乐享集团-借助“历久常新”的算法技术开辟海外电商的新天地首予“买入”评级-220920(24页）.pdf

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1、 See the last page for disclaimer Page 1 of 24 Equity Research Equity Research Report Company Report 股股票票研研究究 公公司司报报告告 证证券券研研究究报报告告 传播文化行业传播文化行业 Media&Culture Sector 乐享集团乐享集团 Joy Spreader(06988 HK)Company Report:Joy Spreader(06988 HK)Teddy Lin 林荣叶(86755)2397 6692 公司报告：乐享集团(06988 HK).hk 20 September

2、2022 A New Era of Overseas Ecommerce Platforms With Rapidly Advancing Algorithms;Initiate With Buy 借助“历久常新”的算法技术，开辟海外电商的新天地，首予“买入”评级 We use SOTP method to evaluate Joy Spreader and initiate with a target price of HK$2.73 and rating of Buy.We calculate reasonable market value of the Company to be HK$

3、6,469 mn.We forecast net profit of HK$127.3 mn,HK$150.2 mn and HK$225.4 mn for 2022-2024,respectively,for the Company,representing YoY growth of-48.0%,18.0%and 50.1%,respectively.Niche products and long-tail user traffic in e-commerce are highly dispersed,but there is a new market emerging with the

4、development of the e-commerce industry and productivity and logistics upgrades.As one of the earliest performance-based marketing service providers on the WeChat platform,Joy Spreader has developed advanced algorithms for matching products and user traffic.We expect Joy Spreaders overseas e-commerce

5、 business and unique algorithm technology to exceed the markets expectations.We believe that Joy Spreaders competitive advantage comes primarily from its core algorithmic technology rather than from its platform partnerships,which will drive high long-term growth in overseas e-commerce markets.Catal

6、ysts:The increasing market size of overseas e-commerce generated from short videos;the global craze for short videos started by TikTok.Risk:Higher-than-expected additional fixed costs associated with the development of overseas e-commerce platforms;political uncertainty affecting cross-border e-comm