傲基股份深度报告：中大件跨境电商龙头，海外仓建设助力成长

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][7]. Core Insights - The company is a leading player in the global B2C cross-border e-commerce market for furniture and home goods, with significant logistics capabilities through its self-built overseas warehouses [9][18]. - The global B2C e-commerce market is rapidly growing, with furniture and home goods being the fastest-growing category, showing a compound annual growth rate (CAGR) of 4.8% from 2018 to 2023 [3][57]. - The company has successfully expanded its logistics solutions, with a notable increase in order processing volume and revenue from logistics services [4][27]. Company Overview - The company primarily sells through third-party platforms like Amazon, Walmart, and Wayfair, focusing on the U.S. market [18][28]. - As of 2023, the company has 11 brands with GMV exceeding RMB 100 million, and it ranks first in several product categories on Amazon [9][18]. - The company has established 27 overseas warehouses with a total area exceeding 5.5 million square feet, enhancing its logistics efficiency [4][18]. Industry Situation - The global B2C e-commerce market's GMV increased from USD 2,300.7 billion in 2018 to USD 4,821.9 billion in 2023, with a CAGR of 16.0% [51][52]. - The furniture and home goods segment is projected to be the fastest-growing category within the global B2C e-commerce market [51][57]. - Chinese sellers dominate the global furniture and home goods export market, with significant sales through platforms like Amazon and Wayfair [3][58]. Competitive Advantages - The company focuses on the furniture and home goods category, offering a wide range of SKUs with high cost-performance [4][9]. - Its logistics capabilities are enhanced by the expansion of self-built overseas warehouses, leading to improved order processing efficiency [4][9]. - The company has a digital supply chain management system that allows for strict quality control and a low return rate of less than 3.5% [4][9]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are RMB 110.27 billion, RMB 132.18 billion, and RMB 158.21 billion, representing year-on-year growth rates of 27%, 20%, and 20% respectively [5][10]. - The net profit forecasts for the same period are RMB 5.93 billion, RMB 7.22 billion, and RMB 8.76 billion, with corresponding year-on-year growth rates of 12%, 22%, and 21% [5][10].