Antarctic e-commerce (002127)： GMV’s strong growth and improved monetization rate boost performance
Posted On 04/01/2020
Antarctic e-commerce (002127): GMV’s strong growth and improved monetization rate boost performance
This report reads: The balanced development of multiple e-commerce platforms, the high growth rate of GMV and the improvement of the monetization rate, and high performance growth.
Comply with the e-commerce rules, expand the strategy of large stores, equitably encourage the long-term blueprint, and maintain the level of overweight.
Investment Highlights: Maintain Overweight Rating: Maintain 2019 EPS to 0.
83 yuan, taking into account the company’s GMV high-speed growth, performance flexibility is complementary, giving about 26 times PE in 2019, raise the target price to 13.
High GMV and optimized currency conversion rate.
Company Q3 revenue was 10.
1.3 billion, an increase of 24.
89%, net profit 2.
16 billion (+ 36% YoY).
89%), and performance was in line with expectations.
Of which time interconnection income7.
58 billion (+ 22% year-on-year.
35%), brand licensing and comprehensive service income +42 per year.
53% to 2.
The first three quarters of GMV implantation reached 168.
0.8 billion (+ 59% YoY).
46%), Q3 currency conversion implanted 3.
99%, ranking improved by 0 in the first half of the year.
52pct, the improvement is more significant.
Thanks to the GMV growth and optimization of the monetization rate, the strong performance has not changed.
The Antarctic brand led the way, and the e-commerce platform blossomed.
Antarctic GMV increased by 65.
03% to 145.
Cadillac Crocodile and Classic Teddy are 20 respectively.
4.9 billion, a growth rate of 37.
11% / 54.
Antarctic people’s cost-effective products have passed the consumption cycle and performed strongly.
Q1-Q3 Ali platform GMV is 111.
36 billion (+ 50% year-on-year.
93%), Jingdong, social e-commerce and Vipshop will achieve 26.
4.6 billion GMV.
Social e-commerce and Vipshop channels both increased by more than 100%.
The balanced development of all channels, the proportion of emerging platforms has increased, and the cultivation effect has begun to appear.
The big store strategy has a significant effect, and it is fair to encourage long-term development.
The company complied with the e-commerce channel flow rules and introduced a store segmentation strategy.
Large stores quickly formed scale effects, creating explosive models, waist stores focused on distribution, and small stores planted grass with a clear division of labor.
Implementing an equity incentive plan, combining future long-term development with the interests 都市夜网 of the core team, and fully mobilizing employee motivation.
Risk warning: Brand development is less than expected, e-commerce channels rely on risk, and accounts receivable risk.