公司是全行业首家实现覆盖电商全域主要渠道的企业，已经具备独立的天猫、京东、唯品会、拼多多、抖音、小红书及私域事业部，并且基本在相关平台取得头部服务商的身位。公司已经具备一站式服务能力，能够为客户提供多维度的增值服务，近几年，品牌方的服务需求已拓展至全流程，公司作为全链路服务商在流量去中心化、渠道多元化的市场格局下，市场占有率有望继续上升。Competition in the e-commerce service provider industry is intensifying, and brands are becoming more sticky to leading e-commerce service providers
In 2022, on the one hand, the e-commerce industry showed a pattern of traffic decentralization and channel diversification, and on the other hand, consumers continued to improve their personalization, quality, and user experience. Faced with this situation, the brand's dependence on leading service providers has been further strengthened, and the cost and unpredictable impact of switching service providers have all increased accordingly, which is expected to further increase the market concentration of e-commerce service providers. According to the “World Economic Outlook” released by the IMF in July 2023, under the expectation that China's economy will maintain good growth, foreign brands are expected to continue to enter the Chinese market. Compared with local brands, foreign brands prefer to outsource service providers to carry out e-commerce operations, driving the e-commerce service provider market to continue to grow.
As a full-link service provider, the company's market share is expected to increase
The company is the first enterprise in the industry to cover all major e-commerce channels. It already has independent divisions of Tmall, JD, Vipshop, Pinduoduo, Douyin, Xiaohongshu, and has basically achieved the status of a leading service provider on related platforms. The company already has a one-stop service capability and can provide customers with multi-dimensional value-added services. In recent years, the brand's service demand has expanded to the whole process. As a full-link service provider, the company's market share is expected to continue to rise under a market pattern of decentralized traffic and diversified channels.
Operational experience successfully replicated, and continued to expand categories and brands to drive performance growth
The company is actively expanding new categories, new brands, and new channels, and has successfully replicated its operating experience in the beauty category into personal care, fashion, pet food, health, etc. The company has reached long-term cooperation with well-known domestic and foreign companies such as Procter & Gamble, Shiseido, Budweiser, Erie, and Maugo. In Q1, 2023, the company added 12 brands, including C&D Group, Swisse, Luanshi, Gauges, and Comfort. The total GMV reached 2,724 billion yuan, an increase of nearly 6% over the previous year. As operating categories and brands continue to increase and operating experience continues to accumulate, the company is expected to continue to increase competitive barriers and drive business performance growth.
Company profit forecasting and valuation
The company's revenue for 2023-2025 is estimated to be 17.66, 20.76 and 2,462 billion yuan respectively, YOY 14.76%, 17.52%, and 18.61% respectively; EPS is 1.16, 1.38, and 1.53 yuan respectively. According to reasonable valuation estimates, combined with stock price catalyst factors, the company was given a target price of 34.80 yuan/share within six months. The company's valuation level is lower than that of comparable companies, giving the company a “recommended (first)” investment rating.
Investment risk tips
Market environment risk, risk of seasonal fluctuations in business performance, platform risk.
