Huakai Yibai(300592) 国泰海通证券·2025-05-20 11:08Investment Rating - The investment rating for the company is "Accumulate" [10][18] Core Views - The company has expanded its overall scale after acquiring Tongtuo Technology, and there is optimism about expanding new channels and regions while enhancing AI capabilities, indicating potential for future growth [2][3] Financial Summary - Revenue for 2023 was 6,518 million, projected to grow to 9,022 million in 2024 (+38.4%) and further to 10,972 million in 2025 (+21.6%) [4] - Net profit attributable to the parent company for 2023 was 332 million, expected to decline to 170 million in 2024 (-48.8%) but recover to 276 million in 2025 (+62.3%) [4] - Earnings per share (EPS) is projected to be 0.42 in 2024 and 0.68 in 2025, with a growth rate of 62% [4][10] - The company’s gross margin is expected to be 33.9% in 2024, down 3.1 percentage points from the previous year [10] Market Data - The company's current stock price is 11.45, with a target price set at 14.89 [10][12] - The market capitalization is 4,635 million, with a 52-week price range of 9.77 to 19.52 [5][10] Business Segments - The company reported a revenue of 80.7 billion from cross-border e-commerce, growing by 41.6%, with significant contributions from various product categories [10] - The company is actively enhancing its operational efficiency through AI-driven solutions, which is expected to strengthen its competitive advantage in the market [10]