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壹网壹创(300792)投资价值分析报告:持续拓展合作品类、品牌 头部电商服务商市场份额有望进一步提升

One Network One Chuang (300792) Investment Value Analysis Report: Continuing to expand cooperation categories, leading brand e-commerce service providers are expected to further increase their market share

華通證券國際 ·  Aug 7, 2023 00:00

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.

The translation is provided by third-party software.


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