微信小店新功能内测，打开第三方服务商收入空间。微盟长期基于微信生态提供私域流量电商相关服务，如小程序电商建站及运营等；此外，微盟亦是腾讯视频号广告的头部服务商。自2024 年8 月25 日起，微信正式将视频号小店升级为微信小店2，商家入驻流程进一步简化，所属店铺及商品信息可在公众号、视频号、小程序、搜一搜等多个微信场景内流转。微信小店作为面向公域流量的电商，我们认为其或对有较为迫切流量获取需求的小微商户对于付费开店工具的需求带来一定的冲击；自上半年以来，微盟已主动收缩对于微商城及其他小微商户相关业务的投入，我们预计相关影响正在逐步消化。对于品牌商家而言，沉淀私域流量仍是其对于微信生态的核心诉求；我们认为，伴随微信电商生态逐步繁荣，微盟可帮助现有商户实现公域（微信小店）及私域（小程序商店）的打通，亦有望获得更为可观的客户增量，同时可通过生态相关的增值服务进一步打开增长空间。The company's recent situation
On December 18, the WeChat store launched a grayscale test1 for the “Send a gift” function. With the gradual increase in WeChat's e-commerce ecosystem activity, we expect Weimeng to benefit as a leading third-party service provider.
reviews
A closed beta of the new WeChat store feature opens up revenue space for third-party service providers. Weimeng has long provided private e-commerce related services based on the WeChat ecosystem, such as e-commerce website construction and operation of mini-programs; in addition, Weimeng is also the leading service provider for Tencent video ads. Since August 25, 2024, WeChat has officially upgraded the video account store to WeChat Store 2. The merchant entry process has been further simplified. Affiliated stores and product information can be distributed in various WeChat scenarios such as public accounts, video accounts, mini-programs, and search and search. As e-commerce for public domain traffic, we think it may have a certain impact on the demand for paid tools for small and micro merchants with urgent traffic acquisition needs; since the first half of the year, Weimeng has actively reduced investment in WeChat Mall and other small and micro merchants related businesses, and we expect the related impact to gradually be digested. For brand merchants, accumulating private traffic is still their core demand for the WeChat ecosystem; we believe that with the gradual prosperity of the WeChat e-commerce ecosystem, Weimeng can help existing merchants open up public areas (WeChat small stores) and private domains (mini program stores), and can also be expected to obtain more significant customer growth, while further opening up growth space through ecology-related value-added services.
Continue to invest in product iterations and fully embrace AI Agents. Weimeng began forward-looking AI layout in October 2022. Currently, it has gradually formed four major AI layout dimensions: AI+SaaS (helps SaaS merchants operate smarter), AI+ marketing (AI drives smart marketing to reduce costs and increase efficiency), ToB (provides personalized AI solutions), and ToC (provides AI tools for small and micro enterprises and designers); it has comprehensively built an AI agent product matrix, covering 15 dimensions such as product operation, data consulting, and product selection. Currently, the company has launched Weimeng's three intelligent solutions: WAI, WAI Pro, and WIME, for small and medium-sized merchants, brand merchants, and individual store owners. We expect that with the gradual improvement of the company's AI product matrix, continued maturity of functions, and the gradual restoration of downstream customers' willingness to pay, the commercialization of the company's AI products is expected to gradually advance.
Profit forecasting and valuation
The 2024 and 2025 performance forecasts remain unchanged. Maintaining an outperforming industry rating, and considering the upward trend in the industry's valuation center and a definite increase in medium-term growth, we raised our target price by 56% to HK$2.8 (switching the valuation to 2025, giving 4.5 times 2025 P/S). The company is currently trading 3.3 times the 2025 P/S, and our target price has 37% upside compared to the current stock price.
risks
Competition in the industry intensifies; macroeconomic prosperity is declining.
