Jinwu Financial News | According to Fangzheng Securities Research, Huitongda Network (09878) had revenue of 82.4 billion yuan/ +0.4% in 2023, gross profit of 2,740 million yuan/ +5.9%, and net profit of 448 million yuan/ +41.7%.
According to the bank, the overall number of users has increased, and members' retail service capabilities have continued to be strengthened. The total number of registered member retail stores reached 23.7w/ +15%, the number of active member retail stores reached 9.07w/ +19.1%, active channel partner customers 1.25w/ -25.1%, and the total number of SaaS+ subscribers reached 13.18w/ +15.6%, of which 4.81 w/ +61.4% paid SaaS+ users. The company's service business segment revenue was 655 million/ -17.6%. Among them, the store's SaaS+ subscription revenue was 562 million/ +5.3%. Merchant Solution's revenue was 93 million/ -64.5%, mainly due to adjustments in merchant solution business strategies, which reduced some low-margin precision marketing and software customization services.
The bank's comprehensive forecast for 2024-2025 is the company's net profit of 6.09/806 million yuan, corresponding to the current 26x/19xPE, covered for the first time, and gave it a “recommended” rating.