This report is read as follows:
H1 steady progress in various business operations, taking into account the company's deep ploughing supply chain construction and power digitization, and further optimize the business structure, the overall strength is expected to enhance, optimistic about the acceleration of performance.
Summary:
Maintain and increase holdings. The H1 camp has a revenue of 43.38 billion yuan / + 6.6%, and the adjusted net profit of 245 million yuan / + 20% is in line with expectations. We maintain the forecast that the company's adjusted return net profit for 2023-25 will be 5.09 RMB 6.66 / 867 million yuan, with a growth rate of 34%, 31%, and an increase in holdings.
The trading business has been repaired steadily, and the service business is under a little pressure. 1) the revenue of H1 trading business accounts for 42.99 billion yuan / + 6.8% of 99.1%/+0.1pct, of which consumer electronics 23.11 billion yuan / + 24.4%, agricultural means of production 6.75 billion yuan /-19.1%, household appliances 6.56 billion yuan flat, transportation 4.05 billion yuan / + 3.5%, household building materials 1.54 billion yuan /-5.5%, beverages 846 billion yuan /-16.4% 2) the revenue from service business accounts for 343 million yuan /-5.8% of 0.9%/-0.1pct, including 270 million yuan / + 2.5% for store SaaS+ subscription business and 0.73 billion yuan /-27.6% for merchant solutions, which decreases due to the adjustment of business strategy and the reduction of some precision marketing services with low gross margin; 3) 3%/+0.1pct, mainly due to the change of trading business structure and the increase of service business gross profit margin Some core parameters: 217000 registered member stores / + 13.5% by the end of H1, 77000 active member stores / + 18.8% SaaS subscribers / + 9.4%, including 37200 paid SaaS users / + 37.4%.
The supply chain capacity has been steadily improved, and the member service has been continuously strengthened. 1) deepen brand cooperation, such as building more than 500 Apple Inc preferred stores and co-building stores, and obtaining Lenovo's online and offline license, the supply chain of headquarters accounts for 55%. Provide member stores with more high-quality / stable / high-value commodity trading solutions; 2) category and business chain expansion has achieved remarkable results, such as cooperation with DiDi Global Inc. / Cao Cao / FAW to promote new energy replacement vehicles to the countryside. 3) innovative supply chain gradually landed, and Kailui New Energy launched customized models based on the demand for commercial vehicles in the sinking market, and experimented with B2F model innovation; 4) continuously promoted SaaS+ products; and through joint promotion with brands / manufacturers to provide member stores with goods and activities, H1 held 6 monthly national promotions, jointly carried out more than 30 regional promotions, and more than 21000 stores personalized activities. The renewal rate of SaaS is 68%, and the customer satisfaction is over 95%.
Continue to promote digitization, layout "AI+ scene". 1) continuously upgrade the industrial trading platform and develop specialized online trading service platforms for different industries, such as the consumer electronics sector to build O2O integrated operation mode around Apple Inc project. 2) based on the sinking market big data and big language model technology / knowledge graph technology accumulated over the years, a large model with business characteristics has been created, and three kinds of products including intelligent shopping guide AI, marketing planner AI and thousand orange digital people have been launched to provide purchasing and marketing strategy suggestions for member stores and reduce the burden of operation.
Risk tips: supplier misconduct risk, inventory increase risk, gross profit margin decline risk, epidemic recurrence risk, etc.