20230302_东方证券_传媒行业证券研究报告：地标农产品上行东方甄选卡位品牌渠道_61页.pdf

|+22&+21 21 5219/952 6.3 SKU SKU-S(09901)(01797)/2023 03 02 021-63325888*6128 S0860517020003 BQP120 021-63325888-3023 S0860520050001 BQP135 S0860520020003 BQJ931 021-63325888*3209 S0860521110001 畊 2022-06-15 2 1.5 1.1.5 1.2“”“”.7 2.10 2.1.10 2.2.11 2.3.12 3.14 3.1 SKU 6.14 3.2.16 3.3.17 4.19 4.1.19 4.2+.21 4.2.1 SKU 21 4.2.2 22 5.23.24 ZXFUwPnQsRrQrPtQtOqPnM6McM8OnPqQpNnOkPqQmPfQqQtQ6MqRsPNZpOpOMYqRxP 3 1 2020 2021 6.5 2 GMV Top 500.5 3 22Q1/Q2 TOP50.5 4 KOL 10/20 20 10 21.6 5 22.9 6 GMV 22 6-10.9 7 22 6/1-8/17.10 8.11 9.11 10.11 11.11 12.14 13 17-21.15 14 16-21.15 图 15：抖音电商和快手电商的 GMV 品类构成（2021 年 5.24-6.20，非标占比高）.17 16 2012-2021.17 17 22 5 11.17 18.18 19 21.18 20.18 21 10 26.20 22 GMV.20 23.22 24.23 1 KOL 20 10 21.6 2 GMV.7 3.8 4 Top 100 Top 100 2021/12/13-2022/1/12 2021/12/20-2022/1/21.8 5 22 7.9 6 22 7 GMV Top 100 30.10 7 22.12 8 22 11 7.13 4 9 22 11 14.13 10.14 11.15 12 2019.16 13.17 14 22.19 15.20 16().21 17.21 18.22 5 1.1.1 vs 2020 2021 Teenie Weenie GMV 2021 2020 12 500 21 6 800 GMV Top 500 2022 3-6 Top 500 2021 1 2020 2021 6 2 GMV Top 500 50 22Q2 17%3 22Q1/Q2 TOP50 0204060801001201401601803 月 4 月 5 月 6 月2021 2022 6 20 10 20 10 21 69 20 26 10 3-5 4 KOL 10/20 20 10 21 10/20 1 KOL 20 10 21 KOL 10 20 19 90%19 90%13 62%17 81%0%5%10%15%20%25%30%35%40%45%50%22Q1 22Q2 10 20 50010203040506070801 2 3 4 5 6 7 8 9 10 10 20 7 12 57%13 62%10 48%14 67%10 48%10 48%9 43%15 71%8 38%10 48%8 38%12 57%sheila 7 33%12 57%6 29%9 43%2Q 2 GMV 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 20594 52500 59657 64400 100800 69600 71586 yoy 389%33%20%89200 130000 60600 41798 83000 yoy-7%79899 71300 115700 148700 184600 132200 101400 yoy 131%85%-12%5555 26382 28804 54300 119400 71000 54800 yoy 2050%169%90%1.2 SKU SKU SKU 8-3 1 119 70 2 49 40 3=UV 1 1.71 2.43 22 8/18 30 196 120 0.3/min 4 Top 100 Top 100 2021/12/13-2022/1/12 2021/12/20-2022/1/21 UV S/min 10%1.9 5.1 34 66 10 14 0.92 0.45 20%3.7 10.7 42 79 19 21 1.31 0.74 30%5.9 17.8 52 90 26 31 1.65 1.04 40%8.5 28.6 61 104 33 39 2.00 1.36 50%12.1 41.5 70 119 40 49 2.43 1.71 60%16.2 59.9 76 132 50 62 3.04 2.13 70%21.7 83.3 81 147 64 79 4.10 2.71 80%30.2 123.6 87 164 81 97 6.11 3.61 90%49.2 227.7 105 202 98 118 10.22 5.58 9 UV Unique Visitor 1 GMV 30%2 3 5 22 7 h h 10%2.0 1.0 12.0 20%2.3 1.3 14.8 30%2.9 1.6 17.7 40%3.3 2.0 20.6 50%3.6 2.4 25.5 60%4.1 2.8 29.4 70%4.5 3.5 38.3 80%5.3 4.6 45.4 90%7.0 5.9 68.8 16.8 16.8 31.0 5 22 6 GMV 22 6-10+0%5%10%15%20%25%30%35%40%6-8 9-10 10 2.2.1+30“”6 