20240411_国泰君安_跨境电商行业一文看傲基科技招股书：乘风破浪打造头部跨境电商_45页.pdf

2 1.1 2023 11 GMV 1 GMV 6 2023 GMV 10%YWBYzQnQsRnMrPtQqNtMpO6MaO7NoMmMmOsOiNmMqMfQnMmO8OmNpRNZqQpMvPrNoO3 B2C GMV 1.2B2C IT B2C B2C B2C GMV 2018-23 23,007 48,219 CAGR 16%2028 77,125 CAGR 9.8%2018-23 GMV 27,631 CAGR 17.4%2028 44,762 CAGR 10.1%4 B2C GMV 1.2B2C B2C 2023 6.8%26.4%16.6%16.8%B2C 2028 B2C GMV 5,885 2023-28 CAGR 12.6%B2C B2C 50 2023 B2C GMV 48,219 GMV 2023 B2C GMV 0.02%R/j40cbgeEVoZ0MDtU0LE8iCYydMK33bsDsO0TSEcfY/OppfTaex4DJXGA6rbwJh 5 B2C GMV 1.3 B2C B2C 2018-23 GMV 13,766 17,367 CAGR 4.8%GMV 2018 2,030 2023 4,373 CAGR 16.6%2028 7,794 CAGR 12.3%6 B2C 1.3 B2C B2C GMV 2018 1,456 2023 3,258 CAGR 17.5%2023 23%26.4%B2C GMV 2018 280 2023 748 CAGR 21.7%GMV 2018 380 2023 859 CAGR 17.7%B2C 2028 B2C GMV 5,885 2023-28 CAGR 12.6%7 B2C 1.3 B2C GMV 2018 1,582 2023 7,738 CAGR 37.4%2020 COVID-19 B2C GMV 2019-20 78.3%2028 B2C GMV 16,048 2023-28 CAGR 15.7%8 B2C 1.3 B2C B2C GMV 2018 497 2023 3,213 CAGR 45.2%2023 GMV B2C 41.5%B2C GMV 2028 6,615 CAGR 15.5%Wayfair Wayfair B2C GMV 2018 84 2023 315 CAGR 30.3%Wayfair B2C GMV 2028 623 CAGR 14.6%9 B2C B2C GMV 2018 2,030 2023 4,373 16.6%2023 25.2%2028 36.1%2023 2028 7.5%,B2C B2C GMV B2C B2C 2018 15.5%2023 33.9%1.310 1.4 B2C GMV 2018 4,047 2023 9,862 CAGR 19.5%B2C 2028 B2C GMV 17,978 2023-28 CAGR 12.8%2023 2028 2023-28 CAGR 13.3%eBay B2C GMV 2018 1,743 2023 3,731 CAGR 16.4%2023 GMV B2C 37.8%B2C GMV B2C GMV 2028 6,265 CAGR 10.9%2021 3 2023 B2C GMV 259 11B2C 1.5B2C B2C B2C B2C B2C 12B2C 1.52019-21 COVID-19 B2C 2019-21 2023 B2C 2,039 2028 3,870 2023-28 CAGR 13.7%13B2C 1.5 14 10 2.1 2010 2013 2014 2017 2020 WESTERN POST(HK)2021 2022 B2C 40 2022 GMV B2C 2023 B2C 50 2023 GMV B2C 15 2.2 18.37%1.06%11.22%30.65%(96.43%)(3.01%)(0.56%)1.15%9.42%8.95%6.70%(000333.SZ)97 43.13%16 2.2 1980 2010 9 2012 4 2022 11 2001 7()2005 3 1978 2013 3 1999 7 2005 7 2021 6(MBA)1965 2010 9 2018 4()1984 2010 9 2019 6 1979 2019 6 2000 7 2004 6 1987 2023 10 2018 3 2009 7 2011 7 1975 2023 4 2014 10 1996 7 1994 2022 6 2015 7 2023 3 2015 6 1987 2010 9 2009 6 1984 2015 5 2010 9 2021 1 2007 7 1981 2010 9 2015 5 2019 12()2021 12 1987 2017 5 2008 6()2024 3()()17 2023 1 GMV B2C 2 GMV B2C 3 GMV 2023 B2C B2C 1.2%B2C+2.318 2.4 2021-23 85.81 63.25 70.30 94.6%89.1%81%2023 61.5%5%4%2021-23 35.2/41.9/53.4 CAGR 