齊家網（齊屹科技+01739.HK）—從“傳統電商平臺”到“互聯網賦能生態”的跨越(37頁).pdf

1、 2 2.5 3 3.5 4 4.5 5 2018/07 2018/08 2018/09 2018/10 2018/11 2018/12 2019/01 2019/02 2019/03 2000 2500 3000 3500 上證綜指齊屹科技 艾媒咨詢艾媒咨詢 i ii iMMediaedia ResearchResearch 齊家網齊家網：齊屹科技齊屹科技（01739.HK01739.HK） 核心觀點核心觀點： 1 1、公司公司基本情況基本情況： （1）公司簡介：家裝互聯網平臺第一股，2018 年 在港交所上市，成為首家成功上市的互聯網家裝垂直平臺公司。 （2）發展 歷程：實現了從傳統電商到

2、互聯網賦能平臺的跨越，截至 2018 年底，齊 家網已建立了一個蓬勃發展的生態體系，當中包括超過 9,694 家室內設計 及建筑服務供貨商，每月獨立訪客達 4860 萬名。 （3）股權架構：2010 年， 百度 1.9 億元入股，成為齊家網第二大股東，現持股 11.51%。齊家網成為 百度投資生態在家裝垂直電商賽道的重要布局。 2 2、行業情況、行業情況： （1）行業概況：行業規模持續增長，市場集中度有待 提升。2017 年滬深 A 股裝飾裝修上市公司僅有 20 家，總營業收入 1051 億元，占裝修裝飾總產值比重僅為 8.75%。 （2）市場痛點：家裝流程長， 難以標準化，客戶和裝修企業痛點

3、明顯。整體行業呈現產業鏈長、信息不 對稱、整合難度高的情況。加之缺乏統一的標準與監督，家裝行業的標準 化程度十分低。在消費者層面，則難以自行掌握相關知識，存在較高的交 易成本。 3 3、業務、業務情況情況： （1）平臺業務：持續加碼三、四線城市，高毛利率核 心業務高速增長。公司 2018 年平臺服務收入達 32,123 萬元，同比增長 80.51%，毛利率達 94.90%，平臺業務占主營業務比重從 39%增至 58%。 （2） 自營室內設計和建筑業務：自營裝修服務管理難度高， 重資產， 低毛利率， 業務占比將逐漸下降。截至 2018 年 12 月 31 日，自營設計及建筑業務及 其他產生的收入

4、同比下降 6.5%至 26,574 萬元。 （3）業務分析：齊家網以平 臺為核心， 連接家裝行業大量優質企業， 形成了互聯網家裝中的齊家生態， 并圍繞用戶端及裝修公司端開展“賦能戰略” 。 4 4、財務分析財務分析：扭虧為盈，經調整凈利潤和經營現金流雙雙為正，銷 售成本持續下降。齊家網 2018 年全年營收達到人民幣 6.46 億元，同比增 長 35，而經調整凈利潤為 5,164 萬元，同比增長 189%，扭虧為盈。推 薦數目的平均銷售成本從 2015 年的 735 元，下降到 2018 年的 395 元。 5 5、機遇與、機遇與挑戰挑戰 挑戰挑戰篇篇： （1）家裝行業競爭激烈，平臺型企業拓展

5、上下游難度大;（2） 獲客成本高，盈利模式單一，前端擴張依賴后端服務提升。 機遇機遇篇篇： （1）互聯網家裝行業市場空間巨大，仍處于早期發展階段； （2） 全流程信息化能力提高， 規模經濟逐漸形成， 有望實現流量爆發；（3） 平臺流量穩固，多渠道變現可期。 公公 公公 司司 研研 究究 報報 告告 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 1 Core point of view Basic information of the company :(1) company profile: It is the firs

6、t share of Internet home decoration industry, and listed on the Hong Kong stock exchange last year, becoming the first company to successfully list on the Internet home decoration vertical platform. (2) Development history: spanning from traditional e-commerce to enabling Internet platform, Qeeka Ho

7、me has established a booming ecosystem by the end of 2018, including more than 9,694 interior design and construction service suppliers, with monthly independent visitors reaching 48.6 million. (3) Equity structure: in 2010, Baidu took a stake of 190 million yuan and became the second largest shareh

8、older of Qeeka Home. Now it holds 11.51%of the shares, which has become an important layout of Baidus investment ecology in vertical track. Industry status: (1) industry overview: the industry scale continues to grow, and the market concentration remains to be improved. In 2017, there were only 20 A

9、-share listed companies in Shanghai and shenzhen. The total operating income was 105.1 billion yuan, accounting for only 8.75% of the total output value of decoration. (2)Market pain points: The process that the home installs is very long, leading to difficult to standardize, the pain point of clien

