Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 3.86, representing an expected upside of 28.5% from the current price of HKD 3.00 [1][4][11]. Core Insights - The "Gift" feature in WeChat is expected to enhance the e-commerce ecosystem, driving demand for merchant services. This feature is currently in the exploratory phase and is anticipated to evolve, especially during major holidays, potentially replicating the success of the "WeChat Red Packet" phenomenon [3][4][8]. - The company is projected to see a continuous reduction in losses, benefiting from the growth of the WeChat ecosystem. With the completion of the WeChat mini-store integration expected in the first half of 2025, the company is well-positioned to capitalize on the burgeoning demand for SaaS and operational services in the WeChat e-commerce space [4][10]. Financial Summary - The company’s revenue projections for 2024-2026 are estimated at RMB 18.1 billion, RMB 21.0 billion, and RMB 25.1 billion, respectively, with year-on-year growth rates of -18.6%, 15.6%, and 19.7% [5][10]. - Net profit forecasts for the same period are expected to be -RMB 6.7 billion, -RMB 3.5 billion, and -RMB 1.2 billion, indicating a trend of decreasing losses as the company continues to optimize costs and enhance operational efficiency [5][10].
微盟集团：送礼助力微信电商成长，头部服务商有望受益