Focus Tech.(SZ:002315) KAIYUAN SECURITIES·2024-02-22 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [5][35] Core Views - The company is a leader in cross-border e-commerce and is expected to benefit from growth opportunities brought by AI empowerment [20][35] - The company reported a revenue of 1.527 billion yuan in 2023, a year-on-year increase of 3.51%, and a net profit attributable to shareholders of 379 million yuan, a year-on-year increase of 26.12% [15][26] - The report anticipates net profits for 2024-2026 to be 475 million, 600 million, and 757 million yuan respectively, with corresponding EPS of 1.52, 1.92, and 2.42 yuan per share [20] Financial Performance Summary - In 2023, the company's net profit margin improved by 4.65 percentage points to 25.17%, driven by stable revenue growth from China Manufacturing Network and significant reductions in operating expenses [26] - The company achieved a gross margin of 79.5% in 2023, with expectations to maintain around 80% in the coming years [23] - The report highlights a significant increase in cash flow from operating activities, amounting to 637 million yuan in 2023 [34] AI Product Development - The AI product capabilities have rapidly upgraded, with commercial progress being positive, including features for intelligent product release and AI-assisted customer engagement [21][27] - By the end of 2023, the number of paying members for the AI product reached approximately 4,000, with cash receipts exceeding 20 million yuan [27]