 2024, the company achieved a revenue of 2.6 billion yuan, a 48% increase year-on-year, driven by the acquisition of Tongtuo Technology and the expansion into new channels [4][5]. Profitability Analysis - The net profit for Q3 2024 was 55 million yuan, down 40% year-on-year, attributed to the costs associated with new channel development and acquisition-related expenses [5][6]. Future Outlook - The company is expected to see significant growth from new channels, with projected net profits increasing over the next three years, indicating a positive long-term outlook [6].