Gelonghui, April 17 | Zheshang Securities released a research report, maintaining the “buy” rating of Giving Friends Holdings (1450.HK), indicating that it is a leader in the live e-commerce industry, with a multi-platform layout and deep-cultivation matrix strategy to help growth. The estimated revenue for 2024-2026 is 13.68/16.77/1,984 billion yuan, respectively, +27%/+18% compared to the same period; net profit to mother was 1.88/250/343 million yuan, respectively, with corresponding PE of 10.0x/7.6x/5.5x. The research report mentioned that Jiaoyou Holdings released its 2023 financial report, achieving revenue of 1.07 billion yuan in 2023, an increase of 152.4%; adjusted net profit of 180 million yuan, an increase of about 601.3% year on year, corresponding to an adjusted profit margin of 16.8% (6% in 2022). Along with the development of the live e-commerce business, the company's overall profitability improved. It is worth noting that in 2023, Jiaoyou Holdings completed the “multi-platform layout” of Douyin, Taobao, and JD. The multi-platform layout+matrix model led to rapid GMV growth in the GMV of the Make Friends live broadcast room. In 2023, the GMV exceeded 12 billion yuan, an increase of 71.4% over the previous year. According to the company's announcement, the GMV for making friends in the first quarter of 2024 was about 2,432 billion yuan, an increase of 25% over the same period last year, maintaining a relatively rapid growth trend. According to the research report, the company's multi-platform layout+deep cultivation matrix number creates a replicable growth curve. As of April 2024, Jiaoyou Holdings had more than 30 live streaming rooms, more than 50 million followers across the network, and more than 11,000 partner brands. The company independently developed the “Friend Cloud” platform and used technology to automate the entire live streaming process and improve operational efficiency. Along with the multi-platform layout+deep cultivation of the Matrix number, the dependence on a single leading anchor gradually decreased, thus creating a replicable growth curve.