6 30 Top 100 1700“”Top 100 7“”6 3 min 6 22 7 GMV Top 100 30 30 h/h 10%413 12 2.0 2 20%713 22 2.3 5 30%1,032 33 2.9 7 40%1,409 47 3.3 12 50%1,767 60 3.6 20 60%2,175 92 4.1 29 70%3,278 123 4.5 49 80%4,268 181 5.3 68 90%6,974 363 7.0 129 60,196 1,942 16.8 115 7 22 6/1-8/17 11 2.2 8 9+10 11 12 2.3 1%GMV 7 22 GMV 180 GMV 2022/7/19 棪 2460 2551 1568 1091.7 14.0-1.5 0.6%2022/7/3 4242 3655 36.8-2 1.6%2022/6/28 2466 1283 8.8-2.5 0.4%2022/6/14 3842 2011 22.7-1.5 1.1%2022/6/5 3506 1780 43.3-1.6 2.1%2022/5/24 3046 1605 23.0-1.8 1.1%2022/5/3 1377 660 3.8-1.9 0.2%2022/3/10 3600 1173 22.4-0.4 1.2%2022/1/3 2653 1068 6.9-1.9 0.4%2021/9/25 10800 2706 63.3 1.4 4.3%2021/9/23 8105 1750 22.7-0.7 1.7%2021/9/17 12300 2270 47.9-2.1 5.7%2021/9/9 2789 2134 21.1-1.3 1.2%2021/9/4 2364 2173 68.0-0.1 1.0%2022/7/31 1802 1593 1308 829.4 31.8-1.3 0.3%2022/7/17 4711 2829 26.0-1.3 1.2%2022/7/10 3201 2388 8.5 2.9 0.8%2022/7/3 3794 1913 31.1-1.4 0.7%2022/6/25 6238 2773 20.7-0.5 1.4%2022/6/18 3904 2611 16.1-1 1.3%2022/6/12 5072 2078 34.8-1.2 0.7%2022/5/28 2629 1371 30.4-1.5 0.3%2022/5/20 5221 2019 15.6-1.3 0.6%2022/5/16 4043 3450 7.0-1.3 1.8%2022/5/8 2460 1182 13.7-1.5 2.6%2022/4/25 4242 420 41.0 0.9 0.5%2022/6/15 1780 639.6 492 362.3 25.8 0.8 0.1%2022/5/26 832 320 5.2-0.2 0.0%LOGO 2022/6/18 1295 372.7 872 198.1 2.2-0.9 0.3%2021/12/11 濛 1355 682.3 1568 245.9 0.5 0.7 0.6%2021/11/6 1786 3655 3.8 1.3 1.6%/GMV 8 13 GMV GMV 10 29 GMV1 4000 9 22 11 14 GMV 2022/7/17 6.9 1706.37 2473 2022/7/26 2022/7/28 12.7 9 3767.62 2631.37 3063.1 2414.1 2022/8/13 8.4 4202.56 3654.4 2022/9/3 13.3 7476.05 3873.6 38.3 2022/9/24 10 7923.06 2344.1 22.1 2022/10/29 2022/10/30 15.9 5.2 11768.78 4039.36 4058.2 2060.9 37.3 15.6 8 22 11 7 GMV 22/6/15 187.6 188.0 423.5 4204 3166 61.1 22/7/10 16.9 20.3 9.6 2285 2100 50.4 22/7/29 5.7 9.1 6.4 2148 1925 45.9 22/7/30 7.5 5.7 4.9 2082 2450 33.6 22/8/7 3.2 3.4 3.2 1453 1938 16.3 22/8/11 12.7 2.9 2.0 1838 2534 66.6 22/8/14 4.2 8.4 3.5 2082 1928 32.7 22/8/16 4.8 3.5 3.7 2472 1947 35.3 22/8/21 6.9 3 9.8 2921 2148 41 22/8/24 5 9.5 3.7 2435 1859 23.7 22/8/25 3.7 5 2 1941 1397 22.9 22/8/30 6.5 6.8 4.9 2214 1743 31.9 22/9/4 4.9 13.3 1.4 2095 1663 24.8 22/9/7 5.5 4.6 5.4 2764 1806 32.2 22/9/14 2.3 2.3 1.4 1931 1230 31.3 22/9/16 2.6 1.4 2.9 2245 1421 28.9 22/9/20 6.2 2.9 3.7 2205 1480 43.1 22/9/30 11.6 4.7 3.4 3360 2270 54.4 22/11/6 5.8 4.9 3.2 2992 1770 41.2 8-10-4.3-2478 1578-14 3.3.1 SKU 6 2017 10 2005 2005 2007 2016 2017 2017 2017 2018 2019 2020 2020 2021 2022 2022-2025 2025 300 500 1000 6 12 15 