NanJi E-Commerce(SZ:002127) Tai Ping Yang·2025-02-12 00:52Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on recent performance [1][10]. Core Insights - The company is expected to achieve revenue between 3.2 billion to 3.5 billion yuan in 2024, representing a year-on-year growth of 19% to 30%. However, it is projected to incur a net loss of 1.9 billion to 2.5 billion yuan [4][5]. - The fourth quarter of 2024 is anticipated to see revenue between 790 million to 1.09 billion yuan, with a year-on-year growth of 27% to 75%, but a net loss of 2.4 billion to 3.0 billion yuan is expected [4][5]. Summary by Sections Company Overview - The company has undergone significant reforms in product upgrades, brand renewal, and channel adjustments, including the launch of the "South Pole People" light luxury series and a major overhaul of its distributor system [5]. Financial Performance - The company reported a revenue of 2.692 billion yuan in 2023, with a projected growth rate of 21.9% for 2024, reaching approximately 3.282 billion yuan. The net profit for 2023 was 112 million yuan, but a loss of 210 million yuan is expected in 2024 [7]. Market Position and Strategy - The company is focusing on brand transformation and product upgrades, with the "South Pole People" light luxury series and the "Bai Jia Hao" channel expected to drive significant sales growth, projecting a GMV of 4.7 billion yuan for the "Bai Jia Hao" division in 2024 [5][6]. Profitability Outlook - The report anticipates a recovery in profit margins as marketing efficiency improves, despite an increase in sales expenses due to brand promotion efforts [6]. The expected net profits for 2024, 2025, and 2026 are projected to be -2.1 billion, 3.1 billion, and 5.83 billion yuan respectively, with corresponding PE ratios of 38 and 20 for 2025 and 2026 [7].