Huakai Yibai(SZ:300592) KAIYUAN SECURITIES·2025-05-02 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company has shown steady growth in its main business, but short-term profitability is impacted by inventory factors. In 2024, the company achieved a revenue of 9.022 billion yuan, a year-on-year increase of 38.4%, while the net profit attributable to shareholders was 170 million yuan, a decrease of 48.8% [4][5] - The company is expected to continue its growth trajectory through the integration of Tongtuo Technology, building a brand matrix, and enhancing its overseas warehouse layout. The current valuation is considered reasonable [4][6] Financial Performance Summary - In 2024, the company generated a revenue of 9.022 billion yuan, with a year-on-year growth of 38.4%. The net profit attributable to shareholders was 170 million yuan, reflecting a significant decline of 48.8% [4][8] - For Q1 2025, the company reported a revenue of 2.292 billion yuan, up 35.1% year-on-year, but a net loss of 15 million yuan compared to a profit of 82 million yuan in the same period of 2024 [4][5] - The gross margin for 2024 was 33.9%, down 3.1 percentage points, primarily due to shipping fluctuations and excess inventory leading to unsold stock [5][8] Business Segment Performance - The company's cross-border e-commerce and comprehensive service business achieved revenues of 8.066 billion yuan and 941 million yuan, respectively, with year-on-year growth rates of 41.6% and 19.7% [5][6] - The company has a diverse product offering with approximately 1.16 million SKUs in its general merchandise business and 6,685 SKUs in its premium product line, indicating a broad market reach [5][6] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 266 million yuan, 361 million yuan, and 452 million yuan, respectively, with corresponding EPS of 0.66 yuan, 0.89 yuan, and 1.12 yuan [4][8]