Investment Rating - The report maintains a "Recommended" rating for Huitongda Network (09878.HK) with a target price of HKD 13.3 per share [2][7]. Core Views - The company's performance is under short-term pressure, with a significant decline in revenue and net profit for 2024, but the long-term trend of supply chain upgrades remains intact [2][3]. - The company reported a total revenue of HKD 60.06 billion for 2024, a year-on-year decrease of 27.1%, and a net profit attributable to shareholders of HKD 270 million, down 39.8% year-on-year [2][4]. Financial Summary - Revenue projections for 2025-2027 are estimated at HKD 66.14 billion, HKD 71.45 billion, and HKD 77.18 billion, respectively, with expected growth rates of 10.1%, 8.0%, and 8.0% [4][8]. - Net profit forecasts for the same period are HKD 349 million, HKD 481 million, and HKD 658 million, reflecting growth rates of 29.5%, 37.7%, and 36.8% [4][8]. - The company’s gross profit for 2024 was HKD 2.31 billion, with a gross margin of 3.8%, an increase of 0.52 percentage points year-on-year [7][8]. Business Segment Performance - The trading business segment generated revenue of HKD 59.27 billion, down 27.4% year-on-year, with notable declines in various product categories such as consumer electronics and home appliances [7][8]. - The service business segment reported revenue of HKD 610 million, a decrease of 7% year-on-year, with the SaaS+ subscription model contributing HKD 510 million, down 9.1% [7][8]. Strategic Initiatives - The company is actively adjusting its development strategy, focusing on upgrading product lines and optimizing low-margin businesses to enhance overall profitability [7][8]. - Investments in digital transformation and AI applications are being accelerated to improve customer experience and operational efficiency [7][8].
汇通达网络（09878）：2024年报点评：业绩短期承压，供应链升级不改长期趋势