大行評級|交銀國際:上調匯通達網絡(9878.HK)評級至“買入”,潛在漲幅超50%
交銀國際發表研究報告,將匯通達網絡(9878.HK)評級上調至“買入”,目標價爲21港元,即潛在漲幅50.4%(3月28日收盤價爲13.96港元)。該行指出,匯通達網絡2024年戰略轉向利潤和現金流導向,毛利率同比提升0.5個百分點至3.8%,得益於品類結構優化、頭部品牌合作深化及自有品牌建設,高毛利業務收入佔比持續提升至20%(對比2022年16%、2023年18%)。公司在2024年繼續優化供應鏈結構,其中頭部品牌採購佔比達44%、自有品牌和新品類銷售規模分別達到3000萬和1.5億元、新渠道銷售規模超36億元。同時,AI賦能SaaS產品,推動門店、產業鏈、公司運營管理從數字化升級爲智能化。該行預計,匯通達網絡2025年收入將恢復增長,尤其是國補政策利好帶動的家電、消費電子等行業收入增長。同時,預計匯通達網絡利潤將在2025恢復至歷史高值,並在未來3年保持快速增長。此外,“AI+SaaS”的戰略佈局將帶動企業長期高質量增長。
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