Xiamen Jihong Technology (SZ:002803) Minsheng Securities·2024-03-31 16:00Investment Rating - The report maintains a "Recommended" rating for the company [8] Core Views - The company has shown a continuous increase in the proportion of high-margin cross-border business, which has driven its profitability [7] - The cross-border e-commerce business accounted for 63.58% of total revenue in 2023, reflecting a 5.79 percentage point increase year-on-year [7] - The company is expected to achieve revenue growth of 14.6% in 2024, with projected revenues of 7.671 billion yuan [2][7] - The net profit for 2024 is forecasted to be 436 million yuan, representing a year-on-year growth of 26.5% [2][7] Financial Summary - Revenue for 2023 was 6.695 billion yuan, with a year-on-year growth of 24.5% [2][7] - The gross profit margin for 2023 was 46.66%, an increase of 6.06 percentage points from the previous year [7] - The net profit margin for 2023 was 5.15%, reflecting a stable performance [7] - Earnings per share (EPS) for 2023 was 0.90 yuan, with projections of 1.13 yuan for 2024 [2][7] - The company’s price-to-earnings (PE) ratio is expected to decrease from 20 in 2023 to 16 in 2024, indicating improved valuation [2][7] Business Segments - The cross-border e-commerce segment generated 4.257 billion yuan in revenue in 2023, growing by 37.02% year-on-year [7] - The packaging business achieved revenue of 2.097 billion yuan in 2023, with a growth rate of 5.75% [7] - Other businesses, including cloud services and advertising, contributed 341 million yuan in revenue, marking a 19.10% increase [7] Future Outlook - The company is expected to continue its investment in intelligent construction and digital transformation, enhancing operational efficiency [7] - The forecast for 2024-2026 indicates revenues of 7.671 billion yuan, 8.829 billion yuan, and 10.209 billion yuan respectively, with corresponding net profits of 436 million yuan, 517 million yuan, and 602 million yuan [2][7]