寶尊電商-SW(09991.HK)：電商服務龍頭，業務實現結構性改善，建議投資者“申購”
機構：興業證券
評級：申購
寶尊是國內最大的品牌電商服務商，擁有“全渠道、全鏈路、一體式”的服務體系。在份額分散的電商運營行業中，寶尊的平台交易規模（GMV）市場佔有率在2019年達到7.90%，保持領先地位。公司GMV在2017-2019年CAGR為52.4%，20H1達到219.7億元（YoY+25.1%）；2017-2019年營收CAGR為32.4%，20H1達到36.8億元（YoY+22.9%）。
核心股東阿里巴巴戰略支持，與品牌合作伙伴關係穩固。寶尊電商合作品牌數量國內領先，在2019年底合作的231家品牌中，其中15家是BrandZ全球品牌價值榜排名前50企業；公司也與合作伙伴保持穩固的合作關係，2018年服務模式的前20大客户基本留存至今（2020年8月）。與此同時，寶尊也持續獲取新的合作伙伴，20H1新增品牌商19家，合作品牌商總計達到250家。
持續推動由經銷模式向服務模式的轉型，服務營收佔比穩步提升。2015至2019年，服務營收佔公司總淨營收的比例從25％提升到53％。輕資產模式有利於公司提升整體毛利率，減輕庫存和資金壓力。受20Q1疫情影響，公司倉儲物流費用上升，履約費用率從2019年的23.1%提升到20H1的26.9%，對公司經營利潤率產生一定影響，經營利潤率從2019年的5.3%下降到20H1的4.7%，但預計隨着公司倉儲能力提升，規模效應將逐漸顯現，經營利潤率和淨利率將逐步提高。
建議投資者“申購”：2018/2019年公司P/E為54.79/53.47，根據Wind一致預期，公司20/21年EPS為1.84/2.73元。按發售價82.90港元計算，對應2020/2021年P/E為39.68/26.75，考慮到公司預計將維持在品牌電商服務商行業的龍頭地位，營收保持較快增速，建議投資者“申購”。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
