Core Thesis - GigaCloud Technology Inc. (GCT) is positioned as a compelling investment opportunity due to its strong financial performance, strategic expansions, and technological innovations [1][5]. Company Overview - GCT is a leading provider of global B2B technology solutions for large-parcel merchandise, operating the GigaCloud Marketplace that integrates discovery, payments, and logistics [2]. - The company connects manufacturers in Asia with resellers in the U.S., Europe, and Asia, facilitating cross-border transactions at fixed prices [2]. Business Expansion - Since its launch in 2019, GCT has diversified its offerings beyond furniture to include home appliances and fitness equipment, while maintaining a workforce and product sourcing primarily based in China [3]. - The U.S. is the largest market for GCT, followed by Germany, the U.K., Japan, and Canada [3]. Financial Performance - GCT reported a 10% year-over-year sales growth in Q3, with a significant earnings per share (EPS) beat, driven by European expansion and a strong balance sheet with zero long-term debt [4]. - The company has a trailing P/E of 11.21 and a forward P/E of 10.60, indicating attractive valuation metrics [1]. Strategic Initiatives - GCT has pursued strategic acquisitions, including New Classic, Noble House Home Furnishings, and Apexis/Wondersign, to diversify supply chains and enhance digital capabilities [4]. - The company has established a new fulfillment center in Germany, increasing its total to six facilities in the country and 39 globally [4]. Technological Innovations - The launch of the Wonder App, adopted by Ashley Furniture Industries, enhances supplier-retailer connections and supports omni-channel sales [5]. - GCT has authorized a $111 million share repurchase program to reinforce shareholder value [5]. Market Outlook - Despite minor risks such as insider selling and auditor scrutiny, GCT's diversified growth strategy and technological advancements position it for continued market share gains and value creation [5]. - The stock has appreciated 169.42% since previous coverage, reflecting the successful execution of the bullish thesis [6][7].