Investment Rating - The report upgrades the investment rating of the company to "Buy" [2][17]. Core Insights - The WeChat e-commerce ecosystem is gradually improving, and leading service providers are expected to benefit first. The company is positioned as a key service provider within the Tencent ecosystem, which is likely to enhance its growth prospects [17]. - The introduction of the "Gift" feature in WeChat stores is anticipated to increase the diversity of brands and products available on the supply side, potentially attracting more merchants to the platform [3][18]. - The company has taken the lead in integrating mini-programs with WeChat stores, which is expected to drive merchant onboarding and boost Gross Merchandise Volume (GMV) [4][18]. Financial Projections - Revenue projections for the company from 2024 to 2026 are set at 1.81 billion, 2.11 billion, and 2.39 billion CNY, respectively, with year-over-year growth rates of -18.9%, 17.1%, and 13.0% [5]. - Adjusted net profit forecasts for the same period are -0.5 million, 1.3 million, and 3.0 million CNY, with corresponding adjusted diluted EPS of -0.02, 0.05, and 0.11 CNY [5]. - The company is expected to achieve a turnaround to profitability in 2025, following cost reduction and efficiency improvement measures [17]. Market Position - The current stock price is 2.48 HKD, with a price-to-sales ratio projected at 4.3, 3.7, and 3.3 for the years 2024 to 2026 [17][22]. - The company has a total market capitalization of 8.328 billion HKD and a three-month turnover rate of 258.57% [22].
微盟集团：港股公司信息更新报告：微信电商生态积极推进，服务商有望率先受益