该行预计公司2023-2025年营业收入为60.1/89.3/109.5亿元，同比增加80.5%/48.7%/22.6%，净利润分别为-4.3/-2.5/1.5亿元，预计公司2023-2025年EPS分别为每股-0.18/-0.11/0.06元，对应PE为-/-/5倍。该行看好公司海外电商业务发展空间，以及后续利润修复能力，首次覆盖，给予“增持”评级。Jinwu Financial News | According to the Capital Securities Research Report, Happy Group (06988) disclosed the 2023 interim report. In the first half of 2023, the company achieved revenue of HK$2.148 billion (yoy +57.2%) and a net loss of HK$195 million.
According to the bank, the company's overseas e-commerce business is rapidly expanding, driving rapid revenue growth; domestic business is expected to remain stable, forward-looking layout of the film, television, and entertainment industry to cultivate its own traffic; gross profit is expected to pick up, and declining overseas subsidies will help improve profit performance.
The bank expects the company's 2023-2025 operating income to be 60.1/89.3/10.95 billion yuan, an increase of 80.5%/48.7%/22.6% over the previous year, and net profit of -4.3/-2.5/150 million yuan respectively. The company expects the company's EPS for 2023-2025 to be -0.18/-0.11/0.06 yuan per share, corresponding PE to -/-/ 5 times. The bank is optimistic about the company's overseas e-commerce business development space and subsequent ability to repair profits. It covered it for the first time and gave it an “increase in holdings” rating.
