Huakai Yibai(SZ:300592) East Money Securities·2024-04-29 03:00Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a revenue of 6.518 billion yuan in 2023, representing a year-on-year growth of 47.56%, and a net profit attributable to shareholders of 332 million yuan, up 53.61% year-on-year [3][10] - The "Yimai Ecological Platform" has accelerated its development, generating revenue of 786 million yuan, a significant increase of 188.52% year-on-year, and accounting for 12.05% of total revenue in 2023 [1][8] - The company is expanding its product categories and exploring new markets, including furniture and toys, while also targeting emerging platforms like TikTok and Temu [11] Financial Performance - In 2023, the gross margin and net margin were 36.96% and 5.35%, respectively, with slight declines of 0.97 and 0.17 percentage points year-on-year [2] - The company expects revenues of 8.478 billion yuan, 10.228 billion yuan, and 11.909 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 448 million yuan, 551 million yuan, and 648 million yuan [8][9] - The cross-border e-commerce segment generated 5.696 billion yuan in revenue, reflecting a year-on-year growth of 38.62% [10] Strategic Initiatives - The company is focusing on a dual strategy of enhancing its core business while developing premium products and the Yimai Ecological Platform, aiming for sustained growth [8] - The introduction of a "semi-managed" service model on the Yimai platform is expected to help small and medium-sized sellers expand their overseas markets efficiently [11]