证券研究报告 万物新生 (RERE US) 全链布局的循环经济领军者 2026 年 1 月 06 日│美国 首次覆盖万物新生予以"买入"评级，目标价 7.64 美元，基于 18X 26 年调 整后 PE。万物新生是中国二手循环产业龙头。公司纵向整合 3C 二手循环 全产业链，以爱回收、拍机堂、拍拍、AHS Device 四大业务线，实现 C2B 回收+B2B 流通+B2C 零售流量全闭环。从货源到销售渠道，全链路资源协 同构建成本和效率壁垒。展望未来，我们认为公司有望由履约服务商升维为 品牌商，一方面通过 toC 零售、合规翻新提升利润空间，另一方面多品类回 收开辟第二成长曲线，规模和利润率均有望实现快速增长。 二手电子产品：低渗透率高成长赛道，龙头集中趋势确定 1）量价齐升推动行业增长。按保有量计算，2024 年我国 3C 二手回收渗透 率仅为 4.4%（灼识咨询）。按当年新机出货量计算，2024 年我国旧机回收 率为 17.1%，相较发达国家 55%-75%仍有较大提升空间（沙利文）。加之 电子产品销售均价随技术进步连年上升，我们认为行业中期仍有望保持双位 数以上增长中枢。2）回收端货源向电商平台和手机品 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Insights - The company focuses on the second-hand 3C circular economy, leveraging both offline store expansion and online platforms like JD's "trade-in" to enhance user engagement and channel control. The report anticipates revenue growth of 27.2%, 23.2%, and 20.5% for FY25, FY26, and FY27, respectively, with projected Non-GAAP net profits of 421 million, 649 million, and 834 million RMB for the same years [8][17]. Summary by Sections 1. Circular Economy and Brand Development - The company has been deeply involved in the second-hand 3C electronic product sector for 14 years, becoming China's largest platform for second-hand consumer electronics. It operates four core business lines: recycling, B2B distribution, B2C retail, and overseas operations, creating a complete industry chain [17][18]. 2. Market Potential and Platform Dynamics - The second-hand consumer electronics market is experiencing rapid growth, with a projected CAGR of 12.7% from 2020 to 2024. The report highlights that China's second-hand electronic product penetration is significantly lower than global levels, indicating substantial growth potential [49][57]. 3. Supply Chain and Operational Efficiency - The company has expanded its offline presence to 2,092 stores across 291 cities, becoming a key player in the recycling business. It utilizes automation and digital technologies to enhance operational efficiency, reducing fulfillment costs from 12.9% in 2021 to 8.7% in 2025H1 [7][17][44]. 4. Financial Performance and Projections - The company has shown strong revenue growth, with a 2025H1 revenue of 9.645 billion RMB, reflecting a year-on-year increase of 29.85%. The report projects revenues of 20.769 billion, 25.584 billion, and 30.820 billion RMB for FY25, FY26, and FY27, respectively [40][41]. 5. Valuation and Market Position - The report estimates a target price of $5.3 per share, representing a 32% upside from the current price, based on a comparable company valuation of 14x PE for 2026. The company is positioned as a leader in the fragmented second-hand market, with significant room for consolidation [8][17][57].