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|2023 05 22 AI 021-S0980517070001 0755-S0980522120001 01 02AI 03 041ZCXvMtOsRqRqOpMrMrOqR6M8QbRpNmMpNoNiNnNnQjMnPsQbRqQxOMYpPtNNZmOyR 1-4 5.8%10.6%AI 2013 25%2022 32.9%2023 Q1 16.8%+AI AI B2C B2B AI AI AI Made-in-C AI EPS PE05-19 05-19 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E600415.SH 8.41 461.38 0.20 0.38 0.43 0.48 26.02 22.14 19.75 17.54002315.SZ 40.39 125.73 0.97 1.21 1.51 1.93 18.46 33.50 26.72 20.91300592.SZ 27.42 79.29 0.75 1.15 1.46 1.94 20.26 23.84 18.78 14.13300866.SZ 74.00 300.76 2.81 3.27 3.86 4.38 21.08 22.63 19.17 16.89:Wind 1.2022 42.07 7.7%23.97 10.5%2021 2022 2.11 9.8%1.55 11.7%6.5%2019 1.9pct 1%2%2022-5%0%5%10%15%20%25%051015202530%0%5%10%15%20%25%30%35%40%45%01232019 2020 2021 2022%1-1.2023 1-4 5.8%10.6%2022 OECD 4 4.61 16%2.09 13.9%4.2%3 iFinD 9293949596979899100101102OECD:OECD:OECD:OECD:4 iFinD 0100200300400500600700 1-2.2023 2023 1-3 ICI 51.1%/53.6%/56.5%CCFI 2022 3 CCFI 2022 3 70%5 ICI 0%10%20%30%40%50%60%70%6 CCFI iFinD05001000150020002500300035004000 CCFI 1-3.2023 33.65+17.47%3.06+53.80%ToC ToB 2023 13.76+14.41%0.70+64.30%+104.7%2023 13.79+47.44%0.76+119.21%AI 7/%Wind 8/%Wind-150%-100%-50%0%50%100%-2024681012141621Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1%-20%0%20%40%60%80%100%010203040506021Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1%2.2023 2023 1 6 151 32 200 2013 25%2022 32.9%2023 3.43 16.8%2023 24.6%61.8%9 10 050100150200250 050100150200250 2-1.2022 2017 2022 GMV 109 1310 64%2022 6 5%11 GMV 12 050010001500200025002019 2020 2021 2022 2025E GMV 0123452019 2020 2021 2022 2-2.2021 12 131.2 40.3%2000 RCEP 2022 1 RCEP 90%2-3.2022 7 20 10 CIPS 2023 4 CIPS 1437 80 1357 13 CIPS CIPS 2-4.2023 1&6 2023 4+165 31 2 2021 7 2022 1 2022 1 B2B 2023 1 2023 4+AI 3.AI 11 OpenAI ChatGPT AI AI AI+AI AI+/14 x AI 15 AIGC 3-1.AI AI 1 B2C 2 B2B AI AI AI 16 AI 3-1.AI 1 B2C API ChatGPT 2w+AIGC,AI,2 B2B 4 AI AI AI B2B AI SEO 3 A AI AI B2B AI SEO AI AI B2C 30%Amazon SageMaker AIGC ChatGPT API AIGC 3-2.AI 1 AI 2 AI 3 AI B2C 3 30%Amazon SageMaker 4 ASIN Amazon 17 Amazon Bedrock Amazon 3-2.AI AI 2002 AWS 200 AWS AWS 2013 31 2022 800 43.5%2022 15.6%4 AIGC Amazon Bedrock Amazon Titan Amazon EC2 Trn1n Amazon EC2 Inf2 AI Amazon CodeWhisperer Titan Titan Text Titan Embedding 18 Amazon 245 Amazon 19 AWS%0%2%4%6%8%10%12%14%16%18%01002003004005006007008009002013 2014 2015 2016 2017 2018 2019 2020 2021 2022AWS AWS%4.AI Made-in-C AI EPS PE05-19 05-19 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E600415.SH 