20240128-东吴证券-东方甄选-01797.HK-FY24_半年报点评_短期盈利承压_期待_24年新渠道增长_4页_345kb

Analyzing the EastVoice FY24 Half-Year Report

Key Findings

◼ Financial Performance:

• Revenue: HKD 27.95 billion (up 34% YoY).
• Net profit attributable to shareholders: HKD 2.49 billion (down 57% YoY).
• Non-GAAP net profit: HKD 5.09 billion (down 15% YoY, up 4% QoQ).
• Gross margin declines to 33% YoY, and operating expenses increased significantly.

◼ Challenges in Main Business:

• Reduced profitability due to increased discounts, higher costs, and incentive expenses.
• Traditional channels (e.g., TikTok) saw a slight decline in GMV (down 15% YoY).

◼ Growth Drivers:

• The "Yufutongxing" account achieved promising results on Day 1, exceeding expectations.
• The APP platform continues to develop, attracting 360,000 registered users, with a high willingness to pay.

◼ Risk and Uncertainty:

• External factors and competition may affect future performance.
• Difficulty in achieving expected growth in multiple channels.

Summary of Analysis

The report shows that although EastVoice's core business has declined in performance due to profitability issues and market challenges, it still has strong potential for growth through new channels like TikTok and the company's own APP. However, the outlook depends on the speed of implementation and expansion of these channels.