壹网壹创(300792)深度报告：AI电商乘风起 经营业绩迎拐点

Core Insights - The company is a leading domestic e-commerce operation service provider established in 2012, focusing on providing professional e-commerce retail services to major brands in the fast-moving consumer goods sector, including beauty, personal care, and health products [1] - The company has initiated an AI e-commerce strategy, aiming to leverage AI technology to enhance operational efficiency and reduce costs, with initial financial improvements already visible [2] Company Overview - The company employs nearly 1,300 staff across major cities in China and operates under a dual strategy of "full-service e-commerce provider + new consumer brand accelerator" [1] - Key brand clients include Procter & Gamble, Shiseido, Amorepacific, Yili Group, and Mao Geping, among nearly a hundred others [1] Industry Dynamics - The e-commerce operation industry has undergone a 3-4 year adjustment period, transitioning towards self-owned brands and AI integration [1] - Alibaba's e-commerce business has refocused on growth as a core strategy, shifting from a "live streaming + low-price strategy" to activating core customer groups and enhancing platform performance [1] AI Strategy and Implementation - The company has launched several AI systems, including cloud-based solutions and intelligent customer service, which are expected to drive a shift from a labor-intensive to a technology-intensive model [2] - The company is part of Alibaba's first batch of AI Agent co-creation projects, indicating a strong partnership and resource sharing within the Alibaba ecosystem [2] Financial Outlook - The company anticipates a significant performance turnaround in 2025, driven by the recovery of the Tmall market and the implementation of AI applications [2] - Profit forecasts for the company are projected at 110 million, 160 million, and 190 million yuan for the years 2025, 2026, and 2027, respectively, with a strong recommendation for investment [2]