10、t and decoration enterprise is obvious. The whole industry presents the situation of long industrial chain, asymmetric information and high difficulty of integration. In addition, lack of unified standards and supervision, the standardization of home decoration industry is very low. At the consumer

11、level, it is difficult to master relevant knowledge by oneself, and there is a high transaction cost. Business situation: (1)Platform business: continue to increase the number of third - and fourth-tier cities. High gross margin core business grow rapidly. In 2018, the companys platform service reve

12、nue reached 321.23 million yuan, up 80.51% year on year, and the gross profit rate reached 94.90%. The proportion of platform business in the main business increased from 39% to 58%.(2) Self-run interior design and construction business: Self-run decoration services are characterized by high managem

13、ent difficulty, heavy assets and low gross profit rate. The proportion of this business will gradually decline. As of December 31, 2018, the revenue generated from the self-run design and construction business and other businesses decreased by 6.5% year-on-year to 26,574 million yuan. (3) Business a

14、nalysis: Qeeka Home network takes the platform as the core, connects a large number of high-quality enterprises in the home decoration industry, forms the Qeeka Home ecology in the Internet home decoration, and develops enabling strategy centering on the client end and the decoration company end. Fi

15、nancial analysis: Qeeka Home turned losses into profits, and its adjusted net profit and 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 2 cash flow are both positive. Qeeka Home annual revenue reached 646 million yuan in 2018, up 34.8% year on year, and its adjusted net profit of the co

16、ntinuing business was 51 million yuan, an increase of 189% over the previous year, turning losses into profits. The average cost of selling the number of recommendations fell from 735 yuan in 2015 to 395 yuan in 2018. Opportunities and challenges Challenge(1) Due to the fierce competition in the hom

17、e decoration industry, it is much more difficult for platform enterprises to expand upstream and downstream operation. (2)Because of high cost of customer acquisition and single profit model, front-end expansion depends on the improvement of back-end services Opportunity: (1) The Internet home decor

18、ation industry has a huge market space and is still in the early stage of development. (2) The informatization capability of the whole process is gradually mature, and it is expected to achieve flow explosion and economies of scale. (3) The platform flow remains stable, and the multi-channel liquidi

19、ty can be expected. 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 3 . 6 . 6 . 7 . 7 . 9 1-1 . 9 1-2 . 9 1-3 . 12 . 13 2-1 . 13 2-2 . 15 . 18 3-1 . 18 3-2 . 20 3-3 . 22 3-4 APP . 24 . 28 4-1 . 28 4-2 . 29 4-3 . 30 . 31 5-1 . 31 1 . 31 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 0

20、1739.HK 4 2 . 31 5-2 . 32 1 . 32 2 . 32 3 . 33 1 . 9 2 . 13 3 . 14 4 2016-2020 . 15 5 . 16 6“SSF . 17 7 . 18 8 . 22 9 . 23 10 2018 . 24 11 2018-2019” . 26 12 2018-2019”APP . 26 13 2018-2019”APP . 27 14 2015-2018 . 29 1 2017-2018. 19 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 5 2 201

21、7-2018. 19 3 2015-2018 . 20 4 2015-2018 . 21 52018630 . 24 6 2015-2018. 28 7 2015-2018 . 29 8 2015-2018 . 30 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 6 iiMedia Research 1 2 Strawberry Pie 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 7 iiMedia Research iiMedia Resear

22、ch 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 8 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 9 1 1- -1 1 2007 20101.911.51%2018 20186.4634.82018 3.74997.7% 969445% APP20192467.8% 1 1- -2 2 1 iiMedia Research 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK

23、10 12007-2012 2007 2009 20101.9 22012-2017 20132014 2014APP APP 201411 4.1382A 201582,665 69.89% 20159 2017 T20168 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 11 201728,433 153.0%60% VR PGCUGC 32018 2018 64,570 34.8% 37,48997.7% 2018 9,694 4,860 2018SSF 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1

24、專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 12 1 1- -3 3 20101.920187 11.51% 4GMV 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 13 2 2- -1 1 20102014 30%20152017 10% 20182017 L 2 WINDiiMedia Research BHI 50,000 -8 11 63 36 34 29 16 -5 7 10 103.39 104.38 101.22 20 40 60 80 100 120 140 -20 -10 0 10 20

25、 30 40 50 60 70 2008-12 2009-06 2009-12 2010-06 2010-12 2011-06 2011-12 2012-06 2012-12 2013-06 2013-12 2014-06 2014-12 2015-06 2015-12 2016-06 2016-12 2017-06 2017-12 2018-06 2018-12 (%)(BHI) 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 14 20171.22017A 201,0518.75% 3 WINDiiMedia Rese

