【招银国际】Driving quality growth-250324（6页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 24 Mar 2025 CMB International Global Markets|Equity Research|Company Update Baozun(BZUN US)Driving quality growth Baozun released 4Q24 results:total revenue was RMB3.

2、0bn,and was 3.3%better than Bloomberg consensus;non-GAAP net profit attributable to ordinary shareholders of Baozun came in at RMB46mn,up from RMB29mn in 4Q23,but missed consensus of RMB74mn.Baozun E-commerce(BEC)inked revenue growth of 6%YoY,driven by higher demand from digital marketing and IT sol

3、utions,and Baozun Brand Management(BBM)booked 17%YoY growth(3Q24:10%YoY)driven by higher sales from Gap brand as Baozun continues to optimize Gaps merchandising plans,and also aided by new store openings.Looking ahead into 2025,we expect management to prioritize operating efficiency gains over busin

4、ess expansion for BEC;and to continue driving solid revenue growth and loss reduction of BBM business,which should achieve non-GAAP OP breakeven in 4Q25 on our estimates.We roll over our valuation base to 2025E with a new SOTP-based TP of US$3.53(was US$3.1).Maintain BUY.Solid revenue growth in 4Q24

5、.By segment,product sales revenue was up 5.0%YoY(3Q24:10.6%YoY)to RMB1.1bn,and services revenue was up 9.3%YoY(3Q24:14.2%YoY)to RMB1.9bn.In 4Q24,revenue generated from BEC grew by 6.0%YoY to RMB2.5bn driven by higher demand from digital marketing and IT solutions,and revenue generated from BBM incre

6、ased by 16.9%YoY due to sales increase from the Gap brand.Within services revenue,online store operations/warehousing and fulfilment/digital marketing and IT solutions achieved 16/0/15%YoY growth.Within online store operations services revenue,apparel and accessories on combined basis achieved 27%Yo