BAOZUN(BZUN) 招银国际·2024-11-25 06:28Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 3.20, indicating a potential upside of 30.3% from the current price of $2.38 [8][11]. Core Insights - The company reported better-than-expected Q3 2024 results, with total revenue reaching RMB 2.1 billion, exceeding Bloomberg's consensus by 9%. The non-GAAP net loss narrowed to RMB 67 million from RMB 76 million in Q3 2023, also better than the expected loss of RMB 80 million [8][10]. - The e-commerce segment (BEC) saw a revenue growth of 14%, improving from 6% in Q2 2024, driven by new high-quality distribution channels and emerging e-commerce services [8][10]. - The brand management segment (BBM) achieved a 10% year-over-year growth, recovering from a 9% decline in Q2 2024, attributed to increased order attach rates and new store openings [8][10]. Financial Performance Summary - For FY 2024, total revenue is projected to grow to RMB 9.42 billion, reflecting a 6.9% year-over-year increase, with BBM and BEC expected to grow by 14% and 6% respectively [19]. - The company anticipates achieving non-GAAP operating profit of RMB 5 million in 2024, a significant improvement from the previous forecast of a loss of RMB 2.8 million [10][19]. - The adjusted net profit is expected to improve to RMB 185 million in 2025, with a projected revenue growth of 5.8% [10][19]. Valuation Metrics - The report provides a sum-of-the-parts (SOTP) valuation, estimating the enterprise value at RMB 5.26 billion based on a 3.0x EV/EBIT multiple and RMB 1.44 billion based on a 0.1x EV/sales multiple, alongside RMB 2.6 billion in net cash [10][17]. - The company’s P/E ratio is projected to improve from 23.9x in FY 2023 to 16.9x in FY 2025, indicating a more favorable valuation outlook [19][24].