Huakai Yibai(SZ:300592) Guohai Securities·2024-04-27 16:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11][24] Core Views - The company has demonstrated steady growth in performance, with a focus on enhancing shareholder returns [11][24] - The company is expected to achieve revenue of 8.57 billion yuan in 2024, representing a 31% year-on-year growth, and a net profit of 453 million yuan, reflecting a 36% increase [5][24] - The company is strategically positioned in the e-commerce sector, leveraging digitalization and operational efficiency to expand its global business [30] Financial Summary - Revenue (million yuan): 6,518 in 2023, projected to be 8,571 in 2024, 10,624 in 2025, and 12,311 in 2026, with growth rates of 48%, 31%, 24%, and 16% respectively [5][6] - Net profit (million yuan): 332 in 2023, expected to rise to 453 in 2024, 551 in 2025, and 667 in 2026, with growth rates of 53%, 36%, 22%, and 21% respectively [5][6] - Diluted EPS (yuan): 1.15 in 2023, projected to be 1.57 in 2024, 1.90 in 2025, and 2.31 in 2026 [5][6] - ROE (%): 16% in 2023, expected to increase to 19% in 2024, and stabilize at 18% in 2025 and 2026 [5][6] - P/E ratio: 20.15 in 2023, projected to decrease to 11.69 in 2024, 9.61 in 2025, and 7.94 in 2026 [5][6] Business Strategy - The company has established a comprehensive business model combining "general products, premium products, and cross-border e-commerce services" [30] - The general products segment has optimized its supply chain, with approximately 1.04 million SKUs and an average selling price of 107 yuan [30] - The premium products segment focuses on high-quality offerings, primarily sold through platforms like Amazon, with around 636 SKUs and an average selling price of 380 yuan [30] - The "Yimai" cross-border e-commerce platform offers diverse services to support sellers, including semi-managed services on Amazon and supply chain management [30]