资源描述
|2023 02 17 2020 4 2022 3 10 8 12 UU 2022 370 100 28 1 2 3 1 2 GTV 2025 1 2 vs 1 KA 2 3 1 2025 GTV 3000 2 2025 590 416/174 1 2 2025 9923.HK 9699.HK DADA.O S0680519100004 S0680522030003 1 2020-04-10 EPS P/E 2021A 2022E 2023E 2024E 2021A 2022E 2023E 2024E 09923.HK 1.03 0.5 0.94 1.38 30 52 28 19 09699.HK-1.28-0.41-0.03 0.27-37 DADA.O-2.21-3.84-0.56 2.77-144 29 EPS P/E 2023 2 15-50%-40%-30%-20%-10%0%10%2022-022022-042022-062022-082022-102022-122023-02 2023 02 17 P.2 1.4 2.6 2.1.6 2.2.8 3.10 3.1.10 3.1.1.10 3.1.2 KA.11 3.1.3.12 3.2.13 3.2.1 GTV 2025 3000.13 3.2.2 2025 600.15 4.18 4.1 9923.HK.18 4.2 9699.HK.19 4.3 DADA.O.20.21 0YCXwPnQoNoPoQoNnQrOpO8O9RaQmOrRsQpMlOrRpNjMrQqP7NmNrMxNmPsMNZpNnO 2023 02 17 P.3 1.4 2.5 3.6 4.7 5.7 6 GTV.9 7.10 8-.11 9-.11 10.12 11.12 12 DOU+.13 13.13 14 GTV.14 15 GTV 2022E.14 16 GTV 2025E.14 17.15 18 vs.16 19 vs.16 20 2022 vs.2023.16 21.17 22 vs.17 23.19 24.20 25.21 2023 02 17 P.4 1.2020 4 2020 2020 3 7 9 12 2022 3 6 8 10 12 UU 1 2018.09 POI POI 2019.05 2020.03 2020.06 2020.07 2020.09 2020.12 2021.02 Tab 2022.03 2022.06 3%2022.06 6 30 App 2022.08 2022.10 2022.12 UU V ZAKER 36 Tech 2022 2022 370 100 16.7 235 219 71 28 2023 02 17 P.5 2 2022 2023 02 17 P.6 2.2.1 3 2022 8 19 2022 12 5 UU 2023 2 7 3 APP 2023 02 17 P.7 1 2 POI 3 UU 4 5 APP APP 2023 02 17 P.8 2.2 1 2 3 2021 12 527 5.0 29 60 2000 41 30 2021 60 2020Q1 63.4 2022 2025 1 DAU 0.2%6.0%2 1 6 3 100-150 GTV 2025 432 2023 02 17 P.9 6 GTV 2022E 2023E 2024E 2025E DAU 6.0 6.0 6.0 6.0 0.2%2.0%4.0%6.0%1.0 2.0 4.0 6.0 AOV 150 110 100 100 GTV 3.6 53 192 432 2023 02 17 P.10 3.3.1 3.1.1 POI POI 7 APP 2023 02 17 P.11 8-9-APP APP 3.1.2 KA 1 BD SKU BD BD i ii KA 2 2023 02 17 P.12 3 KA 3.1.3 10 11 APP APP 1+2 3 40 ROI 40+1 500 2023 02 17 P.13 12 DOU+13 3.2 GTV 2025 GTV 2025 3000 2025 416 174 590 3.2.1 GTV 2025 3000 DOU+2023 02 17 P.14 2022 2025 1 vv 10%15%2 8%22%GTV 2025 3000 14 GTV 2022E 2023E 2024E 2025E DAU 6.0 6.0 6.0 6.0 120 120 120 120 0.5 0.5 0.5 0.5 240 240 240 240 vv 10.0%10.0%12.5%15.0%8%16%20%22%3.0%3.0%3.0%3.0%5.0%5.0%5.0%5.0%AOV 120 120 120 120 GTV 776 1504 2313 3060 2022 2025 GTV 7%20%15 GTV 2022E 16 GTV 2025E Bloomberg Bloomberg 32%7%62%GTV 2022 36%20%44%GTV 2025 2023 02 17 P.15 3.2.2 2025 600 2025 590 416 174 1 2022 2025 vv 10%15%6%20%83 416 17 2022E 2023E 2024E 2025E DAU 6.0 6.0 6.0 6.0 120 120 120 120 0.5 0.5 0.5 0.5 240 240 240 240 vv 10.0%10.0%12.5%15.0%6%12%16%20%eCPM 26 26 26 26 83 166 277 416 2024 277 