乐生活Mitsubishi’s second quarter data is bright and it is the first time that it has made a profit. All business sectors have outperformed expectations. Revenue was 22.7 billion yuan (year-on-year + 51%) and net profit was 1.5 billion yuan.
Takeaway: With the increasing stickiness of users/merchants, the incentive cost of the platform to users decreases, and the lifting rate is stable; the scale effect is accompanied by the optimization of large distribution data, the unit cost decreases, and the efficiency is constantly optimized. In addition, favorable seasonal factors make the business unit profitable ahead of time.
Shopping and hotel business: revenue increased by + 43%, significantly higher than the growth rate of turnover (+15%). Passenger unit price and monetization rate have been improved. Income structure has been constantly optimized, and the proportion of online marketing business with high gross profit will be increased. Next, look at the effect of rural encirclement of cities.
New Business: Strong growth of + 85% and gross margin of 9.1% were achieved. Big supermarkets are unanimously expecting it. With the convergence of the export business (bicycle depreciation completed, online car allowance declined), to B-end business derivative services are growing rapidly, which makes investors full of reverie.
Goldman Sachs’s 12-month target price, based on SOTP, is 80.
The target price given by Damoto by DCF method is 75. The bank believes that DCF can take full account of the long-term potential of its takeout and emerging businesses. But its discount factor, WACC, is also higher than that of the Internet industry to reflect its higher uncertainty.
For domestic securities firms, Dongwu Securities has given 80 target price by PS method, EV/EBITDA target price by 72.
Overall, the company’s financial performance in the second quarter was bright. Earnings came earlier than market expectations.
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