郭思治: 匯通達(09878.HK)下沉市場黑馬前景亮麗
香港股票分析師協會副主席郭思治稱,下沉市場在近年來由於其廣袤的地域人口以及日益提升的消費能力,逐漸吸引了各大互聯網巨頭的關注。現時正在港股市場招股的匯通達網絡(09878.HK)則專攻下沉市場,打造致力於服務中國零售行業企業客戶的交易及服務平臺。
匯通達網絡業務發展優勢顯着,首先,經過過去8年的發展,集團已經基本確立了業務領先優勢,根據弗若斯特沙利文報告,中國下沉市場及中國整體市場的零售行業仍然高度分散且?字化滲透率較低,在中國服務零售行業企業客戶的交易平臺中,分別按照2020年面向下沉市場及中國整體市場的交易業務規模計算,匯通達分別排名第一及第三。
據公司招股書披露,截至2021年9月30日止九個月,該公司擁有57,074家活躍會員零售門店、13,653家活躍渠道合作客戶及4,268家供應商,形成覆蓋全國21個省份及逾20,000個鄉鎮且具備逾175,000個SKU的零售生態。
其次,集團未來拓展空間廣闊,根據弗若斯特沙利文報告,目前中國下沉市場及中國整體市場的零售行業仍然高度分散且數字化化滲透率較低。而隨着互聯網滲透率不斷的提高及技術的發展,中國下沉零售市場產業鏈逐漸開始線上遷移及數字化是不可逆轉的大趨勢。數據顯示,目前交易及服務行業市場規模已經發展到萬億人民幣的級別。面對巨大市場機遇,集團在過去8年緊抓下沉市場的紅利發展期,營收由2018年的298億元人民幣(下同)增加約67%至2020年的496億元,經過調整後之淨利潤由2020年9月30日止9個月的1.38億元,到2021年同期按年增加149.2%至3.46億元。
匯通達有不少重量級基石投資者,包括阿裏巴巴(09988.HK)於2018年5月已前期投資45億元。另股東還有央企基金、華夏人壽等,此外,亦在此次新股發行中引入六名基石投資者,合共認購1.5億美元(約11.7億元),約佔發行股份的49.76%。(設有六個月禁售期,投資者在公開招股時可多加關注。)值得注意的是,基石投資者之一的創維集團以及商湯科技分別爲家電以及人工智慧行業的龍頭企業,而創維集團更是爲集團現時的家電供應商,此次入股一方面展現顯着的戰略協同效應,有利進一步增強集團的供應鏈能力;另一方面,來自行業夥伴的認可將有利於集團持續鞏固其領先優勢地位。
(筆者爲證監會持牌人)~
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