IPO申购指南：傲基股份

Investment Rating - The report suggests a cautious subscription for the company, Aoji Co., Ltd. (2519.HK) [1] Core Insights - Aoji Co., Ltd. is an online retailer specializing in cross-border sales of furniture products and provides logistics solutions to e-commerce platform sellers. The company's online retail business generated revenue of 7.03 billion HKD in 2023, accounting for 81% of total revenue [1] - The company primarily derives its sales from North America and Europe, with these regions contributing 86.3% and 10.7% to revenue in 2023, respectively. The product mix includes furniture, power tools, home appliances, consumer electronics, and sports health products, with respective revenue contributions of 75.9%, 4.9%, 6.2%, 4.2%, and 1.5% in 2023 [1] - Sales are mainly conducted through third-party platforms, including Amazon, Walmart, and Wayfair, with revenue shares of 53.8%, 9.8%, and 10.0% in 2023 [1] - The logistics solutions segment generated revenue of 1.65 billion HKD in 2023, accounting for 19% of total revenue, primarily serving e-commerce companies and third-party platforms [1] - According to a Frost & Sullivan report, Aoji ranks first in the overseas e-commerce market for B2C furniture products among Chinese sellers and fifth globally in the B2C furniture e-commerce market based on GMV in 2023 [1] - The company has experienced revenue fluctuations over the past three years, with revenues of 9.07 billion HKD, 7.10 billion HKD, and 8.68 billion HKD in 2021, 2022, and 2023, respectively. The net profit for 2022 was 220 million HKD, with a net profit margin of 3.3%, and in 2023, the net profit reached 520 million HKD, with a net profit margin of 6.0% [1] - Based on the median offer price, the company's market value is estimated at 6.26 billion HKD, corresponding to a static PE of 10.74, which is lower than the industry average of 15.6 [1][2]