Investment Rating - The report assigns an **Overweight** rating to the company with a target price of **57.00 CNY**, compared to the current price of **42.04 CNY** [4] Core Views - The company has transitioned from a single e-commerce operation model to a full-chain and full-ecosystem e-commerce service provider, with a strong foothold in the apparel sector and expansion into new consumer categories like Jellycat [2] - The company's brand incubation business is expected to drive a second growth curve, with significant potential for future growth [2] - Revenue and net profit have shown strong recovery, with revenue growing at a CAGR of 25.9% from 2018 to 2023, and net profit growing at a CAGR of 3.9% over the same period [9] - The company's gross and net profit margins have improved, with gross margin reaching 51.1% and net margin at 8.5% in the first three quarters of 2024 [9] Business Model and Growth Drivers - The company has evolved from a pure e-commerce operator to a comprehensive e-commerce service provider, covering apparel, health, pet food, and personal care categories [9] - The company's equity structure is concentrated, with the founder and co-founder holding approximately 38.8% of the shares [9] - The proportion of revenue from e-commerce operations has decreased from 76.9% in 2017 to 51.4% in H1 2024, while brand incubation revenue has increased from 16.7% to 38.5% over the same period [9] - The company has established long-term partnerships with major brands like Skechers and ECCO, solidifying its position in the apparel sector [9] Financial Performance - Revenue grew from **306 million CNY** in 2018 to **967 million CNY** in 2023, with a CAGR of 25.9% [9] - Net profit grew from **43 million CNY** in 2018 to **52 million CNY** in 2023, with a CAGR of 3.9% [9] - In the first three quarters of 2024, revenue and net profit grew by **23.5%** and **170%**, respectively [9] - The company's gross margin improved to **51.1%** in the first three quarters of 2024, while the net margin reached **8.5%** [9] Industry Outlook - The domestic e-commerce industry is transitioning from a focus on quantity to quality, with the brand e-commerce service market expected to grow from **407.7 billion CNY** in 2023 to **586.2 billion CNY** in 2028, at a CAGR of 7.5% [9] - The rise of new consumer brands, such as Jellycat, is expected to drive growth, with Jellycat's domestic sales expected to double in 2024 [9] - The company has added Jellycat as an online operation partner in H1 2024, which is expected to catalyze the launch of more new consumer projects [9] Competitive Advantages - The company has a strong brand presence, particularly in the apparel sector, with long-term partnerships with major brands like Skechers and ECCO [9] - The company has built a robust data system and developed proprietary software, enabling it to provide high-quality, full-chain services to clients [9] - The company has established a comprehensive service ecosystem, including cross-platform integration and deep business exploration, which is expected to drive its second growth curve [9] Valuation and Forecast - The report forecasts EPS for 2024-2026 to be **1.63**, **2.17**, and **2.70 CNY**, with growth rates of **189%**, **33%**, and **25%**, respectively [9] - The company's target price is set at **57.00 CNY**, based on a PE valuation of **42x** for 2024 [26] - The PS valuation method suggests a target price of **47.87 CNY**, with a PS multiple of **3.5x** for 2024 [29]

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证券研究报告 | 季报点评 gszqdatemark 2024 10 29 年 月 日 服务商，品牌孵化有望贡献增量》 2024-07-02 青木科技（301110.SZ） 代运营品牌+渠道双线拓展，品牌孵化延续高增 事件：10 月 28 日，公司发布 2024 年三季报，2024Q1-3 实现营业收入 8.08 亿元/同比+23.52%，归母净利润 0.72 亿元/同比+169.76%，扣非归 母净利润 0.62 亿元/同比+240.77%；单 2024Q3 实现营业收入 2.64 亿元 /同比+32.27%，归母净利润 0.05 亿元/上年同期为-0.15 亿元，扣非归母 净利润为 0.02 亿元/上年同期为-0.17 亿元。 拓品牌+拓渠道推动代运营稳增，品牌孵化业务保持高速增长。1）代运营 服务：2024Q1-3 收入同比增长 23.21%，主要来自于：①渠道：公司继续 发挥在大服饰领域的优势地位，积极拓展抖音渠道代运营业务，带动原有 服务品牌持续保持增长；②品牌：公司积极拓展新品牌，本期新引进高端 软玩具项目 Jellycat、运动服饰品牌 Champion、运动装备品牌安德玛等品 牌均取得较好的业 ...

