Onechance(SZ:300792) Shenwan Hongyuan Securities·2025-12-24 12:54Investment Rating - The report initiates coverage with a rating of "Buy" for the company [6][9]. Core Insights - The company, 壹网壹创, is positioned as a leading e-commerce operation service provider, focusing on beauty and personal care sectors. It has established a strong foundation over ten years and is expected to benefit from the resurgence of the e-commerce industry and AI integration, which could significantly enhance its performance [8][40]. - The company has experienced a decline in revenue and net profit from 2021 to 2024, but a strategic shift and AI implementation have led to a recovery in profitability, with a projected net profit of 1.11 billion, 1.46 billion, and 1.81 billion for 2025 to 2027, respectively [7][9][27]. - The report highlights the company's collaboration with Alibaba's AI strategy, which is anticipated to unlock new growth opportunities and enhance operational efficiency [8][55]. Summary by Sections Company Overview - 壹网壹创 was founded in 2012 and has built a reputation for providing Tmall operation agency services, initially partnering with domestic beauty brand 百雀羚. The company has expanded its portfolio to include well-known brands like Procter & Gamble and has maintained its status as a Tmall six-star service provider since 2019 [8][20]. Financial Data and Profitability Forecast - The company’s total revenue is projected to be 1,236 million in 2024, with a slight decline expected in 2025 before a recovery begins in 2026. The net profit is forecasted to grow significantly in the coming years, reflecting a turnaround in profitability [7][9]. - The report indicates that the company’s gross margin is expected to improve from 24.8% in 2024 to 30.8% by 2027, driven by operational efficiencies and AI integration [7][29]. Market Dynamics and AI Integration - The e-commerce operation sector is witnessing a resurgence, with increased demand for agency services as major brands seek to leverage online platforms. The integration of AI is seen as a critical factor in enhancing operational efficiency and expanding the client base [8][40]. - The report emphasizes that AI capabilities will allow the company to break through traditional operational limits, enabling it to manage more mid-tier brands and improve overall performance metrics [8][55]. Investment Analysis - The report provides a valuation analysis, suggesting that the company’s price-to-earnings ratio will decrease from 57 in 2025 to 35 by 2027, indicating a favorable investment opportunity as the company’s profitability improves [9][10]. - The report concludes that the company is well-positioned to capitalize on the recovery of the e-commerce sector and the benefits of AI, warranting a "Buy" rating [9].