Shopify Inc-A：公司深度报告：全球电商SaaS龙头，深耕电商生态拓宽边界

Investment Rating - Buy (First Coverage) [1] Core Views - The report addresses key questions about the global e-commerce SaaS market, Shopify's core business framework, and its strategic expansion through various channels [6] - Shopify's subscription solutions provide foundational e-commerce SaaS services, while merchant solutions offer value-added services like payments, logistics, and financing, driving a second growth curve [7] - Shopify is expanding its business boundaries through strategies like multi-channel independent stores, local globalization, B2C/B2B integration, online-to-offline sales, and AI-driven tools [8] - The company is leveraging generative AI to enhance merchant efficiency, with tools like Shopify Magic and Sidekick [8] Market Analysis - Global e-commerce penetration is steadily increasing, with a projected growth rate of around 9% from 2024 to 2027 [6] - The DTC (Direct-to-Consumer) model is driving demand for e-commerce SaaS services, with Shopify benefiting from lower sales costs and better consumer data control [6] - The global e-commerce SaaS market is expected to reach $473-609 billion by 2025, with a CAGR of 34$8.5 billion, $10.2 billion, and$12 billion, respectively, with adjusted net profits of $1.3 billion,$1.6 billion, and $2.1 billion [9] - The target price is set at$79, based on a 12x P/S multiple for FY2024, reflecting Shopify's strong position as a leader in the e-commerce SaaS industry [9]