Revenue and Profit Growth - Revenue for the third quarter reached 263.72 million yuan, a year-on-year increase of 32.27%[2] - Net profit attributable to shareholders of the listed company for the third quarter was 5.18 million yuan, a year-on-year increase of 135.66%[2] - Revenue for the first nine months of 2024 increased by 23.52% to 807.96 million USD, driven by growth in e-commerce agency services and brand incubation and management businesses[6] - The company's total operating revenue for the current period is 807,959,235.52 yuan, an increase from 654,111,505.91 yuan in the previous period[14] - Net profit attributable to parent company shareholders increased to 72,233,100.49 yuan, up from 26,776,650.42 yuan in the previous period[17] - Total comprehensive income attributable to parent company shareholders increased to 72,233,100.49 yuan, up from 26,776,650.42 yuan in the previous period[17] - Basic earnings per share rose to 0.7789 yuan, up from 0.4016 yuan in the previous period[17] Cash Flow and Financial Position - Net cash flow from operating activities for the first three quarters was 143.23 million yuan, a year-on-year increase of 137.36%[2] - Operating cash flow increased by 137.36% to 143.23 million USD, mainly due to the growth in e-commerce agency services[6] - Investment cash flow surged by 2411.68% to 224.03 million USD, primarily due to the redemption of financial products[6] - Operating cash flow increased significantly to 143,228,702.78 yuan, compared to 60,342,576.21 yuan in the previous period[18] - Investment cash flow showed a net increase of 224,029,389.76 yuan, a substantial rise from 8,919,512.06 yuan in the previous period[19] - Total cash and cash equivalents at the end of the period reached 749,105,505.65 yuan, compared to 683,552,935.51 yuan in the previous period[19] Asset and Liability Changes - Total assets as of the end of the third quarter were 1.56 billion yuan, a decrease of 1.53% compared to the end of the previous year[2] - Monetary funds increased by 50.35% to 755.12 million yuan, mainly due to the redemption of some financial products and the recovery of receivables[5] - Accounts receivable decreased by 36.11% to 145 million yuan, mainly due to the collection of e-commerce operation service payments[5] - Construction in progress increased by 632.95% to 138.34 million yuan, mainly due to increased payments for the warehousing and logistics center construction project[5] - Short-term loans increased to 7.44 million yuan, mainly due to new bank loans from the subsidiary Yun Tan Brand Management (Shanghai) Co., Ltd.[5] - Accounts payable increased by 85.32% to 57.08 million yuan, mainly due to estimated progress payments for the warehousing and logistics center project[5] - Contract liabilities increased by 64.20% to 13.50 million yuan, mainly due to an increase in advance payments from customers[5] - The company's monetary funds increased to 755,124,367.59 yuan from 502,258,401.50 yuan at the beginning of the period[12] - The company's accounts receivable decreased to 144,995,150.68 yuan from 226,954,279.70 yuan at the beginning of the period[12] - The company's prepayments increased to 44,139,443.99 yuan from 36,760,246.16 yuan at the beginning of the period[12] - The company's other receivables increased to 33,227,412.88 yuan from 17,881,655.94 yuan at the beginning of the period[12] - The company's inventory increased to 96,267,753.24 yuan from 89,906,308.56 yuan at the beginning of the period[12] - The company's total current assets decreased to 1,222,993,737.40 yuan from 1,356,836,088.38 yuan at the beginning of the period[12] - The company's total non-current assets increased to 336,132,141.66 yuan from 226,582,608.89 yuan at the beginning of the period[12] - The company's total assets decreased to 1,559,125,879.06 yuan from 1,583,418,697.27 yuan at the beginning of the period[12] - The company's total liabilities increased to 161,442,618.45 yuan from 159,836,527.36 yuan at the beginning of the period[13] Business Performance and Expenses - E-commerce agency services grew by 23.21%, supported by expansion in the Douyin channel and the introduction of new brands such as Jellycat, Champion, and Under Armour[6] - Brand incubation and management business surged by 143.36%, primarily due to the strong performance of health consumer brands Cumlaude Lab and Zuccari[6] - Sales expenses rose by 74.95% to 207.25 million USD, driven by increased market promotion and platform fees for brand incubation and management business[6] - Revenue from sales of goods and services increased to 968,999,553.41 yuan, up from 756,186,733.01 yuan in the previous period[18] - Payments for goods and services increased to 288,605,785.19 yuan, compared to 280,489,688.80 yuan in the previous period[18] - Payments to employees increased to 308,153,118.51 yuan, up from 267,656,067.71 yuan in the previous period[18] - Investment income rose to 22,891,274.84 yuan, compared to 15,535,552.14 yuan in the previous period[16] Shareholder and Share Information - The company's top two shareholders, Lü Bin and Lu Bin, hold 21.31% and 14.89% of the shares respectively, and are considered controlling shareholders and acting in concert[7][8] - The company repurchased and canceled 570,000 shares, accounting for 0.61% of the total shares, on October 8, 2024[8]