5.5%10.8%13.6%2023 02 17 P.16 18 vs.19 vs.Bloomberg Bloomberg 2 2023 2.5%-10%5%30 100%2022 2023 2022 20 2022 vs.2023 2022 2023 2.5%2.5%4.5%4.5%-6%2.0%3%-9%3.5%3%-5%3.5%3%-10%8.0%10.0%4.5%3%-5%4.5%5.0%-6.0%-5.0%-5.0%-3.0%-5.0%-10.0%-5.0%3.5%5.0%8316627741601002003004005002022E 2023E 2024E 2025E vs-0.0%5.0%10.0%15.0%2022E 2023E 2024E 2025E vs-2023 02 17 P.17 2022 2025 2.5%5-6%2022 10 2025 174 21 22 vs.Bloomberg 2025 590 0.0%2.0%4.0%6.0%8.0%0501001502002022E 2023E 2024E 2025E vs.02004006008002022E 2023E 2024E 2025E vs.-2023 02 17 P.18 4.1 2 2025 9923.HK 9699.HK DADA.O 4.1 9923.HK 2022H1 12.7 21.8%10.5 12.0 10 2022 2022 GPV 5%2.2 11%8.1 2020 APP GMV GMV 2022H1 GMV 13.6 1790%1.6 259%2022 2022 GMV 730%33 SKU 154%40 3700 2021H1 18.8%2022H1 20.9%3-6 2022H2 2023 02 17 P.19 23 2020 2021 2022H1 2,293 3,059 1,642 1,829 2,268 1,271 148 162 463 642 209 744 815 529 483 380 266 53 92 260 382 171 32.4%26.6%32.2%26.4%16.7%20.9%35.9%57.1%56.2%59.5%82.1%-74-259-234-181-269-152-128-240-134 439 421 75 19%14%5%4.2 9699.HK toB toC 2022H1 44.8 20.8%1.44 2022 2022 50%2022H1 toC 7.73 50.1%1230 55.0%2022H1 toB 21.6 23.1%2022H1 12 29.9 31.2%2900 2022H1toB 48%2022 2022H1 6.8%15.3 2023 2023 02 17 P.20 24 2019 2020 2021 2022H1 2,107 4,843 8,174 4,481 1 2,107 4,842 8,160 4,464 1.1.1,929 3,220 5,090 2,929 to B 1,797 2,741 3,883 2,156 to C 132 479 1,207 773 1.2 178 1,622 3,070 1,535 2 1 14 17-336-189 95 180 1-336-186 109 181 2 0-3-14 0-16%-4%1%4%1-16%-4%1%4%2-202%-98%-2%-34-111-270-93-4-69-123-36-204-418-655-244-458-605-667-144-22%-12%-8%-3%4.3 DADA.O 2700 1700 2022Q3 23.8 41.1%Q3 61.6%11.6 pct Q3 2.7 Q2 4-11.4%2022Q3 8.4 36%2022 12 5 2022Q3 8.2 34.4%ARPU 2022Q3 15.4 44%12 GMV 589 58.3%2022Q3 12 7540 32.0%Q2 2023 02 17 P.21 25 2019 2020 2021 2022Q1 2022Q2 2022Q3 3,100 5,740 6,866 2,025 2,281 2,380 1,997 3,435 2,821 623 816 836 1,955 3,378 2,753 606 794 820 42 57 67 17 22 16 1,103 2,305 4,046 1,402 1,465 1,544 254 1,019 1,727 755 850 913 8.2%17.7%25.2%37.3%37.3%38.4%-2,846-4,721-5,139-1,270-1,431-1,467-1,415-1,849-3,428-1,114-1,190-1,150-281-499-400-101-100-107-334-429-573-165-160-181-1,420-1,167-2,103 481-396-270-45.8%-20.3%-30.6%23.8%-17.3%-11.4%2023 02 17 P.22“”,“”“”6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%26 3 100032 010-57671718 868 One56 1 10 200120 021-38124100 1115 330038 0791-86281485 100 24 518033 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
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