Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is entering a new development phase with optimized business structure, aiming to return to a growth trajectory [1] - The company is a leader in the B2B e-commerce sector targeting lower-tier markets, focusing on supply chain and SaaS+ services [2][3] - Revenue and net profit are projected to grow steadily from 2025 to 2027, with a forecasted revenue of 658 billion, 723 billion, and 795 billion respectively, and net profit of 3.5 billion, 4.6 billion, and 5.9 billion, reflecting growth rates of 10% and 31% respectively [2][3] Financial Summary - For 2024, the company expects a revenue of 600.6 billion, a decrease of 27% year-on-year, and a net profit of 270 million, down 40% year-on-year [3][8] - The company’s gross margin for 2024 is projected at 3.8%, an increase of 0.5 percentage points, while the net margin is expected to be 0.77%, up 0.1 percentage points [3][8] - The company’s total assets are estimated to be 28.5 billion in 2024, with total liabilities of 18.9 billion, resulting in a debt-to-equity ratio of 66.27% [8]
汇通达网络（09878）：年报点评报告：业务结构优化，发展新阶段重回快车道