Huakai Yibai(SZ:300592) Huachuang Securities·2024-04-26 13:02Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 23 CNY, corresponding to a market value of 6.7 billion CNY based on a 15x PE ratio for 2024 [1]. Core Views - The company is expected to see significant growth in its premium and cross-border services, with projected net profits of 450 million CNY, 550 million CNY, and 640 million CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 35%, 23%, and 17% [1]. - The company has successfully implemented its "One Body, Two Wings" strategy, achieving a revenue of 5.7 billion CNY in cross-border export business, a 38.6% increase year-on-year, and a remarkable 188.5% increase in cross-border e-commerce comprehensive service revenue [1]. Business Segments Summary - The cross-border export business has expanded significantly, with 1.04 million SKUs available and an average transaction value of 107 CNY. The premium product line includes categories such as clean appliances, home appliances, pet supplies, and lighting, with 636 SKUs and an average transaction value of 380 CNY [1]. - The company is leveraging AIGC technology to enhance its production processes, including the development of intelligent procurement systems, intelligent product selection systems, and smart customer service solutions [1]. - The acquisition of Tongtuo Technology is progressing, with plans to establish a headquarters in South China, supported by a 1.5 billion CNY investment [1]. Financial Performance Summary - In 2023, the company reported total revenue of 6.52 billion CNY, a year-on-year increase of 47.6%, and a net profit attributable to shareholders of 332 million CNY, up 53.6% [35]. - For the first quarter of 2024, the company achieved a revenue of 1.7 billion CNY, reflecting a year-on-year growth of 23.1%, and a net profit of 82 million CNY, a 7.7% increase [35]. - The company plans to distribute a cash dividend of 4 CNY per 10 shares, totaling 116 million CNY, with a payout ratio of 35% [35].