Investment Rating - The report maintains a rating of "Buy" for 汇通达网络 (9878) [3][12]. Core Views - The company has further enhanced its supply chain construction and membership service capabilities, optimizing its business structure for long-term healthy and stable development [2]. - In 2023, the company achieved revenue of 82.4 billion RMB, a slight increase of 0.4%, and a net profit attributable to shareholders of 448 million RMB, representing a significant growth of 41.7% [2]. - The adjusted net profit for 2023 was also 448 million RMB, aligning with expectations, while forecasts for 2024-2025 adjusted net profits were lowered to 602 million RMB and 759 million RMB, with growth rates of 34% and 26% respectively [2]. Summary by Relevant Sections Financial Performance - In 2023, the trading business revenue was 816.2 billion RMB, up 0.5%, with notable performance in consumer electronics at 448.9 billion RMB (+19%) [2]. - The service business revenue was 6.55 billion RMB, down 17.6%, with the SaaS and subscription business showing growth at 5.3% [2]. - The gross profit margin for 2023 was 3.3%, with the trading business at 2.5% and service business at 87.7% [2]. Membership and SaaS Growth - By the end of 2023, the number of registered member stores reached 237,000, a 15% increase, while active member stores grew by 19.1% to 90,700 [2]. - The number of SaaS subscription users reached 132,000, with paid SaaS users increasing by 61.4% to 48,100, resulting in a penetration rate of 36.4% [2]. Supply Chain and Service Enhancements - The company continues to strengthen its supply chain and membership service capabilities, collaborating with leading brands and enhancing its digital infrastructure [2]. - A new equity incentive plan was announced, aiming for a more than 100% increase in net profit by 2026 compared to 2023, which is expected to boost team efficiency and support long-term performance goals [2].
2023年年报点评：强化底层能力建设，拥抱长期发展韧性