26、arch iiMedia Research2018 3,441.920205,000 20% 52 70 185 336 452 601 717 803 929 1051 0% 34% 165% 82% 34% 33% 19% 12% 16% 13% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 0 200 400 600 800 1000 1200 2008200920102011201220132014201520162017 營業收入營業收入增長率(%) 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等

27、侵權行為 01739.HK 15 4 2016-2020 iiMedia Research 2 2- -2 2 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 16 5 iiMedia Research BC VRERP 2018 123120176,680 9,69445.1% 2018SSF 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 17 6SSF iiMedia Research 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1

28、專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 18 201858% 42% 7 iiMedia Research 3 3- -1 1 2018 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 19 32,12381%90% 2018 5,366359%620 1 2017-2018 2017 2018 17,796 94.80% 32,123 94.90% 80.51% 1,169 6.90% 5,366 11.60% 359.03% 18,964 89.40% 37,489 83.00% 97.68% ii

29、Media Research 2018 91%28,045 2 2017-2018 2017 2018 18,964 37,489 97.69% 14,662 28,045 91.28% 1,169 5,366 359.02% 938 1,644 75.27% 1,419 1,427 0.56% 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 20 776 1,007 29.77% iiMedia Research 20187 180 79 20189,694 48.629% 3 2015-2018 2015 2016 2

30、017 2018 24.2 31.7 37.8 48.6 87,826 128,763 228,999 324,784 216,111 252,316 496,116 766,735 425 357 359 419 iiMedia Research 3 3- -2 2 20186.5%26,574 42% 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 21 4 2015-2018 2015 2016 2017 2018 14,141 30,085 47,906 64,570 4,438 19,599 28,433 26,

31、574 341.62% 45.07% -6.54% 31.38% 65.15% 59.35% 41.15% 14.49% 18.78% 24.72% 26.00% iiMedia Research 201724.7%201826.0% 1,000SKU 5,000 202017 2015 17 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 22 3 3- -3 3 + 8 iiMedia Research VRAPPERP ERP 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售

32、等侵權行為 01739.HK 23 2018 2018 5,366359%620 9 iiMedia Research 201821043088 iiMedia Research 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 24 8.557.947.84 10 2018 iiMedia Research 3 3- -4 4 APPAPP 52018630 A B C58 ACowin BOrchid Asia CCachet Special 79.1%58.2% 艾媒報告中心用戶1 5 6 * * * * 7 3 4

33、1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 25 20.9% 41.8% 2.7-40.84% 2.7633.75% 2,6301,290 4,630155,348 8,083 370 308 34.9 52.1 3D VR iiMedia Research 79.1%58.2% 20182.7 40.84%2.7633.75%2018 5,164 34.952.1 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 26 11 2018-2019 010050 45 20187APP 2019 2467.

34、8%201915.98%20192 APP22.87%201912.41% 12 2018-2019APP - -6.13%6.13% 2.00%2.00% - -5.25%5.25%- -3.29%3.29% 8.56%8.56% 1.56%1.56% - -2.41%2.41% 19.06%19.06% 16.72%16.72% - -0.56%0.56% - -0.27%0.27% 16.67%16.67% 2.65%2.65% 5.98%5.98% -10.00%-10.00% -5.00%-5.00% 0.00%0.00% 5.00%5.00% 10.00%10.00% 15.00%

35、15.00% 20.00%20.00% 25.00%25.00% 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 27 5K57.63%5K 48.47% 13 2018-2019APP 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 28 4 4- -1 1 20186.46353.82 59%5,164 5,819189% 6 2015-2018 2015 2016 2017 2018 14,141 30,085 47,906 64,570 112

36、.75% 59.23% 34.79% 8,773 12,481 23,983 38,156 42.28% 92.15% 59.10% -17,119 -26,524 -84,490 71,347 -5,819 5,164 iiMedia Research 3.75 97.7%201633%201858% 201642%201859% 艾媒報告中心用戶1 5 6 * * * * 7 3 4 1 專享 尊重版權，嚴禁篡改、轉售等侵權行為 01739.HK 29 14 2015-2018 iiMedia Research 4 4- -2 2 2018 20157352018 395 7 2015-2018 2015 2016 2017 2018 14,141.20 30,085.00 47,905.50 64,570.40 24.2 31.7 37.8 48.6 31%31% 65%65% 59%59% 41%41% 65%65% 33%33% 40%40% 58%58% 12%12%18%18% 24%24% 26%26% 89%89% 88%88% 89%89% 83%83% 62%62% 41%41% 50%50% 59%59% 0% 20% 40% 60% 80% 100%