【券商聚焦】东北证券上调汇通达网络(09878)至“买入”评级指AI赋能有望助力公司收入增长

金吾财讯

Sep 24, 2025

金吾财讯 | 东北证券研报指出，汇通达网络(09878)深耕下沉市场十余载，当前已转型为AI驱动的综合服务商，借助阿里系+政府资源，有望打通第二增长曲线。2018-2024年，营收增速整体下降，但毛利率走高，2024年达3.84%，25H1达到4.64%，主要得益于低毛利业务的剔除，公司盈利能力持续改善，2024年归母净利润2.70亿元，归母净利率0.45%。该机构指出，产品端，下沉市场目前以快消为主，家电、3C品类快速增长，2024年家电/智能手机规模增速分别为18%/15%，渗透率45%/55%，需求旺盛，仍有较大空间；渠道端，下沉市场以夫妻小店为主，成本灵活，年利润额20-50万，家电、农用品等耐用品夫妻店净利率约16.7%。但受到即时零售、高线级城市渠道商下沉的冲击，在供应链、物流、营销等方面具备较大管理需求。该机构表示，公司业务优化+AI赋能，在手现金充沛，收购优质资产打通产业资本运作路径，未来公司收入或恢复增长，盈利能力快速提升。预计2025-2027年营收516.08/541.20/577.76亿元，归母净利润3.69/4.95/6.50亿元，对应PE20.29/15.13/11.52X，上调至“买入”评级。

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