跨境主业修复，AI+品牌策略促增长

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The Southeast Asian internet infrastructure is gradually improving, with an internet penetration rate of 73.71% as of 2022 and a growing e-commerce market, which presents significant growth potential [1][94]. - The company has established itself as a leader in cross-border social e-commerce since 2017, leveraging social media platforms for targeted marketing, resulting in high conversion rates [1][115]. - The company's revenue and profit have seen rapid growth, particularly during the pandemic, with cross-border e-commerce contributing 64% of total revenue and 85% of net profit in the first half of 2023 [1][115]. Summary by Sections Company Overview - The company has been focusing on cross-border social e-commerce, achieving a revenue of 20.19 billion RMB in 2023H1, a year-on-year increase of 39.50% [115]. - The company’s net profit for the same period reached 1.61 billion RMB, reflecting a growth of 111.06% [115]. Financial Projections - The projected net profits for the company from 2023 to 2025 are 356 million RMB, 444 million RMB, and 585 million RMB, respectively [3]. - The company is valued at 80 billion RMB with a target price of 20.78 RMB based on a 2024 P/E ratio of 18x [3]. Market Dynamics - The e-commerce penetration rate in Southeast Asia is currently at 9.6%, significantly lower than the global average of 18.9%, indicating room for growth [1][94]. - The region's GDP growth rate was 5.70% in 2022, driven by a young population and a recovering tourism sector, which enhances retail demand [106][108]. Business Strategy - The company has adopted a digital-first approach, utilizing AI to enhance efficiency across various business functions, including marketing and customer service [33][41]. - The company is also exploring brand incubation, having launched several proprietary brands that are expected to contribute significantly to future revenues [33][41].