经营层面：24H1 用户数量整体增长，会员零售服务能力持续强化①24H1 公司注册会员零售门店总数达到24.6w，同比+13.2%，活跃会员零售门店数达到9.2w，同比+19.3%，活跃渠道合作客户0.6w，同比-25.5%，SaaS+订阅用户总数达到12.7w，同比+5.1%，其中付费SaaS+用户4.8w，同比+28.8%。Incident: On September 3, the Shanghai Municipal Development and Reform Commission and the Finance Bureau jointly issued the “Shanghai Implementation Plan on Further Strengthening Efforts to Promote Trade-In of Consumer Goods”.
The plan is based on the reality of Shanghai, and in accordance with the general idea of “increasing scale, upgrading standards, expanding scope, and improving processes”, it focuses on supporting automobile scrapping and renewal, personal consumer passenger car replacement and renewal, household appliances, electric bicycles trade-in, partial renovation of old houses, kitchen and bathroom, etc., purchase of items and materials used in home aging adaptation, promoting smart home consumption, etc.; and co-ordinates support for the scrapping and upgrading of old operating trucks, agricultural machinery scrapping and upgrading of new energy buses and power batteries.
Deeply involved in the sinking market, the implementation of the trade-in policy is expected to bring some increase: as a trading and service platform focusing on the sinking retail market, the company covers 21 provinces across the country, and has a first-line promotion service team of nearly 3,000 people. Driven by the country's policy of encouraging trade-in for home appliances and new energy vehicles, the company responded positively to the national call and carried out in-depth activities to benefit the people, such as trade-in, to activate and release consumer demand in the sinking market. Considering that the company's main business is similar to the categories covered by the trade-in policy, we believe that with the benefits of the relevant policies, the company's subsequent revenue is expected to grow steadily, and profitability will further improve.
Business level: The overall number of 24H1 users increased, and the retail service capacity of members continued to strengthen ① The total number of retail stores for registered members of 24H1 reached 24.6w, +13.2% YoY, the number of active member retail stores reached 9.2w, +19.3% YoY, active channel partner customers 0.6w, -25.5% YoY, and the total number of SaaS+ subscribers reached 12.7w, +5.1% YoY, of which paid SaaS+ users were 4.8w, +28.8% YoY.
② Trading services sector: 24H1 revenue of 32.39 billion, -24.7% YoY. Among them, revenue from consumer electronics products was 19.53 billion yuan, -15.5%; revenue from agricultural means of production was 4.14 billion yuan, -38.7%; revenue from household appliances was 4.31 billion yuan, or -34.2%; revenue from transportation and travel was 2.89 billion yuan, -28.7%; revenue from household building materials was 1 billion yuan, or -35.4%; and revenue from alcohol and beverages was 0.39 billion yuan, or -53.9% YoY.
③ Service business segment: 24H1 focuses on product value upgrading, deepening member empowerment services, and service business revenue of 0.38 billion, +12.0% over the same period last year. The company continues to promote SaaS+ product upgrades, focusing on “explosives building+AI”, and efficiently empowers digital store management and accurate member delivery. Among them, the store's SaaS+ subscription revenue was 0.31 billion, +13.6% over the same period last year.
Brand cooperation continues to deepen: the consumer electronics sector deepens cooperation with Apple; the consumer electronics sector continues to deepen cooperation with Midea, Gree, and Joyang; the agricultural production materials sector has mastered supply chain source resources such as nitrogen, phosphorus, potassium, and grain; the transportation sector continues to cooperate deeply with BYD, GAC Aian, and Nacha; the wine sector connects well-known brands such as Wuliangye, Yanghe, and Jinshiyuan; the washing and chemical sector continues to cultivate brands such as Unilever. In terms of our own brands, we have established breakthroughs in production and marketing integration, such as Zhonghuida Air Conditioner and Huizong Fertilizer, which focus on extremely cost-effective products.
Profit forecast and valuation: Comprehensive forecast 2024-2025, the company's net profit to mother is 0.31/0.41 billion yuan, corresponding to the current 34x/25xPE, with a “recommended” rating
Risk warning: consumption recovery falls short of expectations, category expansion falls short of expectations, user payments fall short of expectations
