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(更新)大健云仓:平台扩张步伐加快,跨境B2B市场大有可为
GCTGigaCloud(GCT) 海通证券·2024-07-08 04:02

Investment Rating - The report assigns an "Outperform" rating to GigaCloud Technology (GCT) [1] Core Views - GigaCloud Technology is a leading B2B e-commerce platform specializing in cross-border transactions of large goods, with a unique "supply chain front-loading" model and a global warehousing and logistics network [3] - The global B2B e-commerce market, particularly for large parcels, has significant growth potential, with the US B2B market size estimated at 14.8trillionandecommercepenetrationatonly914.8 trillion and e-commerce penetration at only 9% [3] - The company's revenue structure is shifting towards 3P (third-party) services, with service revenue growing at a CAGR of 49.07% from 2020 to 2023, outpacing product revenue growth [4] - GigaCloud's AI-driven operational capabilities and extensive logistics network are key competitive advantages, enabling efficient inventory management and cost-effective delivery [4] Business Model and Market Opportunity - GigaCloud connects manufacturers (primarily in Asia) with distributors (mainly in the US, Asia, and Europe) through its proprietary platform, achieving total GMV of 5.42B, 6.36B,and6.36B, and 9.99B in 2021, 2022, and 2023, respectively [3] - The global home furnishing retail market is increasingly shifting online, with e-commerce penetration rising from less than 10% in 2008 to over 20% in 2022 [10] - The US B2B e-commerce market is expected to grow from 1.3trillionin2020to1.3 trillion in 2020 to 2.2 trillion in 2025, with a CAGR of 10.7% [14] Financial Performance and Growth - GigaCloud's revenue grew from 122Min2019to122M in 2019 to 704M in 2023, with a CAGR of 54.88% [28] - Adjusted EBITDA increased from 5Min2019to5M in 2019 to 118M in 2023, with a CAGR of 121.35% [29] - The company's gross margin and net margin have shown an upward trend, reaching 26.80% and 13.37% in 2023, respectively [30] - GigaCloud's GMV grew from 284Min2020to284M in 2020 to 999M in 2023, with a CAGR of 52.14%, driven by increased active users and higher spending per buyer [45] Strategic Initiatives and Competitive Advantages - GigaCloud operates 21 large warehouses globally, with over 4M square feet of storage space and coverage across 11 destination ports [40] - The company's AI software optimizes inventory levels, generates seller ratings, and enhances operational efficiency, contributing to a robust platform ecosystem [44] - Recent acquisitions, such as Noble House and Wondersign, have expanded GigaCloud's warehouse space and product offerings, further strengthening its market position [40] Industry Trends and Policy Support - The global home furnishing market is experiencing a surge in online retail, driven by changing consumer habits and the convenience of e-commerce [10] - China's cross-border e-commerce market has grown from ¥2.1T in 2012 to ¥15.7T in 2022, with a CAGR of 22.28%, supported by favorable government policies [15] - Overseas warehouses are becoming a critical component of cross-border e-commerce, providing cost-effective logistics solutions for small and medium-sized retailers [21]