Open Source ** Co., Ltd. Zhu Haibin recently conducted research on Taihu Snow and released a research report "Beijing Stock Exchange Information Update: Actively Expand the Head Traffic Platform, Net Profit Attributable to the Net Profit in 2023 Increases by 22%", this report gives an overweight rating to Taihu Snow, and the current stock price is 14$5.
Taihu Lake snow (838262).
Express: 2023 revenue 5RMB3.3 billion (+57%), with a net profit attributable to the parent company of RMB3,836390,000 yuan (+22%) The company released the 2023 annual performance report, achieving an operating income of 53.3 billion yuan, a year-on-year increase of 5666%；Net profit attributable to parent company was 3,836390,000 yuan, a year-on-year increase of 2160%；Net profit not attributable to parent company was 2,489360,000 yuan, a year-on-year increase of 258%。In 2023, the company will actively implement the marketing channel construction and brand upgrade projects of fundraising, and will be the head merchant of the silk quilt market segment, and during the Double 11 in 2023, the company's silk will be awarded the TOP1 on the pre-sale list, TOP1 on the hot list, and TOP1 on the praise list. According to the performance report, taking into account the investment in channel brand building, we maintain 2023 and slightly reduce the profit for 2024-2025**, and the net profit attributable to the parent company in 2023-2025 is expected to be 038/0.56 (formerly 0.)63）/0.75 (formerly 0.)84) billion yuan, corresponding to EPS of 071/1.05/1.41 yuan shares, corresponding to the current stock price PE of 205/13.9/10.4 times, optimistic about the company's marketing channel expansion, brand culture construction, silk sales category market share increase logic, maintain the "overweight" rating.
Expand public domain traffic, cultivate private domain traffic, and actively expand silk quilt chain service providers.
In 2023, Taihu Snow will improve the three-dimensional sales model of online and offline, domestic and overseas simultaneous development. On the basis of adding new directly-operated stores and continuously improving the operation quality of existing stores, domestic offline channels expand public domain traffic, cultivate private domain traffic, accelerate the integrated development of online and offline, and expand the brand promotion and sales conversion of a full range of products through the form of ** number and short **. From January to September 2023, the main revenue of offline channels increased by 45% year-on-year62%, and the main revenue of online channels increased by 75% year-on-year94%。At the same time, the centralized procurement channel of enterprise customers is conducive to the company's leading position in the silk quilt industry, and actively expands the head traffic platform to become its silk quilt chain service provider.
Strengthen the local brand and cultural connotation, and launch targeted cultural and creative design gift boxes and other products.
New consumption, new domestic products, new retail", consumers have enhanced their love and self-confidence for local brands, and Taihu Snow has launched cultural and creative design products such as "Orange Meaning", "Ten Thousand Persimmon Ruyi" and "Silk Love Zongyi" for traditional festivals; For women's daily decoration, a combination of cultural and creative gift box products was launched; Launched customized cultural and creative gift boxes for corporate customers such as Suzhou Radio and Television Station, Xiangcheng Cultural and Commercial Tourism Group, and Country Garden; Cooperate with Suzhou Museum, Summer Palace, Grand Canal Museum, etc., to launch co-branded design products such as "Covering Flowers", "Bright Gold Beads", and "Mountains and Empty Mountains"; For Beijing and Tokyo, Oriental Selection creates products such as "10 grams of wild warm quilts" and "national mountains and rivers mulberry silk quilts".
Risk warning: the risk of geographical concentration of offline sales channels, fluctuations in raw materials, and fluctuations in macroeconomic conditions.
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