11“+”/GAP 2008 2019 SKU 2016 3866 2021 5219 2017 607 2021 952 2018 3.78 22 8 6.3 2025 7 13 17-21 14 16-21 16 2022 3.2 2700 2022H1 8 6.3 12 2019 鄠 2019 抖 2 1 2 3 容+SKU SKU 21 010020030040050060070080090010002017 2018 2019 2020 20210%2%4%6%8%10%12%14%01000200030004000500060002016 2017 2018 2019 2020 2021 17 15 GMV 2021 5.24-6.20 资料来源：飞瓜 数据，东方证 券研究 所 13 2021 9-2022 9 28.3 252%152%8 146 69 2021 1 10 4.2 88%2021 300 2020 7000 42.4 2021 8.3 2020 30%2022 13%2022 2021 2022 2018-2022 3.3 310.5 10 2020 2021 75%100 16 2012-2021 17 22 5 11 0%5%10%15%20%25%30%35%40%45%服装鞋帽箱包 珠宝配饰 美妆护肤 食品饮料 日用百货 家居家纺 手机数码 其他抖音快手非标 18 2008 2021 51071 4584 3454 18 19 21 APP 20 0%20%40%60%80%100%120%0500001000001500002000002500003000003500004000004500005000002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 yoy100,62%100-500,26%500-1000,8%1000,4%010000200003000040000500006000005001000150020002500300035004000450050002017 2018 2019 2020 2021,050100150200250300350400 19 4.4.1 190 6800 14 22 10.26 10.29-10.30 11.03 11.05 11.06 11.07 20 11.08 11.9 11.11 GMV 15 619 727 20ml+5ml*4 379 40ml 60g+15ml*4 329 120ml pro*2 499 53 377 18g*2 590 583 18g+6*4g+18g 700 78g 377 15g 610 205g OLAY 429 457 60ml+7ml*3+14ml*3 519 164ml 18ml 290 150ml+18ml*8 2 372 15 SK-II skll sk2 1590 1581 230ml+10ml*3 1590 360ml 15g*3+2.5g*2 1540 150g 20g 940 360g 100g 120 114 160g 142 200g 10 26 13 GMV 21 10 26 22 GMV 21 22 11 4 180 16()22 12 17 54.4 252.2 GMV 48 391 GMV 7083 6897(GMV 5/8-11/3 7/9-11/3)4.2+4.2.1 SKU SKU APP 17 2023 3 2 2700 58.5 7.4 2.1 1 44.8 6.3 SKU 60 1500 22 18 2021 2012 1999 2006 2016 2016 SKU 600 1100 1555 6000+20000 3C+/+/+/+/21 97.7 41.72 93.24 850 21 1065 3488 2974 10200 21 66.31%yoy+10.93%13%yoy-8.58%53.13%yoy+3.62 MIUI 1.298 22 8 31 20 7 8 RDC 6 19 21 6 9 IOT 9 7 1%10 3%23 4.2.2/0%1%2%3%4%5%6%010002000300040005000600070002022/6/1 2022/7/1 2022/8/1 2022/9/1 2022/10/1 2022/11/1 23 APP 1 22 2 CCTV 10 3 SKU 24 5.SKU 24-S(09901)(01797)-S 09901.HK|FY23Q1 706 21 1547 22 2.63 21 5.42 22 23 FY23Q1 80%23+20 40 90 2.6 FY23Q1 FY19Q1 74%23-25E 28.39/34.94/41.71 2.38/3.89/5.02 23 PE 32x 349.6 DCF 321 670.7 0.89 44.6 FY 20 21 A FY 20 22 A FY 20 23E FY 20 24E FY 20 25E()4,277 3,105 2,839 3,494 4,171(%)19.50%-27.39%-8.58%23.07%19.38%()116-1,034 163 349 524(%)-71.05%-992.15%-115.77%114.35%49.88%()334-1,188 163 293 406(%)-19.09%-455.16%-113.72%79.78%38.54%0.20-0.70 0.10 0.17 0.24(%)52.37%43.51%52.62%52.33%51.96%(%)7.82%-38.25%5.74%8.38%9.73%(%)6.66%-31.31%4.12%6.89%8.72%20.2 41.5 23.1 16.7 1.35 1.78 1.71 1.59 1.45.2023 02 28 29.9 44.6 52/37.45/6.62/H 169,697/169,697 H 50,739/2023 03 01 1 1 3 12-7.29-14.08 53.33 182.08-3.67-1.29 38.95 194.97-3.62-12.79 14.38-12.89 021-63325888*6128 S0860517020003 BQP120 021-63325888-3023 S0860520050001 BQP135 S0860520020003 BQJ931 021-63325888*3209 S0860521110001 -S 2 1.5 1.1.5 1.2.6 2.