Special coverage report of new shares of Qingmu Co., Ltd.: Qingmu Co., Ltd

Aoki Co., Ltd. (301110)

A GEM listed company made an inquiry on Thursday.

Aoki Co., Ltd. (301110): the company is committed to providing one-stop comprehensive e-commerce services for global well-known brands. Its main business includes e-commerce sales services, brand digital marketing, technical solutions and consumer operation services. The company has SKECHERS, H & M, Zara, APM, Samsonite and other high-quality customers at home and abroad; Cooperative brands cover clothing, luggage, shoes, accessories, mother and baby, beauty makeup, pet food and other categories, and have obvious advantages in the field of large clothing. In addition, the company has maintained a good strategic cooperative relationship with tmall, vipshop, JD self support and other major e-commerce platforms, and has repeatedly won awards and affirmation from e-commerce platforms and industry institutions. From 2019 to 2021, the company achieved operating revenue of 361 million yuan / 649 million yuan / 880 million yuan respectively, and yoy from 2019 to 2021 was 18.22% / 79.59% / 35.58% respectively, with a compound annual growth rate of 42.3% in the three years; The net profit attributable to the parent company is 44 million yuan / 124 million yuan / 148 million yuan. From 2019 to 2020, yoy is 1.46% / 182.45% / 19.45%, and the compound annual growth rate of the net profit attributable to the parent company in three years is 50.7%. According to the prediction of the company, the net profit attributable to the shareholders of the parent company in the first quarter of 2022 changed by - 27.68% to 1.24% year-on-year compared with the same period of 21 years.

Investment highlights: 1. After years of precipitation and accumulation, the company has become one of China's top tmall and JD platform operators. With the operation experience of Chinese and foreign brands in the field of large clothing, the successful cases of digital marketing of well-known brands at home and abroad, the "data mill" and "Aoki OMS" system of omni-channel consumer data platform and the supporting services of warehousing and logistics, the company has been widely recognized by brands; Since 2011, it has served more than 100 well-known brands at home and abroad, including H & M, Ecco, Bershka, zarahome, SKECHERS, Emporio Armani, APM, Samsonite, Fion, etc. From 2018 to 2021, the company was successively rated as "tmall six star service provider" and "tmall international purple star service provider". It is the first service provider company in China with the above two qualifications at the same time. 2. The company is committed to building a comprehensive service ecosystem for brands, realizing the ability of horizontally connecting mainstream platform resources and vertically creating integrated service solutions. The company has built a comprehensive service ecosystem, which can be customized and integrated according to the personalized needs of brands to meet the service needs of major brands. On the one hand, horizontal tiktok, Tmall, Jingdong, jitter and other mainstream e-commerce platform. On the other hand, it vertically covers e-commerce derivative service links such as brand digital marketing, e-commerce channel sales, warehousing and logistics support, e-commerce technical support and consumer operation.

Comparison of Listed Companies in the same industry: Listed Companies in the same industry mainly include Shanghai Lily&Beauty Cosmetics Co.Ltd(605136) , Hangzhou Onechance Tech Corp(300792) , Guangzhou Ruoyuchen Technology Co.Ltd(003010) , Shanghai Kaytune Industrial Co.Ltd(301001) , baozun e-commerce, etc. From the perspective of Listed Companies in the same industry, because the revenue volume of baozun e-commerce significantly exceeds that of aomu Co., Ltd., and the performance fluctuates sharply in 2021, it is relatively incomparable with the company; In calculating the industry average, we temporarily eliminate the impact of baozun e-commerce. Excluding the later, the current average income scale of the industry (the first three quarters) is 1.165 billion yuan, and the average market value is 5.67 billion yuan; The average pe-ttm (arithmetic mean) is 28.64x. In comparison, the income scale of Aoki shares is more similar to Hangzhou Onechance Tech Corp(300792) , Guangzhou Ruoyuchen Technology Co.Ltd(003010) , Shanghai Kaytune Industrial Co.Ltd(301001) , and the gross profit margin is at the upper level of the industry, which is more equivalent to Hangzhou Onechance Tech Corp(300792) , Shanghai Lily&Beauty Cosmetics Co.Ltd(605136) .

Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company's content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.

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