Investment Rating - The report initiates coverage with a recommendation for investors to continuously pay attention to the company [62] Core Viewpoints - EDA Group Holdings is positioned as a leading player in the overseas warehouse sector, leveraging technology to build a global logistics network. The company has established 56 overseas warehouses across the US, Canada, UK, Germany, and Australia, enhancing its logistics capabilities [7][19] - The company has experienced rapid revenue growth, with a 70.6% year-on-year increase in 2023, reaching 1.21 billion CNY, and a 61.6% increase in the first half of 2024, amounting to 750 million CNY. This growth is primarily driven by the increase in last-mile delivery service orders [7][43] - The overseas warehouse model is expected to gain further traction due to the fluctuating US tax policies on small packages, which enhances the demand for localized delivery and predictable shipping times [7][23] Summary by Sections Company Overview - EDA Group Holdings is the first listed company in China focusing on overseas warehouses, providing end-to-end supply chain solutions for cross-border e-commerce. The company has expanded its overseas warehouse network significantly since its establishment in 2014 [11][19] Financial Performance - The company forecasts significant revenue growth from 2024 to 2026, with expected revenues of 1.77 billion CNY, 2.41 billion CNY, and 3.18 billion CNY respectively. The net profit attributable to the parent company is projected to be 880 million CNY, 1.46 billion CNY, and 2.2 billion CNY for the same period [60][62] - The earnings per share (EPS) are expected to increase from 0.20 CNY in 2024 to 0.50 CNY in 2026, reflecting the company's strong growth trajectory [60][62] Market Dynamics - The B2C cross-border e-commerce market in China has shown robust growth, with the market size increasing from 924.5 billion CNY in 2017 to an estimated 32.25 trillion CNY in 2022, with a compound annual growth rate (CAGR) of 28.4% [28] - The logistics service market for B2C export e-commerce is also expanding rapidly, with the market size projected to reach 621.3 billion CNY by 2027 [34] Business Model - The company operates under a dual model of headway international freight services and last-mile delivery services, with the latter accounting for 78.5% of its revenue in 2023. The last-mile delivery service has seen a 95.9% increase in order volume year-on-year [11][43] - The overseas warehouse model allows for faster and more predictable delivery times, which is becoming increasingly preferred over traditional direct mail methods [32][34] Competitive Position - EDA Group Holdings is expected to enhance its market share as the demand for overseas warehouses grows alongside the development of cross-border e-commerce in China. The company aims to optimize its warehouse layout and reduce costs through AI and large model technologies [62]
EDA集团控股：海外仓龙头营收高增，打造AI+物流领航集团-20250310