Intelligent Finance APP learned that Zheshang Securities released a research report stating that considering the comprehensive layout of software and hardware facilities and internal growth-driven factors, it is expected that Xiamen Xiangyu (600057.SH) will have a net profit attributable to the parent company of 1.211 billion yuan, 1.435 billion yuan, and 1.683 billion yuan from 2020 to 2022, with year-on-year increases of 9.50%, 18.46%, and 17.35%, respectively, corresponding to EPS of 0.56 yuan, 0.66 yuan, and 0.78 yuan. From a growth perspective, the company's compound annual growth rate of net profit attributable to the parent company from 2020 to 2022 is 17.90%, and the PEG of the corresponding 2021E PE is 0.52, which is significantly lower than the valuation relative to the growth. Zheshang Securities believes that the reasonable valuation of the company is around 15 times PE, the reasonable market cap of the 2021 net profit attributable to the parent company is about 21.5 billion yuan, and the relative price still has about 58% room for growth. The first coverage is given a "buy" rating.$KUAISHOU-W (01024.HK)$Up more than 6%, as of the time of publication, it increased by 6.22% to HK$51.2, with a turnover of 0.912 billion Hong Kong dollars.

On the news front, according to market reports on November 4, Kwai's international version Kwai officially announced the launch of the e-commerce platform Kwai Shop in Brazil, further expanding its business footprint. It is reported that Kwai has 60 million active users in Brazil, and has been testing in Brazil since the end of last year, now officially launching Kwai Shop to the market. Kwai Shop achieved a 13-fold increase in daily purchase orders this year, with electronic products, housewares, and cosmetics becoming the best-selling categories. 70% of small businesses in Brazil have used social networks like Kwai to increase their visibility.

Kwai stated that its investment in Brazil has exceeded 7 billion reais since 2019, and plans to further expand its e-commerce business next year. Ricky Xu, Vice President of Kwai's international business and head of global platforms and e-commerce, revealed the hope to rapidly increase the number of sellers next year, leveraging all the professional knowledge the company has in China to quickly develop Kwai Shop in Brazil.

Editor/ping