公司过去三年收入有所波动，2021 年、2022 年及2023 年收入分别为90.7 亿元、71.0 亿元及86.8 亿元；利润方面，公司于2022 年扭亏为盈并快速增长，2021 年、2022 年和2023 年净利润分别为-5.89 亿元、2.2 亿元及5.2 亿元，净利润率分别为-6.5%、3.3%及6.0%。按公司发售价的中位数计算，公司市值约为62.6 亿港元，对应静态PE 为10.74 倍，低于可比行业平均值15.6 倍，考虑到A/H 估值差异，建议谨慎申购。Subscription suggestions:
The company is an online retailer that sells furniture products across borders, and is also a service provider that provides logistics solutions to e-commerce platform sellers. The company's online retail business is mainly comprised of revenue of 7.03 billion yuan in 2023, accounting for 81% of revenue. By region, the company's product sales revenue mainly came from the North American and European markets, accounting for 86.3% and 10.7% in 2023. By product, the company's product portfolio covers furniture and household products, power tool products, household appliances, consumer electronics products, sports and health products, etc., which accounted for 75.9%/4.2%/4.2%/1.5% of retail revenue in 2023, respectively; by channel, The company's sales revenue is mainly through tripartite sales platforms, mainly including Amazon, Walmart and Wayfair. The three channels accounted for 53.8%/9.8%/10.0% of revenue in 2023, respectively. The company's second-largest business logistics solution had revenue of 1.65 billion yuan in 2023, accounting for 19% of revenue. The main customers were e-commerce companies and tripartite e-commerce platforms.
According to the Frost & Sullivan report, according to the 2023 GMV, the company ranked first in the B2C overseas e-commerce market for furniture and household products by Chinese sellers; according to the 2023 GMV, it ranked fifth in the global B2C e-commerce market for furniture and household products. 6 product categories (including bed frames, food cabinets, dressing tables, etc.) ranked first on the Amazon US website, and 10 product categories (i.e. bed frames, beds, refrigerators, etc.) reached more than 10% of the market share of the Amazon US website.
The company's revenue has fluctuated over the past three years. Revenue for 2021, 2022 and 2023 was 9.07 billion yuan, 7.1 billion yuan and 8.68 billion yuan respectively; in terms of profit, the company turned losses into profit in 2022 and grew rapidly. Net profit for 2021, 2022 and 2023 was -0.589 billion yuan, 0.22 billion yuan and 0.52 billion yuan, respectively, with net profit margins of -6.5% and 3.3% respectively and 6.0%. Based on the median sale price of the company, the company's market value is about HK$6.26 billion, corresponding to static PE of 10.74 times, which is 15.6 times lower than the comparable industry average. Considering the difference in A/H valuation, it is recommended to purchase carefully.