Investment Rating - The report gives a "Hold" rating for the company, QiXin Group [4][79]. Core Viewpoints - QiXin Group is a leading enterprise in domestic office procurement, transitioning from stationery manufacturing to a comprehensive office solution provider, focusing on digital procurement services for medium to large government and enterprise clients [2][11]. - The company is expected to benefit from the continuous penetration and market share increase in the B2B office procurement sector, as well as the expansion of its MRO (Maintenance, Repair, and Operations) business, which has significant growth potential [4][79]. - The report highlights the company's efforts in enhancing its self-owned brand through collaborations with popular domestic IPs, which is anticipated to improve its profit structure and create new growth points [4][66]. Summary by Sections Company Overview - QiXin Group, established in 1991, has evolved into a comprehensive procurement service platform, serving over 60 central enterprises and becoming a pioneer in the B2B procurement market [2][11]. Office Procurement - The digitalization of B2B office procurement is on the rise, with a projected market size of 175.4 trillion yuan in 2023, and a digital procurement penetration rate of approximately 9.8% [3][33]. - The company has developed a digital operation platform that covers various procurement needs, significantly reducing management costs for clients [3][53]. MRO Business - The MRO market is substantially larger than traditional office supplies, with an estimated size of 8.9 trillion yuan compared to 2 trillion yuan for traditional office supplies [3][36]. - QiXin Group's MRO business has already served major clients like State Grid and Southern Power Grid, positioning it for future growth [3][4]. Brand Development - The company has been enhancing its self-owned brand "COMIX QiXin" through IP collaborations, aiming to increase the proportion of high-value products [4][66]. - The domestic market for cultural and creative products is expected to grow significantly, with the company focusing on appealing to younger consumers [4][62]. Financial Forecast and Investment Suggestions - Revenue growth is projected at 11%, 9%, and 8% for 2025-2027, with net profit growth of 70%, 41%, and 37% respectively [4][75]. - The report anticipates an EPS of 0.15 yuan, 0.21 yuan, and 0.29 yuan for the same period, with a current PE ratio of 48x for 2025 [4][79].

Group 1 - The 15th China Western International Procurement Conference will be held from May 25 to 29 at the China Western International Expo City, focusing on "deepening reform to increase momentum and expanding openness to promote development" [1] - The conference aims to build an international procurement and supply chain cooperation platform, facilitating the integration of international and domestic enterprises into the global industrial and supply chains [1] - The event is organized by the United Nations Procurement Division and the United Nations Project Services, with support from various local government and business entities [1] Group 2 - The conference will feature a "1+5+N" format of specialized activities, including signing ceremonies, procurement project promotions, and cross-border e-commerce AI supply chain trading events [1] - A total of over 60 countries and regions, including representatives from the United States, Australia, and Spain, will participate, enhancing connections between enterprises and domestic buyers [1] - The event will utilize the "Smart Exhibition Platform" and "Blockchain Cloud" to create a digital procurement solution that combines offline exhibitions with an online ecosystem [2] Group 3 - The organizing committee has received multiple procurement demand lists from various institutions and companies, including SHEIN and eBay [2] - An AI intelligent matching system will be employed to achieve precise matching of supply and demand information, enhancing the efficiency and effectiveness of the exhibition services [2]

Core Viewpoint - Qixin Group showcased its development status and future plans during the 2024 online performance briefing, highlighting steady sales growth and robust development prospects in a complex market environment [1] Performance Review - In 2024, Qixin Group achieved operating revenue of 11.397 billion yuan, with B2B office procurement business revenue reaching 11.352 billion yuan [2] - The company has established itself as a leader in the domestic B2B office procurement sector, serving over 80,000 quality clients and more than 200 major clients, including over 60 central enterprises [2] Core Competitive Advantages - Qixin Group's digital upgrade is a key highlight, with over 50 digital application scenarios launched, enhancing operational efficiency and cost reduction [4] - AI technology has significantly improved customer service capabilities and operational efficiency, reducing manual labor and operational errors [4] Institutional Perspectives - Multiple institutions have given Qixin Group a "buy" rating, with a focus on the company's digital procurement growth and brand development strategies [5][6] - The company is expected to benefit from the increasing penetration of digital procurement in the market, with a projected growth in the B2B service market [6] Investor Interaction - During the Q&A session, the management emphasized the unique advantages in brand building and the company's deep industry experience in B2B digital procurement [7] - Qixin Group announced a cash dividend of 59.42 million yuan for 2023 and a proposed 49.82 million yuan for 2024, totaling 109.24 million yuan over two years, along with a share buyback of 9.6 million shares [7]