拥抱持续优异的表现

Investment Rating - Maintain Buy rating with a target price of $46 based on SOTP valuation [2][12] Core Views - GigaCloud (GCT US) delivered a strong Q1 2024 performance with revenue growth of 96% YoY, beating expectations by 3% [2] - Net profit in Q1 2024 was $27 million, up 71% YoY but 10% below expectations due to new fulfillment center costs and FX volatility [2] - Management guided Q2 2024E revenue of $265-280 million, representing 73-83% YoY growth, with the midpoint 9% above expectations [2] - Positive margin trends expected in 2H24E driven by narrowing NH losses, annual freight contracts, and improved warehouse utilization [2] - BaaS initiative launched in April 2024 is expected to unlock TAM and drive long-term incremental growth [2] Financial Performance - Q1 2024 revenue was $251 million, up 96% YoY, with gross profit of $67 million and net profit of $27 million [2][7] - FY24E revenue is forecasted at $1.112 billion, up 58% YoY, with net profit of $116 million [2][10] - FY25E revenue is projected at $1.353 billion, up 22% YoY, with net profit of $150 million [2][10] - FY26E revenue is estimated at $1.632 billion, up 21% YoY, with net profit of $188 million [2][10] Operational Highlights - Global fulfillment network expanded to 42 locations covering over 10.5 million square feet, up 169% from March 2023 [2] - Outdoor furniture demand is expected to drive Q2 2024E revenue growth [2] - BaaS program charges a competitive 4% fee compared to the industry standard of 10% [2] Valuation - SOTP valuation based on 18x P/E for 3P business and 16x P/E for 1P business, resulting in a target price of $46 [12] - DCF valuation assumes a WACC of 15.7% and long-term growth rate of 3%, also supporting the $46 target price [13][14] Historical Performance - FY23 revenue grew 44% YoY to $704 million, with net profit up 293% YoY to $94 million [10] - FY22 revenue increased 18% YoY to $490 million, with net profit of $24 million [10] - FY21 revenue was $414 million, with net profit of $29 million [10]