According to the Zhito financial APP, Haitong sec released a research report stating that Aoki shares (02519) are rated "outperforming the market," expecting the company's net income for 2024-2026 to be 0.532, 0.652, and 0.724 billion yuan respectively, with year-on-year growth maintaining flat, +22.5%, and +11.1%, a reasonable value range of 17.95-19.23 Hong Kong dollars.

The main points of Haitong Securities are as follows:

Ao Ji Technology is a leading online retailer specializing in providing high-quality furniture and home products, offering consumers a wide range of pleasant living experiences in the 'home and life' scenarios with a stable supply chain management and effective logistics solutions.

According to the post-hearing document of Aoki Technology Co., Ltd. (first submission) referencing data from Frost & Sullivan, based on 2023 GMV, the company ranks first in the B2C overseas e-commerce market for furniture and home products among sellers in china; based on 2023 GMV, the company ranks fifth in the global B2C e-commerce market for furniture and home products. In 2023, the company achieved revenue of 8.683 billion yuan, a year-on-year growth of 22.29%; net income attributable to shareholders was 0.532 billion yuan, a year-on-year growth of 142.87%.

Core Competitiveness 1: Built on a high-quality supply chain management system, the company has outstanding brand and product portfolio capabilities.

The company has strong design and R&D capabilities. As of October 2024, the company holds 629 patents, 150 patent applications, and 172 software copyrights, and has won 72 international design awards; leveraging a rapid supply chain to develop diverse products, as of April 30, 2024, the company has collaborated with 575 manufacturing partners. In terms of performance, the company's furniture and home brand products are popular among consumers, including brands such as ALLEWIE, IRONCK, LIKIMIO, SHA CERLIN, HOSTACK, and FOTOSOK; in 2023, the GMV of its 11 brands exceeded 0.1 billion yuan.

According to Aoki's global offering document referencing data from Frost & Sullivan, in 2023, the GMV of the company's six product categories (including bed frames, food cabinets, dressing tables and stools, bookcases, dining cabinets, and side cabinets, as well as refrigerators) ranked first on the amazon USA website. At the same time, according to Aoki's global offering document referencing data from Frost & Sullivan, in 2023, the company's return rate on all third-party e-commerce platforms was below 3.5%, one of the lowest in the industry.

Risk warning: Market demand falls short of expectations, changes in international trade relations, intensifying market competition.