+.7 2.1.7 2.2.8 2.3.9 3.10 3.1.10 3.2.11 3.3&.12 3.4.14 4.14.15.15.16.16 -S 3 1.5 2 22.5 3.5 4.5 5().6 6 FY23Q1.7 7 2021.7 8.7 9.8 10.8 11.9 12.9 13.10 14.10 15.11 16.11 17(%).11 18.11 19.11 20.12 21.12 22.12 23.12 24 i-.13 25 i.13 26 20221031.14 27.15 1.6 2.8 3.9 4.13 5.14 6.15 -S 4 7 2023 2 28.16 8.16 -S 5 1.1.1 K9 22 8 706 21 1547 90 21 108 22 2.63 21 5.42 22 4.989 1 2 22 22 FY23Q1 FY23Q2 FY23Q1 7.45 42%10%K9 FY23Q3 3 4 0123456020040060080010001200140016001800FY2021 FY2022 23%4%73%0200400600800100012001400FY21Q3 FY21Q4 FY22Q1 FY22Q2 FY22Q3 FY22Q4 FY23Q1 FY23Q2-900-800-700-600-500-400-300-200-1000100200FY21Q3 FY21Q4 FY22Q1 FY22Q2 FY22Q3 FY22Q4 FY23Q1 FY23Q2-S 6 FY23Q2 42.8 22 7 26,23 4 5()1.2 1 K-12 3 12 SAT ACT GRE GMAT LSAT SAT ACT GRE GMAT LSAT 数据来源：公司 财报、东方证 券研究 所-800-600-400-2000200400FY21Q3 FY21Q4 FY22Q1 FY22Q2 FY22Q3 FY22Q4 FY23Q1 FY23Q2-S 7 FY23Q1 7.45 34%30%16%20%K9 6 FY23Q1 2.+2.1 2021 100 76.73 39 7 2021 8,24%,6%,34%,16%,20%A BETTER YOU A BIGGER WORLD -S 8 9 2.2 22 90 18 10 2 1993 2003 2006 2008 2000 2005 2006 2008 -S 9 2000 2005 2006 2009 2002 2005 2010 2010 2002 2005 2011 2010 2002 2005 2007 2011 2002 2005 2007 2011 2002 2005 2007 2011 2003 2006 2008 2013 2003 2006 2008 2015 2003 2006 2008 2015 11 12 2.3 3 NYC 2.63 1.21 1.62 -S 10 yoyo 13 22 22 3.3.1 21 52.4 20 16.1%2019 70.4 74%14 2022 22 21.7 yoy+9.6%20 25%3.26 yoy+17%22 0.26 8%FY22/FY23Q1 6%/2%16%/21%00.511.522.53-40%-30%-20%-10%0%10%20%30%40%01000002000003000004000005000006000007000008000002008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 yoy-S 11 15 16 3.2 22 7 16-24 19.9%22 17(%)18 19 00.020.040.060.080.10.120.140.160.18050,000100,000150,000200,000250,000300,000350,000FY2020 FY2021 FY2022 yoy0.0%2.0%4.0%6.0%8.0%10.0%12.0%05,00010,00015,00020,00025,00030,00035,000FY2020 FY2021 FY2022 0.005.0010.0015.0020.0025.002019/1/12019/3/12019/5/12019/7/12019/9/12019/11/12020/1/12020/3/12020/5/12020/7/12020/9/12020/11/12021/1/12021/3/12021/5/12021/7/12021/9/12021/11/12022/1/12022/3/12022/5/12022/7/12022/9/1:16-24-10%-5%0%5%10%15%20%25%050100150200250300350400450500 -S 12 32 20 21 3.3&22 23 -S 13 24 i-25 i 120-150/1.5 2 4/900-3600 150 2380-2880 120-132 3600 150 2880-3220 133-160 3600 150 2780-3360 140-154 4880 