23.2%2021-23 4.89 7.74 16.52 5.4%10.9%19%19 2.4 2021-23 35.2/41.9/53.4 41.0%66.2%75.9%20 2.4 2021-23 14.6 3.47 2021-23 8.87 4.38 2021-23 10.7 2.92 2021-23 4.92 1.07 212.3 Wayfair 2021-23 90.8/82.8/76.7%83.9/63.8/53.8%Wayfair 2021-23 3.8/6.3/4.3%222.3 23 SKU 2023 99 33 Wayfair 13 23 2021 2021-22 353/303 2023 9 30 Wayfair 2.324 2.3 2021-23 61.2/72.4/71.4%2022 2023 2021-23 30.6/15/8.9%25 2021-23 90.71/71/86.83 2022(B2C 2022)2023 2021-23-5.8/2.19/5.32 2022-23 2.4 2022-23 2023-25%-20%-15%-10%-5%0%5%10%15%20%25%01020304050607080901002021年报 2022年报 2023年报营收（亿元）增速135%136%137%138%139%140%141%142%143%144%-8-6-4-202462021 年报 2022年报 2023年报净利润（亿元）增速26 2021-23 20.89%34.92%34.48%31.7%35.1%34.7%2021-23 20.8%37%39.2%2021-23 22.7%17.8%14.6%2.4 0%5%10%15%20%25%30%35%40%45%2021 2022 2023商品销售毛利率 物流解决方案毛利率0%5%10%15%20%25%30%35%40%2021 2022 2023毛利率-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%2021 2022 2023净利率27 OEM 2021-23 35.6/27.3/27.6%2021-23 28.5/28.6/21.4%2023 2021-23 10.8/0.2/0.2%2.428 2021-23 33.74%31.02%25.67%2021-23 27.75%24.75%21.08%(2023)13.5%9.85%2021-23 2.26/3.51/3.31%2023 2021-23 2.04/1.74/1.31%2022-23 2021-23 0.13/0.81/0.71%2.4 0%5%10%15%20%25%30%35%2021 2022 2023销售费用率 管理费用率研发费用率 财务费用率0%5%10%15%20%25%30%35%40%2021 2022 2023整体费用率0%5%10%15%20%25%30%35%40%2021 2022 2023销售费用率 管理费用率研发费用率 财务费用率292021-23 28.99%24.75%20.18%85%2022-23 1 2 2023 3 85%2.4302021-23 65.94%64.07%56.10%1.22 1.24 1.74 2021-23-1.85 1.10 1.67 2.4 31 B2C 0.2%B2C 20 2023 B2C GMV B2C 5.1%0.2%B2C 0.7%B2C 15 2023 GMV 2.9%0.7%3.132 B2C B2C B2C B2C 3.133 B2C B2C WMS TMS MCOMS B2C B2C B2C B2C 3.134 B2C 4,000 2023 B2C B2C 7.2%2023 24 2023 B2C B2C 1.2%B2C B2C 3.235 B2C B2C B2C B2C B2C SaaS B2C B2C B2C 3.236 3.3 ALLEWIE IRONCK LIKIMIO SHA CERLIN HOSTACK FOTOSOK 2023 11 GMV 1 2023 GMV B2C GMV B2C 2023 GMV 10%37 3.3 68 iF 2021 2020 1 2 630 180 171 2023 3.5%38 3.3 2023 3.5%40 50 45 90 39 3.3 2023 27 2023 B2C 1.2%;DHL GLS 40 3.3/300 2023 95%24 WMS TMS OMS 2023 99.9%41 4.1 2012 4 8 2012 2000 1000 83.3 41.67 2014 11 3350 83.75 2015 2017 3 4999.5 150 2018 7 9 6.2 1185.88 2018 8 3.22 599.99 2018 12 2019 3 1.99 371.36 2019 5 5000 85.65 2020 12 33%1.02 3000 4530.4 469.57 597.4 400 388.5 114.4 172.7 17.9 22.8 15.2 424.21 1 2 3 2 1 B2C 2 3 3 1 2 4 1 2 5 1 2 6 1 2 43 015 Wayfair 44THANKS FORLISTENING