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 [11][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 projected revenue of 1.77 billion CNY in 2024 [7][43]. - The overseas warehouse model is expected to gain further traction due to favorable tax policies for small packages in the U.S., enhancing local delivery capabilities and predictability [7][41]. 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 [11][13]. - The company operates 56 overseas warehouses across the U.S., Canada, the UK, Germany, and Australia, covering over 40 cities [19]. Financial Performance - Revenue for 2023 was 1.21 billion CNY, with a projected increase to 1.77 billion CNY in 2024 and 2.41 billion CNY in 2025 [2][60]. - The net profit attributable to the parent company for 2023 was 69.4 million CNY, expected to rise to 88.13 million CNY in 2024 [2][60]. - The company’s EPS is projected to grow from 0.16 CNY in 2023 to 0.50 CNY in 2026 [2][60]. Business Model - The company’s business model includes both headway international freight services and tail-end fulfillment services, with the latter accounting for 78.5% of revenue in 2023 [11][13]. - The tail-end fulfillment service saw a 95.9% increase in order volume in 2023, contributing significantly to revenue growth [43]. Market Trends - The B2C export e-commerce logistics service market has grown from 113.6 billion CNY in 2017 to 402.4 billion CNY in 2022, with a projected market size of 621.3 billion CNY by 2027 [34][28]. - The overseas warehouse model is anticipated to surpass the direct mail model as the primary cross-border logistics method due to its advantages in delivery speed and reliability [34][41]. Profitability and Cost Structure - The company’s gross profit for 2023 was 200 million CNY, with a gross margin of 16.3%, slightly declining due to rising costs [48]. - The sales cost structure indicates that logistics costs account for 74.3% of total sales costs, with potential for improved bargaining power as service volumes increase [50].
EDA集团控股（02505）：海外仓龙头营收高增，打造AI+物流领航集团