Huakai Yibai(SZ:300592) Minsheng Securities·2024-04-20 17:30Investment Rating - The report maintains a "Recommended" rating for Huakai Yibai (300592.SZ) [2] Core Views - In 2023, the company achieved revenue of 6.518 billion yuan, a year-on-year increase of 47.56%, and a net profit attributable to shareholders of 332 million yuan, up 53.08% year-on-year [1] - The company is leveraging opportunities in the e-commerce market, focusing on cross-border export e-commerce comprehensive services, with significant growth in both product sales and service revenue [1] - The gross margin for 2023 was 36.96%, a decrease of 2.55 percentage points year-on-year, while the gross margin for cross-border e-commerce business was 40.15%, an increase of 0.55 percentage points [1] - The company is expected to achieve net profits of 450 million, 560 million, and 674 million yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 35.3%, 24.7%, and 20.2% [1] Summary by Sections Financial Performance - In 2023, the total revenue was 6.518 billion yuan, with a growth rate of 47.56%. The net profit attributable to shareholders was 332 million yuan, reflecting a growth rate of 53.08% [1][5] - The fourth quarter of 2023 saw revenue of 1.768 billion yuan, a year-on-year increase of 30.16%, but a decline in net profit attributable to shareholders by 54.58% [1] Business Segmentation - Product sales generated revenue of 5.696 billion yuan, accounting for 87.39% of total revenue, while cross-border e-commerce services achieved revenue of 786 million yuan, representing a growth of 188.52% [1] - The top five customers in 2023 were Amazon, eBay, AliExpress, Cdiscount, and Walmart, contributing a combined sales ratio of 82.24% [1] Operational Efficiency - The company has improved inventory turnover days, which decreased by 22.46 days to 71.32 days in 2023 [1] - The company employs a self-developed algorithm to optimize inventory management and enhance operational efficiency [1] Future Outlook - The report forecasts net profits of 450 million yuan in 2024, 560 million yuan in 2025, and 674 million yuan in 2026, with corresponding PE ratios of 11, 9, and 7 [1][5]