Guosen Securities: taobo gives buy rating, optimistic about undervalued leading growth potential
Guosen Securities issued a research report, maintaining the “buy” rating of taobo (06110), with a reasonable valuation of HK $14.9-15.6. According to the report, the company’s performance exceeded expectations and its net interest rate rose against the trend. The annual revenue reached 36.009 billion yuan, an increase of 6.9% over the same period of last year (1H / 2H was – 7% / + 21%, and 2H was + 15.8% over the same period of last 19 years); The net profit attributable to the parent company was 2.77 billion yuan, a year-on-year increase of 20.3% (1H / 2H was – 11.3% / + 75.5%, and 2H was + 48.2% over the same period in 19 years). The gross profit rate was 40.8%, decreased by 1.3pp, the operating profit rate was 11.1%, increased by 1.3pp, and the net profit rate was 7.7%, increased by 0.9p.p. The inventory / accounts receivable / accounts payable cycle is 110/