東方甄選: 自營商品構建成長中堅力量

（以下内容从天风国际证券《東方甄選: 自營商品構建成長中堅力量》研报附件原文摘录）
　　East Buy Holding (1797 HK) 自营商品构建成长中坚力量 FY24H2 operational update: East Buy gains traction as a private label brand as GMV growth escalates BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis FY24H2自营品GMV超36亿元，同比增长108% 近期公司举办首次自营新品发布会并公布自营产品的业绩增长情况，FY24H2（2023/12-2024/05）期间，东方甄选自营产品GMV突破36亿元，同比增长108%，环比增长74%。 截至发布时，东方甄选自营品总数超400款，其中8成爲食品、农产品，同期在售数量超260款，超100款产品位列抖音产品排行榜前三；两年以来，自营品在抖音订单量已突破1亿单，东方甄选也系抖音平台上首个销量突破1亿单的品牌，以GMV计算，东方甄选系抖音排名前20店铺中唯一食品品牌。 FY24H2 update: private label GMV shot up 108% yoy; 80% agricultural products Rising revenue stream: East Buy held its inaugural private label product launch conference on 19 June and released an operational update for FY24H2 (fiscal half-year ended May 2024): private label GMV surpassed RMB3.6bn, as growth spiked 108% yoy and 74% qoq. A breakdown of private label sales in the half-year shows: ·total number of private label products exceeds 400; ·80% of the private label products were in the F&B and agricultural categories; ·260 private label products were sold in the period. Douyin (China’s TikTok) is a growing ecommerce platform for East Buy’s products: ·over 100 of its private label products were among the top three on Douyin’s bestseller lists during FYH2. ·East Buy generated over 100m orders on Douyin as it built up a presence over the past two years and it was the first brand to breach the 100m mark on the platform. ·East Buy is the only F&B brand among Douyin’s top 20 stores in GMV terms. 多款产品需求强劲，口碑及复购表现优秀 继此前自营烤肠等热门产品後，今年春季东方甄选多个自营品实现破圈式口碑传播，例如自营刺梨原汁上线几十秒售罄，叶黄素酯软糖还未上播即5万瓶售罄。近期公司又发布自营矿泉水、小龙虾、新中式短袖等7款新品，持续拓宽品类丰富自营产品。 东方甄选自营品整体好评率超95%，复购率达59%，自营品全网用户数合计超2500万，复购用户数超1470万。优秀的口碑及复购表现来自於优质品控、服务及持续的反馈优化，公司自营品的常温、冷链全国覆盖率分别达99%、97%以上，抖音客诉满意度超93%，App客户满意度近98%，同时根据用户反馈持续迭代更新自营品。 Brand recognition propels demand; repeat buying drives multiple products Sellout products: the company is working to expand product categories and enhance its private label range. On the heels of East Buy’s bestselling private label products like grilled sausages, many of which gained popularity through word-of-mouth, subsequent products like Roxanthus Pear Juice was sold out within seconds of its online release and all 50,000 bottles of Lutein Ester Gummies were sold out even before the livestream launch. Seven of the most recent launches include mineral water, crayfish and Chinese-style short-sleeved tops. QC-driven customer approval: East Buy continually iterates and upgrades its private label products according to user feedback. Its private label products get over 95% favorable feedback and their repurchase rate is 59%. Its private label user pool has grown to over 25m across its entire network, including more than 14.7m repeat buyers. We believe that the company’s strong brand and high repeat buying rates are due to its high standards in quality control, services and feedback loop. East Buy’s room-temperature private label products have over 99% nationwide coverage, while the cold-chain products have 97% coverage. Meanwhile, it has a 93% customer satisfaction rate on Douyin and a near 98% customer satisfaction rate on its own app. 自营产品+渠道相互赋能，多渠道稳步扩张 东方甄选自营产品抖音账号连续数月GMV破一亿元，成爲东方甄选在抖音第三个单月GMV过亿的账号，证明自营品已积累较爲可观的客羣。 同时东方甄选自营App逐步成爲自营产品的核心渠道，5月起90%以上自营新品开始在公司自营App首发，伴随会员优惠、App用户粘性持续增长，部分热门自营品在App的GMV已占据全网GMV的40%+。自营App在爲自营产品提供更多销售渠道的同时，自营品也爲App吸引并沉淀更多会员流量，形成良好的正循环。 此外，在货架电商领域，东方甄选在天猫、京东、拼多多、小红书等平台的店铺也获得稳定增长。 Omnichannel ecommerce: private label products and channels synergize growth Douyin: East Buy’s private label account on Douyin has trended past the RMB100m GMV level per month for several straight months, the company’s third Douyin account to drive GMV of over RMB100m per month. This indicates that East Buy has built up a sizable customer base for its private label products. East Buy app: the company’s proprietary app has become its core channel for private label products. Since May, more than 90% of its new private label products have been launched via its own app. Membership discounts and growing stickiness of its app users have driven some of its bestselling private label products on the app to account for more than 40% of total GMV. We also see a virtuous cycle as the app increases sales channels for the private label products, while private label products attract and retain higher membership traffic for the app. Other ecommerce platforms: East Buy’s other online stores on platforms such as Tmall, JD.com, Pinduoduo and Xiaohongshu are also posting stable growth. 继续拓展抖音垂类账号，有望增厚GMV表现 6月26日晚东方甄选服饰抖音直播间开播，据灰豚数据，首播当日GMV约120万；24年，公司拟在抖音增加10余个垂类账号，陆续开通直播，或将有效增厚整体GMV表现，伴随东方甄选产品自单一品类向多品类延伸，未来或逐渐拓展至全品类，打造产供销一体化购物平台。 Vertical channel expansion: more Douyin accounts to increase total GMV East Buy’s apparel livestream room was launched on Douyin and began streaming in the evening of 26 June local time. It brought in GMV of about RMB1.2m on the first day, according to Huitun.com data, and the company plans to add more than 10 vertical accounts on Douyin and to launch livestream rooms one at a time to increase total GMV. As East Buy shifts its focus from bestseller products to multiple categories, we believe it will gradually expand to all-category coverage to become an integrated platform for production and supply, as well as marketing and shopping. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 我们坚持看好东方甄选团队核心能力，自营品伴随SKU扩张及供应加强，品牌化优势渐强，多平台协同发展。我们预计公司FY24-26收入分别爲61、74、91亿，调後归母净利润分别爲9、10.4、12.3亿，EPS分别爲0.9、1.0、1.2元人民币/股，对应PE分别爲14、12、10x。 Valuation and risks We remain bullish about the East Buy team’s core strengths as they expand SKUs and enhance its supply coverage of private label products. We believe its brand strength will grow as it develops multiple platform channels in step. We maintain our forecast for revenue at RMB6.1bn/7.4bn/9.1bn in FY24/25/26E, with adjusted net profit at RMB900m/1.04bn/1.23bn, implying EPS of RMB0.9/1.0/1.2 and PE of 14x/12x/10x. We maintain our BUY rating on the stock. 风险提示：电商热度不及预期；业务拓展情况不及预期；市场竞争激烈；渠道拓展不及预期等风险。 Risks include: weaker-than-expected ecommerce popularity; slower-than-expected business expansion; intensifying competition; and worse-than-expected channel expansion. 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