证券代码：301110 证券简称：青木科技 公告编号：2024-072 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 青木科技股份有限公司（以下简称"公司"）于2024年8月29日召开了第三届 董事会第七次会议和第三届监事会第七次会议，审议通过《关于控股子公司向 银行申请授信额度并由公司为其提供担保的议案》，同意公司为控股子公司广 州美魄品牌管理有限公司（以下简称"广州美魄"）向招商银行申请不超过人民 币1,000万元（含1,000万元）的授信提供合计最高不超过1,000万元人民币的连 带责任担保。起始日期以董事会审议通过之日或董事会审议通过后签署的担保 协议生效日期为准。公司董事会授权子公司负责人签署本次授信一切事宜的有关 文件，拟授权公司负责人签署本次担保一切事宜的有关文件。 相关信息详见公司于2024年8月30日在中国证监会指定信息披露网站巨潮资 讯网（http://www.cninfo.com.cn）披露的《关于控股子公司向银行申请授信 额度并由公司为其提供担保的公告》。 二、担保进展情况 公司于近日与招商银行股份有限公司广州分行（ ...

证券代码：301110 证券简称：青木科技 公告编号：2024-071 持股5%以上的股东孙建龙保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载 、误导性陈述或重大遗漏。 | 股东名称 | | 股东身份 | 持有股份的总数量 | 占公司总股本的比 | | --- | --- | --- | --- | --- | | | | | （股） | 例 | | 孙建龙 | 持股 | 5%以上股东 | 10,500,000 | 11.35% | 注：孙建龙先生原为公司非独立董事，已于 2023 年 05 月 05 日原任期届满后离任。 二、本次减持计划的主要内容 1、减持股东名称：孙建龙 特别提示： 持有青木科技股份有限公司（以下简称"青木科技"或"公司"）股份 10,500， 000 股（占本公司总股本比例 11.35%）的股东孙建龙先生计划在本减持计划公 告发布之日起 15 个交易日后的 3 个月内以集中竞价和大宗交易方式减持持有的 公司股份不超过 2,776,000 股（占公司总股本比例 3.00%）。 公司 ...

