Huakai Yibai(300592) Soochow Securities·2024-04-26 04:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong revenue growth, with 2023 full-year revenue reaching 6.52 billion yuan, a year-on-year increase of 47.6%, and Q1 2024 revenue at 1.70 billion yuan, up 23% year-on-year. The cross-border e-commerce segment contributed significantly, with revenue of 5.696 billion yuan in 2023, a 38.6% increase, and comprehensive service revenue of 786 million yuan, up 188.5% [1][14] - The company plans to expand into emerging markets such as Latin America and new platforms like TikTok and Temu, aiming for a total revenue of 8.5 billion yuan in the cross-border e-commerce segment for 2024 [1][14] - Profit margins have fluctuated due to expenses related to performance incentives and share-based payments, with a net profit margin of 5.1% for 2023, up 0.2 percentage points year-on-year. The company expects to incur 75.84 million yuan in equity incentive expenses in 2024 [2][14] - The company is focusing on digital technology to enhance operational efficiency and supply chain responsiveness, which is expected to help mitigate the impact of incentive-related expenses on profit margins [2][14] Financial Summary - The company’s total revenue is projected to grow from 6.518 billion yuan in 2023 to 8.574 billion yuan in 2024, representing a year-on-year growth rate of 31.54% [14] - The net profit attributable to the parent company is expected to increase from 332.16 million yuan in 2023 to 440.18 million yuan in 2024, reflecting a growth rate of 32.52% [14] - The earnings per share (EPS) is forecasted to rise from 1.15 yuan in 2023 to 1.52 yuan in 2024 [14] - The company’s gross profit margin is projected to be 36.96% in 2023, slightly decreasing to 36.23% in 2024 [6][14]