公司业绩实现快速增长，盈利能力持续提升。公司2023 年实现营业收入15.27亿元，同比上升3.51%；归母净利润3.79 亿元，同比上升26.12%；扣非净利润3.67 亿元，同比增长31.71%。2024Q1 实现营业收入3.84 亿，同比上升11.03%；归母净利润0.77 亿元，同比上升57.92%。公司盈利能力维持较高水平，净利率提升明显。2023 年销售毛利率为79.45%，同比小幅下降0.78pp；净利率为25.17%，同比提升4.65pp。2024 年Q1 销售毛利率为79.03%，同比增加0.47pp；销售净利率为17.56%，较去年同期提升4.37pp。Matters:
The company achieved operating income of 1,527 billion yuan in 2023, up 3.51% year on year; net profit to mother of 379 million yuan, up 26.12% year on year; deducted non-net profit of 367 million yuan, up 31.71% year on year. 2024Q1 achieved operating income of 384 million yuan, up 11.03% year on year; net profit to mother was 77 million yuan, up 57.92% year on year.
Commentary:
The company's performance achieved rapid growth, and profitability continued to improve. The company achieved operating income of 1,527 billion yuan in 2023, up 3.51% year on year; net profit to mother of 379 million yuan, up 26.12% year on year; deducted non-net profit of 367 million yuan, up 31.71% year on year. 2024Q1 achieved operating income of 384 million yuan, up 11.03% year on year; net profit to mother was 77 million yuan, up 57.92% year on year. The company's profitability remained at a high level, and the net interest rate increased significantly. Gross sales margin in 2023 was 79.45%, a slight decrease of 0.78pp year on year; net margin was 25.17%, up 4.65pp year on year. The gross sales margin for Q1 2024 was 79.03%, up 0.47pp year on year; the net sales margin was 17.56%, up 4.37pp from the same period last year.
The scale of the country's imports and exports has increased steadily, and the revenue of the Chinese manufacturing network continues to grow. In 2023, various authorities and departments in China continued to release policy dividends such as “Opinions on Promoting Stable Scale and Excellent Structure of Foreign Trade”, “Notice on Tax Policies for Cross-border E-commerce Export and Return Goods”, and “Certain Measures to Accelerate the Integrated Development of Domestic and Foreign Trade”. The scale of imports and exports increased steadily, and the quality of development improved. According to statistics from the General Administration of Customs, China's total import and export value in 2023 was 41.76 trillion yuan, an increase of 0.2% over the previous year. In this context, in 2023, the company's other businesses such as China Manufacturing Network, New One-stop Insurance, Cross-border Business, Agency Business, and WenbiTiantian.com respectively achieved revenue of 1,246 million, 116 million, 0.46 million, and 0.28 billion yuan, with year-on-year changes of 3.40%, -0.81%, 2.18%, 40.48%, and 4.2%.
AI Michael accelerates iteration, and AI products+ business expansion shapes a long-term growth curve. In April 2023, the company pioneered the launch of AI Michael, an AI foreign trade assistant in the cross-border B2B field to provide enterprises with intelligent and automated solutions, help enterprises improve operational efficiency and digital competitiveness, and build a “digital intelligence brain” for enterprises.
After many rounds of upgrades, AI Michael already has multi-dimensional product service capabilities. It can cover the entire foreign trade process through intelligent product launch, intelligent content generation, AI-assisted business opportunity follow-up, and AI-assisted customer development.
As of December 31, 2023, the number of members who purchased AI Michael was about 4,000 (excluding trial package customers), and the cash repayment was over 20 million yuan. At the same time, the company's business expansion includes X business (such as horizontal foreign trade ecosystem services such as leading website construction, Fumeng CRM, corporate training, etc.) and link ecosystem services (such as vertical services within the scope of foreign trade transaction processes such as transactions, collections, logistics, etc.). The revenue of this type of agency business exceeded 45 million yuan in 2023, an increase of 40.48% over the previous year.
Investment advice: The company's profit level continues to rise, and the future of AI empowerment can be expected. Taking into account macroeconomic changes and adjusting the company's profit forecast based on the 2023 annual report and the 2024 quarterly report, we expect the company's revenue for 2024-2026 to be 18.45 billion yuan, 21.87, and 2.50 billion yuan, respectively (of which the previous value of 2024-2025 was 21.42 billion yuan and 2,578 billion yuan), and net profit to mother of 4.73, 5.67, and 651 million yuan, respectively (of which the previous value of 2024-2025 was 469 million yuan and 594 million yuan). In terms of valuation, referring to comparable company valuations, the company was given 30 times PE in 2024, corresponding to a target price of 45 yuan, maintaining a “strong” rating.
Risk warning: Market demand falls short of expectations; AI product promotion falls short of expectations; market competition intensifies.
