Investment Rating - The report maintains a Neutral rating for the company, with a target price adjusted to HKD 21.00 from HKD 30.00, indicating a potential upside of 3.7% [1][3]. Core Insights - The company's performance in the first half of 2024 was under pressure due to organizational restructuring and strategic adjustments, leading to a projected 14% year-on-year decline in revenue for the full year [1][2]. - Despite the short-term challenges, the company is expected to recover in 2025, with revenue and profit projected to increase by 17% and 53% year-on-year, respectively, reaching historical highs [1][2]. - The gross margin is expected to improve, with a forecasted gross margin of 3.5% for 2024, up 0.5 percentage points year-on-year, driven by optimization of product categories and reduction of low-efficiency businesses [2][5]. Financial Performance Summary - For the first half of 2024, the company reported revenue of RMB 32.856 billion, a decrease of 24% year-on-year, primarily due to a contraction in market demand and strategic adjustments [2][5]. - The adjusted net profit for the first half of 2024 was RMB 1.3 billion, corresponding to a net profit margin of 0.4% [2][5]. - The company’s trading business saw a revenue decline of 25%, while service business revenue increased by 12% [2][5]. - The forecast for 2024 includes total revenue of RMB 71.218 billion, a decrease of 16.5% from previous estimates, with a projected operating profit of RMB 603 million [3][9]. Revenue Breakdown - The trading business is expected to generate RMB 70.381 billion in 2024, down 16.7% from previous forecasts, while service business revenue is projected at RMB 737 million [3][9]. - The company aims to focus on deepening brand partnerships and expanding into new categories such as cleaning and new energy products [2][5].
汇通达网络：战略调整下上半年业绩承压，目标2025年恢复历史高值