Societe Generale Securities issued a research report that Zibuyu (02420) this year is the year of investment of new products, and it is expected that 7000+ new products will be launched this year, and will return to the normal new rhythm of 4000-5000 SPU in the year after next. It is expected to gradually see significant results in the cultivation of best-selling products in the year after next, which is also helpful to the recovery of profit margins. It is estimated that the company's annual revenue in 22-23-24 will be 31.0 yuan 38.1 / 4.57 billion yuan, respectively, compared with the same period last year, and the net profit will be 1.5 yuan 2.7 / 320 million yuan respectively, compared with the same period last year. The company's annual revenue will be 31.0 yuan 38.1 / 4.57 billion yuan, and the net profit will be 1.5 yuan 2.7 / 320 million yuan, respectively, and 21.3% will be covered for the first time, with a target price of HK $8.94, corresponding to a valuation of 15 times forecast earnings per share in 2023.

Founded in 2011, the bank is the leading seller of apparel platforms in North America and listed on November 11, 2022 as "the first cross-border footwear ecommerce stock", the bank said. In terms of GMV in 2021, Zibuyu ranks third among all platform sellers in China's cross-border export B2C e-commerce shoe and clothing market, and ranks first in North American market share. The total revenue Cagr in 2018-2021 was 21.2%, and the total revenue in the first half of 22 was 1.3 billion yuan, with a net profit of about 60 million yuan.

Sub-market, the North American market is the largest overseas market, European countries have plenty of room to improve penetration. Sub-category, shoes and clothing category is one of the largest and the fastest growing industry in the future, with a market size of 750.3 billion yuan in 2021 and an estimated CAGR of 19.5% from 2021 to 2026. Platform sellers are the main players in the cross-border export e-commerce market, accounting for 75% of China's cross-border export CAGR, while Amazon.Com Inc's e-commerce platform is the most important core channel. GMV accounts for 70% of the third-party cross-border e-commerce platform TOP4, and its traffic is far ahead. It is estimated that the sales scale of shoes and clothing products on Amazon.Com Inc platform will reach 20.7% from 2021 to 2026.