150 2880-3840 120 3840 120 2380-2880 120-132 3600 150 2980-3600 150-165 3600 150 1800-3840 150-160 公司 官网、-S 14 3.4 22 5 FY19Q1 FY20Q1 FY21Q1 FY22Q1 FY23Q1(860 1072 986 1309 596 1100 1261 1472 1556 706 0.78 0.85 0.67 0.84 0.84 28100 33900 41,400 54,200 26,300 3.1 3.2 2.4 2.4 2.3 4.2005 toB 2007 2013 Koolearn 2019 3 K12 26 20221031 23 FY23 21%2.9 5.85 -S 15 27 2023-2025 FY23-25E 28.39/34.94/41.71 23 K9 24/25 FY23-25E 53%/52%/52%FY23-25E 13%/12%/11%33%/30%/28%6 FY2021A FY2022A FY2023E FY2024E FY2025E 3667 2535 1717 2034 2364 yoy-31%-32%18%16%211 137 629 898 1178 yoy-35%360%43%31%279 326 379 455 524 yoy 17%16%20%15%120 107 114 106 106 0%5%10%15%20%25%30%FY2020 FY2021 FY2022 FY23Q1 FY23Q2-S 16 yoy-11%6%-7%0%4277 3105 2839 3494 4171 yoy-27%-9%23%19%52%44%53%52%52%-14%-15%-13%-12%-11%-35%-60%-33%-30%-28%“23-25E 28.39/34.94/41.71 2.38/3.89/5.02 23 PE 32x 349.6 DCF 321 670.7 0.89 44.6 7 2023 2 28 PE 2022E 2023E 2024E 2022E 2023E 2024E 003032.SZ 73 191 236 288 38.3 31.0 25.4 605098.SH 46 163 222 285 28.4 20.9 16.3 002599.SZ 31 57 143 176 55.1 21.8 17.7 0667.HK 114 380 575 733 30.0 19.8 15.5 002841.SZ 482 2,069 2,597 3,118 23.3 18.6 15.5 32.2 20.8 16.5 349.6 1,092 2,003 2,608 wind 24 8-349.6-576.8 55.7%670.7 44.6 -S 17 K9 FY23/24/25 18%/19%/20%FY23/24/25 6.3/9.0/11.8 22%/26%/28%-S 18:FY2021A FY2022A FY2023E FY2024E FY2025E:FY2021A FY2022A FY2023E FY2024E FY2025E 2,826 2,289 2,533 2,947 3,618 营 业 收入 4,277 3,105 2,839 3,494 4,171 13 40 24 31 31 营业成本-2,037-1,754-1,345-1,666-2,004 269 215 171 212 255 营业税金 及附加 31 28 40 50 60 营业费用-601-467-380-413-457 3,435 1,902 1,902 1,902 1,902 管理费用-1,490-1,867-938-1,051-1,172 6,5 7 4 4,4 7 4 4,6 7 1 5,1 4 3 5,8 6 7 财务费用 538 438 488 463 475 资产减值 损失-32 0 0 0 0 865 403 417 515 613 公允价值 变动收 益 14 4 6 6 8 投资净收 益-1-51-12-14-14 78 74 109 109 110 其他 2,082 643 615 716 837 营 业 利润 116-1,034 163 349 524 3,5 7 7 1,5 6 1 1,6 3 5 1,8 0 9 2,0 4 3 营业外收 入 198-50 111 105 105 1 0,1 5 1 6,0 3 5 6,3 0 6 6,9 5 2 7,9 1 0 营业外支 出 利 润 总额 314-1,084 274 455 629 123 98 84 104 124 所得税-84-136-52-91-135 3,349 1,612 1,769 2,007 2,442 净利润 230-1,220 222 364 495 3,4 7 1 1,7 1 0 1,8 5 3 2,1 1 1 2,5 6 6 少数股东 损益-104-33 59 71 89 归 属 于母 公司 净 利润 334-1,188 163 293 406 298 65 65 65 65 0.20-0.70 0.10 0.17 0.24 1,364 466 431 526 624 1,6 6 1 531 496 591 689 5,1 3 3 2,2 4 1 2,3 5 0 2,7 0 2 3,2 5 5 FY2021A FY2022A FY2023E FY2024E FY2025E 105 88 88 88 88 2 2 2 2 2 20%-27%-9%23%19%2,396 2,509 2,509 2,509 2,509-71%-992%-116%114%50%2,253 1,065 1,228 1,521 1,927-19%-455%-114%80%39%262 129 129 129 129 