Investment Rating - The report gives a "Buy" rating for the company, Aoki Technology (青木股份) [26][29]. Core Insights - Aoki Technology is positioned as a leading comprehensive e-commerce service provider, actively expanding its brand incubation business as a second growth curve. The company's operational performance showed significant improvement in Q1 2024 [29][36]. - The company has a stable growth trajectory in its e-commerce agency services, while also exploring new revenue streams through brand incubation and technology solutions [29][36]. - The e-commerce service industry is experiencing growth, with the demand for agency services increasing, particularly in the apparel sector [35][36]. Summary by Sections Company Overview - Aoki Technology focuses on providing comprehensive e-commerce solutions, serving multiple well-known domestic and international brands, particularly in the apparel industry [29][36]. - The company has three main business segments: e-commerce agency services, brand incubation, and technology solutions [29][36]. Financial Performance - The company's revenue from 2019 to 2023 showed a compound annual growth rate (CAGR) of 28%, with revenues of 3.6 billion, 6.5 billion, 8.8 billion, 8.5 billion, and 9.7 billion yuan respectively [2]. - In Q1 2024, the company achieved total revenue of 226 million yuan, a year-on-year increase of 6.35%, and a net profit of 24 million yuan, up 147.47% year-on-year [2][29]. Industry Trends - The e-commerce service industry is growing faster than the overall e-commerce transaction growth, with a reported revenue of 6.79 trillion yuan in 2022, a 6.1% increase year-on-year [6][35]. - The demand for professional agency services is increasing as brands seek to enhance their operational efficiency and consumer engagement [35][36]. Competitive Advantages - Aoki Technology has a strong foundation in the apparel sector, with a deep understanding of e-commerce platforms and consumer behavior, which enhances its operational capabilities [36]. - The company has established strategic partnerships with major e-commerce platforms like Tmall and JD, which strengthens its market position [36]. Future Outlook - The company is expected to see continued growth in its agency services and brand incubation, with projected net profits of 153 million and 233 million yuan for 2024 and 2025 respectively [36][39].
青木股份：AI赋能业务高成长，布局品牌与跨境未来可期