Core Insights - Ecer.com showcased its full-link intelligent sourcing solutions at the 138th Canton Fair, significantly enhancing sourcing efficiency for international buyers by approximately 60% [1] - The marketplace's Smart Matching System utilizes AI to provide personalized sourcing experiences, allowing buyers to save 65% of on-site sourcing time and improve supplier matching accuracy by over 50% [2] - Ecer.com introduced a Digital Factory Audit service, enabling buyers to conduct remote audits of potential suppliers, enhancing trust and transparency in the sourcing process [3] AI Integration and Service Offerings - Ecer.com has launched a suite of AI applications across the foreign trade lifecycle, including AI Product Posting, AI Promotion, and AI Customer Service, creating a comprehensive intelligent foreign trade chain [4] - The company emphasizes the importance of deep service and ecological integration capabilities in the competitive B2B marketplace landscape, aiming to be a trusted procurement partner for global buyers [6] Market Position and Growth - Ecer.com is recognized as a leading mobile B2B marketplace, with over 60 million monthly overseas visits and ranking among the top B2B marketplaces globally [7] - The platform hosts over 2.6 million registered suppliers and serves 4 million buyers annually across more than 150 countries, fostering a vast global trade community [7] - The company focuses on improving cross-border communication and transaction efficiency, contributing to a more intelligent global trade environment [8]

Investment Rating - The report maintains a "BUY" rating for Dmall Inc, with a target price raised to HK$16.00 from the previous HK$8.50, indicating a potential upside of 22.5% from the current price of HK$13.06 [1][3]. Core Insights - Dmall achieved full-year breakeven in FY24, with total revenue increasing by 17% YoY to RMB1.86 billion and an adjusted net profit of RMB29.8 million, a significant turnaround from an adjusted net loss of RMB277 million in FY23 [1][2]. - The company is focusing on AI retail to drive long-term growth, having launched several AI agent products that are expected to contribute to revenue in the long term [1][6]. - For FY25E, management anticipates total revenue growth of 15-20% YoY, with further margin expansion expected [1]. Financial Performance - FY24 revenue was RMB1.86 billion, up 17.3% YoY, with adjusted net profit of RMB29.8 million compared to a loss of RMB233 million in FY23 [2][10]. - Revenue from the retail core service cloud solution grew by 39% YoY to RMB1.81 billion, with AIoT solutions revenue increasing by 65% YoY to RMB1.02 billion [6][10]. - Gross profit margin improved from 35.0% in FY23 to 40.1% in FY24, and adjusted net margin rose from -14.7% to 1.6% [6][10]. Revenue Forecasts - Revenue forecasts for FY25E and FY26E have been revised downwards due to a slower customer acquisition pace, with FY25E revenue now expected at RMB2.19 billion, a decrease of 14.6% from previous estimates [7][10]. - The adjusted net profit for FY25E is projected to be RMB134 million, reflecting a growth of 351% YoY [2][10]. Valuation Metrics - The target price of HK$16.00 is based on a valuation multiple of 6.0x FY25E EV/sales, which aligns with the average EV/sales of global SaaS peers [3][8]. - The report highlights a significant improvement in operating profit, projecting RMB121 million for FY25E, compared to a loss in previous years [7][10].