Main points of investment
Performance: the income growth rate in the first half of this year slowed slightly by 6.6%, and the adjusted homing net profit growth rate of 20% is relatively robust 23H1: revenue / homing net profit / adjusted homing net profit is respectively 43.38 × 250 million yuan, with an increase of 6.6%, 118% and 20.0% respectively.
23H1: gross profit margin / adjusted net profit margin is 3.0% / 0.88%, respectively, compared with the same period last year + 0.1% / 0.1pct; the sales / management expense rate is 1.4% / 0.4%, respectively, year-on-year-0.1pct/-0.1pct. The increase in gross profit margin is mainly due to the optimization of business structure, and the gross profit margin of service business is higher than the same period last year (9pct).
From a business point of view, the revenue of 23H1 trading business / service business is 42.99 million yuan, which is 5.8% higher than that of the same period last year. The pressure on service business is mainly due to the strategic adjustment of the company, focusing on digital solutions with independent technology product lines, reducing some precision marketing businesses with low gross margins, and driving up the overall gross profit margin to a certain extent.
Structure: consumer electronics took the lead with an increase of 24.4%. The head of the supply chain deepened brand cooperation 23H1 consumer electronics / agricultural materials / home appliances / transportation / beverage revenue of 231, 68, and 40 million yuan, respectively, compared with the same period last year. + 24.4% /-19.1% / flat / + 3.5% amp 16.4%. Among them, the fluctuation of agricultural materials and beverage business is mainly due to the decline in the price of agricultural products, the low demand for drinks, and the company takes the initiative to adjust the product structure. There were more than 217000 retail stores with registered members, an increase of 13.5 percent, and more than 77000 retail stores with active members, an increase of 18.8 percent.
Cooperation between upstream and downstream head brands has been strengthened, and the proportion of headquarters supply chain has increased to 55%. The company cooperates with head brands such as Apple Inc, Lenovo, Dell, ZTE, BYD, Muyuan, Michael, Xinghuai and Zhonglian; at the same time, it promotes the green development of new energy industry by promoting new energy replacement vehicles to the countryside with DiDi Global Inc. Travel, Cao Cao Travel and FAW Travel.
Service business structure improved, gross profit margin increased + customer stickiness enhanced 23H1 SaaS+ subscription and merchant solution revenue of 2.7 / 70 million yuan respectively, year-on-year + 2.5% /-27.6%.
The total number of 23H1SaaS+ subscribers was 121000, an increase of 9.4%; the number of fee-paying households was 37000, an increase of 37.4%, of which the SaaS renewal rate was as high as 68%.
The number of customers has increased steadily, and the stickiness of member retail stores continues to strengthen. The company cooperates with brands and manufacturers to carry out more than 30 regional promotional activities and more than 21000 personalized store activities to help member stores win customers and continuously improve the stickiness of members. During the 618 period, online orders of member retail stores increased by 82.6%, and trading fans increased by 69.2% and GMV by 206.2%.
Profit forecast and valuation:
Huitongda Network is the leading enterprise of B2B e-commerce in the sinking market, deeply ploughing the supply chain and SaaS+ services of sunken retail stores. Taking into account the short-term pressure on residents' consumption level, we expect to achieve revenue of 894gamma 1001 / 112.9 billion in 23-25, an increase of 11.30%, 11.87%, 12.83%, and an adjusted net profit of 5.02%, 625%, 757 million, respectively, with an increase of 32%, 25%, 21%, and PE of 30.25, 24.26, 20.05 X, respectively, maintaining the "Buy" rating.
Risk tips: the recovery of consumption power is not as expected, the competition in the industry is intensified, and so on.