证券研究报告 | 公司动态点评 2025 年 08 月 26 日 吉宏股份（002803.SZ） 25H1 业绩超预期，"跨境电商+包装"双轮驱动增长 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6,695 | 5,529 | 6,518 | 7,649 | 8,805 | | 增长率 yoy（%） | 24.5 | -17.4 | 17.9 | 17.4 | 15.1 | | 归母净利润（百万元） | 345 | 182 | 263 | 356 | 474 | | 增长率 yoy（%） | 87.6 | -47.3 | 44.4 | 35.4 | 33.2 | | ROE（%） | 14.4 | 8.4 | 9.2 | 11.1 | 12.9 | | EPS 最新摊薄（元） | 0.76 | 0.40 | 0.58 | 0.79 | 1.05 | | P/E（倍） | 23.7 | 44.9 | 31.1 | 23.0 | 17.2 | | P/B（倍 ...

Group 1 - The latest stock price of Santai Co., Ltd. is 9.56 yuan, an increase of 0.22 yuan from the previous trading day [1] - The opening price for the day was 9.32 yuan, with a highest point of 9.57 yuan and a lowest point of 9.32 yuan, resulting in a trading volume of 198,400 hands and a transaction amount of 188 million yuan [1] - Santai Co., Ltd. focuses on cross-border e-commerce and operates in the trade industry, involving fields such as multimodal AI and AIGC, with its registered location in Guangdong Province [1] Group 2 - The net inflow of main funds for Santai Co., Ltd. on that day was 1.415 million yuan, accounting for 0.07% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 56.296 million yuan, representing 2.69% of the circulating market value [1]

Group 1 - The stock price of Huakai Yibai closed at 11.38 yuan on July 29, 2025, down 0.22 yuan or 1.90% from the previous trading day [1] - The company operates in the internet services industry, primarily engaged in cross-border e-commerce [1] - In Q1 2025, the company reported revenue of 2.292 billion yuan and a net profit attributable to shareholders of -15.09 million yuan [1] Group 2 - The company has completed the registration capital change and other business change filing procedures, obtaining a new business license from the Hunan Provincial Market Supervision Administration [1] - Shareholder Luo Ye released the pledge of 4.27 million shares, accounting for 25.54% of his holdings, while shareholder Zhuang Jun Chao pledged 12.2 million shares, accounting for 41.56% of his holdings [1] - On the same day, a block trade occurred involving 400,000 shares with a transaction amount of 4.484 million yuan, at a discount of 1.49% to the closing price [1] Group 3 - On July 29, 2025, the net outflow of main funds for Huakai Yibai was 15.2226 million yuan, representing 0.38% of the circulating market value [2]