5,0 1 8 3,7 9 4 3,9 5 6 4,2 4 9 4,6 5 5 52%44%53%52%52%1 0,1 5 1 6,0 3 5 6,3 0 6 6,9 5 2 7,9 1 0 8%-38%6%8%10%ROE 7%-31%4%7%9%ROIC 4%-32%6%8%10%:FY2021A FY2022A FY2023E FY2024E FY2025E 334-1,188 163 293 406 0.5 0.4 0.4 0.4 0.4 231 195 129 159 190 1.0 0.6 0.6 0.6 0.7 1.9 2.6 2.5 2.4 2.3 1.8 2.5 2.4 2.3 2.2 529-1,154 190 200 402 36 866-91 106 93 334.5 78.3 117.9 111.8 133.1 1,1 3 0-1,2 8 0 392 758 1,0 9 0 65.3 62.8 33.3 33.3 33.3-391-145-98-369-407 0.4 0.5 0.5 0.5 0.5-1,774 1,343-50 25-12-13-29 0 0 0 0.20-0.70 0.10 0.17 0.24-2,1 7 8 1,1 6 9-1 4 7-3 4 4-4 1 9 0.67-0.75 0.23 0.45 0.64 177-222 0 0 0 2.96 2.24 2.33 2.50 2.74 1,485 0 0 0 0-8-9 0 0 0 20.2 41.5 23.1 16.7 1,6 5 4-2 3 1 0 0 0 1.35 1.78 1.71 1.59 1.45 106-95 0 0 0 EV/EBITDA 19.5 23.1 13.3 9.5 713-438 244 414 671 EV/EBIT 58.3 41.4 19.3 12.9 01797.HK|21 12 28 6 22 6 14 587 476 4200 3853 2019 4+7 GMV 10 7/8/9 1500/FY23-25 43.7/61.1/80.1 10.56/12.29/15.45 DCF 651 64.26 FY2021A FY2022A FY2023E FY2024E FY2025E()1,419 601 4,368 6,108 8,007(%)31.2 9%-57.67%627.29%39.8 5%31.0 9%()-1,659-89 1,245 1,451 1,817(%)-132.52%94.6 2%1494.21%16.5 8%25.1 7%()-1,658-534 962 1,089 1,363(%)-123.50%67.8 0%280.16%13.1 6%25.1 7%-1.64-0.53 0.95 1.07 1.35(%)29.06%65.08%42.39%38.58%35.99%(%)-116.90%-88.92%22.02%17.82%17.02%(%)-82.55%-32.54%36.96%29.49%26.96%44.53 39.35 31.44 21.32 26.10 16.46 11.60 8.48.2023 02 27 47.7 64.26 52/75.55/2.84/H 101,304/101,304 H 48,322/2023 02 28 1 1 3 12-4.02-34.92 21.99 824.42 0.5-22.82 8.5 836.82-4.52-12.1 13.49-12.4 021-63325888*6128 S0860517020003 BQP120 021-63325888-3023 S0860520050001 BQP135 S0860520020003 BQJ931 021-63325888*3209 S0860521110001 21 2021-01-26 2 1.4 1.1 23.4 1.2.5 2.6 2.1.6 2.2.7 3.8 3.1.8 3.2.9 3.3.10 3.4.11.13.13.13.15 3 1.4 2 22.4 3 21/22 K12.4 4.5 5.5 6.5 7.6 8.6 9.7 10.7 11.7 12 22/12/31.8 13 GMV 22/12/31.8 14.8 15 GMV.8 16.9 17 22.10 18 22 GMV.10 19 22.10 20.11 1.7 2.10 3.12 4(.13 5 WACC.14 6 DCF().14 7.14 4 1.1.1 23 21 10 25 K9 K12 22 6 yoy-58%3.7%1 2 22 19 22 22-11.8%3 21/22 K12 0200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,000FY2020FY2021(FY2021 FY2022 86%10%4%0200000400000600000800000100000012000001400000FY 2019 FY2020 FY2021 FY2022 5 1.2 21 12 28 6 6 16 1203 6649 4 5 6 0501001502002503003500204060801001202021/12/152021/12/192021/12/232021/12/272021/12/312022/1/42022/1/82022/1/122022/1/162022/1/202022/1/242022/1/282022/2/12022/2/52022/2/92022/2/132022/2/172022/2/212022/2/252022/3/12022/3/52022/3/92022/3/132022/3/172022/3/212022/3/252022/3/292022/4/22022/4/62022/4/1