9月20日，国泰君安证券发布研究报告，采用分部加总估值法对乐享集团(06988)进行估值，首次覆盖公司，给予“买入”评级，目标价为2.73港元。报告测算公司的合理市值为64.69亿港元，并预测乐享在2022-2024年的净利润分别为1.27亿港元、1.50亿港元和2.25亿港元，分别同比增长-48.0%、18.0%和50.1%。
报告分析，随着抖音电商生态的发展，细分产品与长尾用户流量的匹配形成了巨大的潜在价值。但由于流量高度分散，需要特殊的算法技术和丰富的数据沉淀来有效利用电商细分场景中的长尾用户流量。
作为国内最早在微信和抖音平台开展效果营销服务的科技公司之一，乐享集团拥有先进的算法技术、行业经验及数据沉淀，从而能精准匹配细分产品和中长尾用户流量，并主要基于效果的计费模式收取佣金。
报告预期乐享集团的海外电商业务和独特的算法技术能够超越市场的期望值，乐享集团的竞争优势主要来自其核心算法技术，乐享集团自身强大的算法能力，促成了与大平台的长期合作。在公司进入抖音平台之前，乐享集团的主营业务是互娱产品的营销，是最早活跃在微信公众号平台的基于效果的营销服务提供商之一。后期，随着抖音电商行业的发展，公司于2019年开始布局短视频电商的营销业务，两年内取得显著成效。因此，报告认为，乐享集团的业务创新能力和强大的算法能力积累是公司的核心价值。
国泰君安首次覆盖乐享集团，给予目标价2.73港元及“买入”评级。国泰君安分析认为乐享集团未来的增长点主要集中在三个方面：1）公司将继续培育短视频电商中的中长尾产品，预计将保持快速增长；2）海外电子商务布局已开始收获显著成效；3）随着海外电商的成熟，毛利率将在2023年后稳步上升。
9月20日，国泰君安证券发布研究报告，采用分部加总估值法对乐享集团(06988)进行估值，首次覆盖公司，给予“买入”评级，目标价为2.73港元。报告测算公司的合理市值为64.69亿港元，并预测乐享在2022-2024年的净利润分别为1.27亿港元、1.50亿港元和2.25亿港元，分别同比增长-48.0%、18.0%和50.1%。
Guotai Junan Securities issued a research report on September 20, using the segment plus total valuation method to value LetterGroup (06988), covering the company for the first time, giving a "buy" rating, with a target price of HK $2.73. The report estimates the company's reasonable market capitalization at HK $6.469 billion and forecasts net profits of HK $127 million, HK $150 million and HK $225 million for 2022-2024, up-48.0, 18.0 and 50.1 per cent, respectively, from a year earlier.
报告分析，随着抖音电商生态的发展，细分产品与长尾用户流量的匹配形成了巨大的潜在价值。但由于流量高度分散，需要特殊的算法技术和丰富的数据沉淀来有效利用电商细分场景中的长尾用户流量。
The report analyzes that with the development of Douyin e-commerce ecology, the matching of subdivided products and long-tail user traffic has formed a huge potential value. However, due to the high dispersion of traffic, special algorithm techniques and rich data precipitation are needed to make effective use of the long-tailed user traffic in e-commerce subdivision scenarios.
作为国内最早在微信和抖音平台开展效果营销服务的科技公司之一，乐享集团拥有先进的算法技术、行业经验及数据沉淀，从而能精准匹配细分产品和中长尾用户流量，并主要基于效果的计费模式收取佣金。
As one of the earliest technology companies in China to carry out performance marketing services on Wechat and Douyin platforms, Lele Group has advanced algorithmic technology, industry experience and data precipitation, so that it can accurately match subdivided products and medium-and long-tail user traffic. and mainly based on the results of the billing model to charge commission.
报告预期乐享集团的海外电商业务和独特的算法技术能够超越市场的期望值，乐享集团的竞争优势主要来自其核心算法技术，乐享集团自身强大的算法能力，促成了与大平台的长期合作。在公司进入抖音平台之前，乐享集团的主营业务是互娱产品的营销，是最早活跃在微信公众号平台的基于效果的营销服务提供商之一。后期，随着抖音电商行业的发展，公司于2019年开始布局短视频电商的营销业务，两年内取得显著成效。因此，报告认为，乐享集团的业务创新能力和强大的算法能力积累是公司的核心价值。
The report expects that the overseas e-commerce business and unique algorithmic technology of Lexing Group will exceed market expectations. The competitive advantage of Lexing Group mainly comes from its core algorithmic technology and its own strong algorithmic ability, which has contributed to a long-term cooperation with the big platform. Before the company entered the Douyin platform, Lele Group's main business was the marketing of mutual entertainment products, and it was one of the earliest performance-based marketing service providers active in the Wechat official account platform. In the later stage, with the development of Douyin e-commerce industry, the company began to lay out the marketing business of short video e-commerce in 2019, and achieved remarkable results in two years. Therefore, the report believes that the business innovation ability and strong algorithm ability accumulation of Le Hang Group is the core value of the company.
国泰君安首次覆盖乐享集团，给予目标价2.73港元及“买入”评级。国泰君安分析认为乐享集团未来的增长点主要集中在三个方面：1）公司将继续培育短视频电商中的中长尾产品，预计将保持快速增长；2）海外电子商务布局已开始收获显著成效；3）随着海外电商的成熟，毛利率将在2023年后稳步上升。
Guotai Junan covered Le Hang Group for the first time, giving it a target price of HK $2.73 and a "buy" rating. Guotai Junan's analysis believes that the future growth points of Le Hang Group will mainly focus on three aspects: 1) the company will continue to cultivate medium-and long-tail products in short-video e-commerce, which is expected to maintain rapid growth; 2) the layout of overseas e-commerce has begun to achieve remarkable results; 3) with the maturity of overseas e-commerce, gross profit margin will rise steadily after 2023.