Core Viewpoint - China Wuyi (000797) is focusing on strengthening its cross-border e-commerce business while addressing concerns about its profitability and stock performance amid various financial challenges [2][3][6]. Group 1: Business Operations - China Wuyi's main business includes international engineering contracting and real estate development [8]. - The company aims to enhance its cross-border trade supply chain and become a globally competitive comprehensive supply chain operator [2]. Group 2: Financial Performance - In Q1 2025, the company reported a main revenue of 862 million yuan, a year-on-year decrease of 3.98% [8]. - The net profit attributable to shareholders was -45.36 million yuan, down 192.43% year-on-year, while the non-recurring net profit was -46.53 million yuan, a decline of 188.19% [8]. - The company's debt ratio stands at 75.49%, with investment income of 707,400 yuan and financial expenses of 28.67 million yuan [8][9]. Group 3: Shareholder Concerns - There are concerns regarding the company's low dividend payouts and the potential for stock price stabilization through strategic share purchases by major shareholders [4][6]. - The company is considering suggestions to engage strategic investors to regain stock pricing power [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a significant increase in revenue driven by strong demand for overseas warehouses, with a year-on-year revenue growth of 45% in 2024, reaching 5.67 billion yuan. However, the net profit attributable to shareholders decreased by 47% to 340 million yuan due to reduced sales from overseas warehouses [1][11] - The overseas warehouse business saw a remarkable revenue increase of 155% in 2024, amounting to 2.423 billion yuan, benefiting from scale advantages and improved bargaining power within the cross-border logistics supply chain [2] - The company's independent brand products accounted for 73.84% of its main business revenue, with cross-border e-commerce sales growing by 14% to 2.026 billion yuan, and independent site sales increasing by 22% to 820 million yuan [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.67 billion yuan, a 45% increase year-on-year, while the net profit attributable to shareholders was 340 million yuan, down 47% [1] - The gross margin for 2024 was 29.15%, a decrease of 7.4 percentage points year-on-year, primarily due to the high growth of low-margin overseas warehouse business [4] Overseas Warehouse Business - The overseas warehouse business generated 2.423 billion yuan in revenue in 2024, with a gross margin of 10.4%, down 2 percentage points year-on-year. The company expanded its overseas warehouse area significantly, reaching 662,100 square meters [2] Cross-Border E-Commerce - The independent site sales represented 40% of the cross-border e-commerce revenue, with a total of 34.1 million buyers on independent sites, reflecting a 36% year-on-year increase [3] Profit Forecast - The company is expected to achieve revenues of 7.39 billion yuan, 8.42 billion yuan, and 9.54 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 414 million yuan, 496 million yuan, and 588 million yuan [11]

Group 1: Industry Overview - The logistics supply chain sector's overall performance is constrained due to international external factors, with over 60% of the 24 companies that disclosed their Q1 2025 reports experiencing negative net profit growth, averaging a decrease of approximately 34% [1] Group 2: Company Developments - Dongfang Jiasheng is actively exploring opportunities in the semiconductor industry chain, focusing on the incremental potential in repair services and trade [1] - The company is expanding its international freight routes to Europe and the United States, enhancing its cross-border e-commerce business by leveraging its global overseas warehouse layout and efficient full-chain service capabilities [1] - Dongfang Jiasheng has established a multimodal transport network for international logistics, with the launch of the "Yuexin Express" rail-air intermodal service on April 18, which will connect to its TIR cross-border road transport and international air transport [1] - The company aims to serve international markets in Europe and Central Asia with its multimodal transport solutions, supporting domestic enterprises' overseas expansion and facilitating imports for leading foreign companies [1] Group 3: Financial Performance - In Q1 2025, Dongfang Jiasheng reported revenue of 890 million yuan, a year-on-year increase of 8.64%, while the net profit attributable to shareholders was 43.39 million yuan, a decrease of 14.49% primarily due to investment income and revaluation of trading financial assets [4] - The company's net profit after deducting non-recurring items was 40.79 million yuan, reflecting a year-on-year decrease of 3.82% [4] - The company has built and implemented self-built projects in Chongqing and Kunming, with ongoing developments in Shenzhen, aiming to enhance its global warehousing network, which currently exceeds 250,000 square meters [2]

Group 1 - Shenzhen's 2025 foreign trade support policy includes ten key points aimed at supporting enterprises in overseas investment and cooperation [1] - Enterprises can receive up to 20 million yuan in support for legal, technical, business, and financing consulting fees, bank loan interest, overseas investment insurance premiums, and infrastructure construction in provincial overseas economic and trade cooperation zones [1] - The policy encourages enterprises to participate in overseas exhibitions, with support for 211 events throughout the year, providing up to 600,000 yuan for actual booth fees [4] Group 2 - The policy promotes the development of cross-border e-commerce by encouraging companies to build independent platforms and providing integrated service solutions for "Shenzhen manufacturing" and "Shenzhen brands" [4] - Enterprises can receive rewards for establishing independent e-commerce sites, with a maximum reward of 1 million yuan for each site, limited to three sites per company [4] - The policy also includes incentives for companies undertaking overseas construction projects, with rewards based on completed project revenue, up to 2 million yuan [4]