Huakai Yibai(SZ:300592) KAIYUAN SECURITIES·2024-04-25 09:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong revenue growth of 23.0% year-on-year in Q1 2024, with a revenue of 1.697 billion yuan and a net profit of 82 million yuan, reflecting a 7.7% increase year-on-year [4][5] - The company is positioned as a leading player in the cross-border e-commerce sector, leveraging its self-developed information systems to enhance operational capabilities and maintain competitive advantages [4] - The company aims to drive growth through a strategic focus on "general products + premium products + Yimai ecosystem platform," which is expected to sustain its impressive growth trajectory [9] Financial Performance Summary - In Q1 2024, the company's gross margin was 36.5%, a decrease of 1.5 percentage points year-on-year, attributed to a shift in business structure with a higher proportion of lower-margin cross-border e-commerce services [5] - The company maintains its profit forecasts for 2024-2026, projecting net profits of 446 million, 552 million, and 679 million yuan, respectively, with corresponding EPS of 1.54, 1.91, and 2.35 yuan [4][11] - The current price-to-earnings (P/E) ratios are projected at 12.0, 9.7, and 7.9 for the years 2024, 2025, and 2026, respectively [4][11] Market Strategy - The company plans to diversify its channels and expand into new markets, particularly focusing on the Latin American market, exemplified by Mexico, which has significant growth potential [9] - The company is also investing in technological innovations to enhance operational efficiency, including the application of AIGC technology for intelligent customer service and digital operations [9]