证券代码：301110 证券简称：青木科技 公告编号：2024-070 青木科技股份有限公司 关于 5%以上股东部分股份解除质押及重新质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股东股份质押的基本情况 青木科技股份有限公司（以下简称"公司"）近日接到公司5%以上股东孙建龙 先生的通知，获悉孙建龙先生将其所持有公司部分股份与中信银行股份有限公司 广州分行办理了解除质押及办理了股票重新质押的业务，具体事项如下： 2、本次股份重新质押的基本情况 截至本公告之日，公司持股5%以上股东孙建龙先生所质押股份不存在平仓风 险，质押风险在可控范围之内，上述质押行为不会导致公司实际控制权变更。后续 如出现平仓风险，孙建龙先生将采取包括但不限于补充质押、提前购回等措施应对 上述风险。 | 是否 | 为控 | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2024 is expected to be between 67.05 million and 72.05 million CNY, representing a year-on-year increase of 150.41% to 169.09%[2] - The estimated net profit after deducting non-recurring gains and losses for the first three quarters of 2024 is expected to be between 60.51 million and 65.51 million CNY, reflecting a year-on-year increase of 229.94% to 257.20%[2] - The estimated net profit for the third quarter of 2024 is expected to be between 0 and 5 million CNY, compared to a loss of 14.53 million CNY in the same period last year, indicating a turnaround[2] Business Growth - The company has achieved significant growth in traditional e-commerce operations, live streaming services, and brand incubation during the reporting period[5] - The company continues to leverage its advantages in the large apparel sector, with strong performance in sports and outdoor footwear, high-end plush toys, and well-known entertainment projects[5] - The live streaming service business has shown notable growth due to the expansion of high-quality clients and improved service levels[5] - The brand incubation business has also experienced steady growth during the reporting period[5] Financial Disclosure - The financial data presented is preliminary and has not been audited by an external accounting firm[4] - Detailed financial data will be disclosed in the company's third-quarter report for 2024[6] Investment Advisory - Investors are advised to make cautious decisions and be aware of investment risks[6]

证券代码：301110 证券简称：青木科技 公告编号：2024-069 二、说明关注、核实情况 针对公司股票交易异常波动，公司董事会就相关事项进行了核实，现将有关 情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载 、误导性陈述或重大遗漏。 特别风险提示： 公司已于 2024 年 10 月 14 日披露了《2024 年前三季度业绩预告》，公司预 计 2024 年前三季度归属于上市公司股东的净利润为盈利 6,705.26 万元至 7,205.26 万元，比上年同期增长 150.41%至 169.09%。2024 年前三季度扣除非经 常性损益后的净利润为盈利 6,051.35 万元至 6,551.35 万元，比上年同期增长 229.94%至 257.20%。公司郑重提醒广大投资者注意二级市场交易风险，审慎决 策，理性投资。 一、股票交易异常波动的具体情况 青木科技股份有限公司（以下简称"公司"）股票交易价格连续三个交易日 （2024 ...

证券代码：301110 证券简称：青木科技 公告编号：2024-067 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、青木科技股份有限公司（以下简称"公司"）本次注销的回购股份数量为 570,000 股，占注销前公司总股本的 0.61%，本次注销完成后，公司总股本由 93,105,333 股变更为 92,535,333 股。 公司于 2024 年 8 月 29 日召开第三届董事会第七次会议和第三届监事会第 七次会议，于 2024 年 9 月 18 日召开 2024 年第二次临时股东大会，审议通过了 《关于变更回购股份用途并注销的议案》。公司拟将回购账户中的 570,000 股 用途由"用于员工持股计划或股权激励"变更为"用于注销并相应减少注册资本"， 并授权公司管理层或其授权代表在法律法规规定的范围内办理股份注销等相关 手续。 本次注销的回购股份数量为 570,000 股，占公司当前总股本的 0.61%，经中 国证券登记结算有限责任公司深圳分公司确认，本次回购股份注销日期为 2024 年 10 月 8 日。本次回购股份注销符合法律法规关于回购 ...