8.41 461.38 0.20 0.38 0.43 0.48 26.02 22.14 19.75 17.54002315.SZ 40.39 125.73 0.97 1.21 1.51 1.93 18.46 33.50 26.72 20.91300592.SZ 27.42 79.29 0.75 1.15 1.46 1.94 20.26 23.84 18.78 14.13002803.SZ 22.40 84.76 0.49 1.15 1.44 1.75 32.58 19.48 15.56 12.80300866.SZ 74.00 300.76 2.81 3.27 3.86 4.38 21.08 22.63 19.17 16.89:Wind wind 4-1.1993 chinagoods 2022 76.2+26.28%2020-2022 43%11.05-17.19%2020-2022 9.19%2023 21.2+32.69%12.22+81.8%2020-2022 69.53%/42.9%/23.16%2022 20%Wind-40%-30%-20%-10%0%10%20%30%40%50%60%70%01020304050607080902019 2020 2021 2022%21%0%20%40%60%80%100%2020 2021 2022 4-1.2022 8.56 4 4 22 4-1.+2020 chinagoods 2022 GMV356.76 112%2022 2023 2 Yiwu Pay 16 1 chinagoods 2 3 23 Yiwu Pay YiwuPay 24 Chinagoods chinagoods 4-2.B2B B2B Made-in-C 2022 2.49 CRM X AI 2022 14.75 2020-2022 12.83%3+22.6%2020-2022 31.63%2023 19.79%0.49 2020-2022 72.95%/75.03%/84.59%25%Wind 26%0%5%10%15%20%25%30%35%40%45%50%0246810121416182019 2020 2021 2022%0%20%40%60%80%100%2020 2021 2022 4-2.AI 4 25 AI 5 15 2.0 AI SEO ChatGPT3.5Turbo AI ARPU 1 AI 2+27 AI 28 AI 4-3.2021 2021 ebay Cdiscount Walmart 2022 44.17+112.88%2.16 2021 0.87 2023 Q1 13.79+47.44%0.76+119.2%80%eBay 10%2022 SKU 50 2022 22.95%17.24%13.97%11.76%9.56%29%Wind-1000%-500%0%500%1000%1500%2000%-5051015202530354045502019 2020 2021 2022%30%0%20%40%60%80%100%2021 2022 3C 4-3.SKU 14 C B 2021 EasySeller 2022 2.72 6.16%31 4-4.2003 2016 Facebook TikTok B2C 2022 53.76+3.83%1.84-19.05%0.62 SaaS 2022 1.97+14.53%2023 13.76+14.41%0.7+64.3%104.70%2020-2022 57.84%/54.54%/57.78%2020-2022 34.19%/40.35%/36.89%32%Wind-80%-60%-40%-20%0%20%40%60%80%100%01020304050602019 2020 2021 2022%33%0%20%40%60%80%100%2020 2021 2022 4-4.1.34 IT 1.0 3.0 SaaS 34%wind 35 0%1%1%2%2%3%3%2019 2020 2021 2022 4-5.Anker soundcore eufy Nebula Ankerwork AnkerMake Amazon eBay 2022 142.51+13.33%2020-2022 23.44%11.43+16.43%2020-2022 15.56%2023 33.65+17.47%3.06+53.80%36%Wind 37%Wind 0%5%10%15%20%25%30%35%40%45%0204060801001201401602019 2020 2021 2022%0%10%20%30%40%50%60%70%80%024681012142019 2020 2021 2022%4-5.2022 68.76+23.84%+4.09pct 48.25%2022 43.91+7.02%30.82%28.22 1.06%19.8%/2022+14.39%/+11.27%50.9%/19.85%12.61%3.67%12.6%2022+35.71%5.35%24.21%3.66%+2022 79.73+16%55.95%3C 2022 47.97+4.87%33.66%38%39%4-5.2022 10.8 38.8%7.58%2022 Amazon SageMaker 40%41 0%1%2%3%4%5%6%7%8%2019 2020 2021 2022 6 20%6 10%-20%6 10%6 10%6 10%6 10%6 10%125 36 518046 0755-82130833 1199 1 12 200135 6 9 100032
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