Investment Rating - The report maintains an "Outperform" rating for the industry [3]. Core Insights - Shein is a leading global fast fashion cross-border e-commerce platform with a latest valuation of £50 billion. The company was founded in 2008 and achieved a global GMV of 2 billion, up 180%, with a CAGR of 74% from 2016 to 2023 [1][8]. - The company employs a "small batch quick response" model for production and inventory management, characterized by low inventory levels, minimal unsold stock, and rapid shipping. Shein's flexible supply chain allows for small order quantities starting at 100 pieces, with inventory rates as low as single digits. The time from design to launch is only 3-10 days, with a delivery cycle of about 14 days [1][36]. - Shein's dual-driven model of "brand + platform" was officially launched in May 2024, focusing on expanding its seller base and product categories beyond fashion. The "希有引力" plan aims to help 10,000 sellers achieve over $1 million in annual sales [1][55]. Summary by Sections Shein Overview - Shein is recognized as one of the "Four Little Dragons" in cross-border e-commerce, leveraging a dual engine of "self-owned brands + platform" to drive growth. The company has expanded its user base significantly, reaching 142 million users by the end of 2022, and operates in over 150 countries [8][19]. Industry Overview - The cross-border e-commerce sector is experiencing rapid growth, supported by favorable policies and the shift from domestic to export sales. The industry has evolved through several stages, from initial information platforms to a fully integrated supply chain model [19][20]. Supply Chain Strength - Shein's supply chain is bolstered by its location in the Pearl River Delta, allowing for high turnover rates and low inventory levels. The company has reduced its inventory rate to single digits and maintains a low rate of unsold stock [36][37]. Platform Strategy - The introduction of a semi-managed model allows sellers to choose their logistics solutions, enhancing flexibility and reducing costs. This model is designed to attract a wider range of sellers, including those with existing inventory [55][58]. Marketing Operations - Shein utilizes a combination of social media, influencer marketing, and algorithm-driven strategies to create viral products. The company has established a robust presence across multiple social media platforms, with Facebook being a primary source of traffic [66][67]. Investment Recommendations - The report suggests focusing on companies in the cross-border e-commerce space, such as Anker Innovations and ZTO Express, which are expected to benefit from the ongoing growth in the sector [2][77].
商贸零售行业专题研究：以Shein为例，看小单快反模式下的柔性供应链机遇
东方财富证券·2024-06-12 09:30