拥抱持续优异的表现

Investment Rating - Maintain Buy rating with a target price of $46 based on SOTP valuation [2][12] Core Views - GigaCloud (GCT US) delivered a strong Q1 2024 performance with revenue growth of 96$27 million, up 71% YoY but 10% below expectations due to new fulfillment center costs and FX volatility [2] - Management guided Q2 2024E revenue of $265-280 million, representing 73-83$251 million, up 96% YoY, with gross profit of $67 million and net profit of$27 million [2][7] - FY24E revenue is forecasted at $1.112 billion, up 58$116 million [2][10] - FY25E revenue is projected at $1.353 billion, up 22$150 million [2][10] - FY26E revenue is estimated at $1.632 billion, up 21$188 million [2][10] Operational Highlights - Global fulfillment network expanded to 42 locations covering over 10.5 million square feet, up 169% from March 2023 [2] - Outdoor furniture demand is expected to drive Q2 2024E revenue growth [2] - BaaS program charges a competitive 4% fee compared to the industry standard of 10% [2] Valuation - SOTP valuation based on 18x P/E for 3P business and 16x P/E for 1P business, resulting in a target price of $46 [12] - DCF valuation assumes a WACC of 15.7$46 target price [13][14] Historical Performance - FY23 revenue grew 44% YoY to $704 million, with net profit up 293$94 million [10] - FY22 revenue increased 18% YoY to $490 million, with net profit of$24 million [10] - FY21 revenue was $414 million, with net profit of$29 million [10]