Summary:
The performance was lower than expected, but the company was still in a high growth stage and maintained its overweight rating. High base stack accelerates manual power official operating tools affect the company's revenue growth. However, through product upgrading and marketing, the company's customer structure is being optimized, and ACV and retention are as important as the number of users and GMV growth. As the leader of e-commerce Saas, the company will still benefit from the decentralization of traffic, the accelerated digitization of consumer services and retail channels, and the accelerated pace of commercialization of content platforms.
Performance summary: the company's 2021Q1 realized operating income of 417 million / + 11.9%, operating loss of 195 million, loss of 144 million and net loss of 168 million in the same period last year, compared with a loss of 132 million in the same period last year; the net loss of home was 88.28 million and 65.67 million in the same period last year.
The return of the average income growth rate under a high base. ① Kuaishou Technology's official operating tools have a great impact on the company's business, reflecting the market's concern about the long logic of private domain operating tools. ② revenue split:
Subscription solution 257 million / + 20.7%, merchant solution 157 million /-0.2 (excluding transaction fees, the growth rate is more than 20%), mainly affected by the decline of Kuaishou Technology GMV year-on-year, Wechat GMVQ1 increased 40%; ③ operation data: GMV:2021Q1 is 23.6 billion / + 13% (VS20Q1 is 20.8 billion / + 119%; paying merchants: Q1 added 7961 VS20Q1 43% (VS20Q1 is + 84%); inventory merchants 95692% (VS20Q1 is + 48%) ④ ACV:13060/+10% (VS2020Q1 is + 84%); the number of paid merchants in Youzan Education, chain and American industry has all increased by 100%.
The customer structure is optimized and the products are upgraded continuously. ① WeCom assistant launched in Q1, has achieved the opening of shopping malls, retail, chain, beauty industry, educational products; Wangxiao stores focus on the third and fourth line of market light products, mainly drainage to the store service; AllValue for overseas local merchants and Chinese cross-border exporters. The optimization of ② customer structure, the improvement of ACV and retention rate are as important as the number of paying households and GMV growth, and profitability is improving. The company is continuously upgrading its products, and in the future, the company will further provide customized services for large customers, while providing more products suitable for small merchants in second-tier business circles to meet the needs of long tail; ③ will optimize PaaS capabilities, attract more third-party developers, and enhance the ability of serving large merchants. To create a more complete business service ecology.
Risk hint: increased competition in the industry, over-reliance on a single platform, content platform power official operating tools for the company's business alternative impact risk.