2024年一季报点评：跨境电商业务承压，盈利水平短期受限

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company's cross-border e-commerce business is under pressure, leading to short-term limitations on profitability. However, the packaging business is developing steadily, with revenue growth and restored profitability [4][6]. - The company has a strong gross margin, but the expansion of the e-commerce business is limiting short-term profit levels. The net profit margin decreased significantly due to a decline in net profit from the cross-border e-commerce business and increased amortization expenses [5][6]. - The company is investing in intelligent construction and has developed a cross-border social e-commerce operation management system, enhancing digitalization and automation across its business processes [5][6]. Financial Performance Summary - In Q1 2024, the company achieved revenue of 1.324 billion yuan, a year-on-year decrease of 3.75% and a quarter-on-quarter decrease of 24.92%. The net profit attributable to the parent company was 43 million yuan, down 39.22% year-on-year but up 75.54% quarter-on-quarter [3]. - The gross margin for Q1 2024 was 40.62%, a decrease of 5.01 percentage points year-on-year and a decrease of 4.27 percentage points quarter-on-quarter. The net profit margin was 3.23%, down 1.89 percentage points year-on-year but up 1.85 percentage points quarter-on-quarter [5]. - The company expects revenue growth for 2024-2026 to be 7.671 billion yuan, 8.829 billion yuan, and 10.209 billion yuan, respectively, with net profits of 424 million yuan, 506 million yuan, and 589 million yuan, reflecting year-on-year growth rates of 22.9%, 19.3%, and 16.4% [6][7].