Huakai Yibai(SZ:300592) Huachuang Securities·2025-11-04 07:20Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 13.25 yuan [2][8]. Core Insights - The company reported a revenue of 6.74 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 10.21%. However, the net profit attributable to shareholders decreased by 73.90% to 49 million yuan, and the non-recurring net profit fell by 81.12% to 35 million yuan [2][4]. - In Q3 2025, the company experienced a revenue decline of 15.10% year-on-year, with a net profit drop of 76.87% [2][4]. - The company is undergoing a strategic adjustment focusing on asset quality improvement, which has led to a temporary slowdown in revenue growth due to external challenges such as overseas market policy changes and intensified competition in the global cross-border e-commerce sector [8][9]. - Significant inventory optimization efforts have been implemented, resulting in a notable reduction in inventory levels and improved turnover efficiency, laying a solid foundation for sustainable and high-quality development [8][9]. - The integration of AI applications is enhancing operational efficiency, with AI being utilized in agile development, intelligent customer service, and smart procurement, thereby reducing operational costs and improving decision-making processes [8][9]. Financial Summary - The company is projected to achieve a net profit of 98 million yuan in 2025, with a year-on-year decline of 42.2%, followed by a recovery to 214 million yuan in 2026 and 298 million yuan in 2027, reflecting growth rates of 117.6% and 39.1% respectively [4][8]. - The estimated earnings per share (EPS) are expected to be 0.24 yuan in 2025, increasing to 0.53 yuan in 2026 and 0.74 yuan in 2027 [4][8]. - The company’s total revenue is forecasted to grow from 9.02 billion yuan in 2024 to 10.09 billion yuan in 2025, with a growth rate of 11.9% [4][8].