Huakai Yibai(300592) 民生证券·2024-05-23 03:30Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The acquisition of Tongtuo Technology for 700 million yuan is expected to enhance the company's scale and synergistic development, improving product lines and logistics [2][3]. - The company aims to leverage its advanced information systems to automate and upgrade operations, enhancing efficiency [3]. - Revenue growth is projected at 47.6% for 2023, with a forecasted net profit of 332 million yuan, increasing to 673 million yuan by 2026 [3][8]. Financial Summary - Revenue and Profit Forecasts: - 2023 Revenue: 6,518 million yuan - 2024 Revenue: 8,389 million yuan (growth rate: 28.7%) - 2025 Revenue: 10,189 million yuan (growth rate: 21.5%) - 2026 Revenue: 11,983 million yuan (growth rate: 17.6%) - 2023 Net Profit: 332 million yuan - 2024 Net Profit: 449 million yuan (growth rate: 35.3%) - 2025 Net Profit: 560 million yuan (growth rate: 24.6%) - 2026 Net Profit: 673 million yuan (growth rate: 20.2%) [3][8]. - Valuation Metrics: - PE Ratio: Expected to decrease from 17 in 2023 to 8 in 2026 - PB Ratio: Expected to decrease from 2.7 in 2023 to 1.7 in 2026 [3][8]. - Operational Efficiency: - The company's accounts receivable turnover rate was 8.76 times/year in 2023, below the industry average of 17.04 times/year [2]. - Inventory turnover rate was 4.29 times/year, also below the industry average of 5.04 times/year [2].