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 上证综指齐屹科技 艾媒咨询艾媒咨询 i ii iMMediaedia ResearchResearch 齐家网齐家网：齐屹科技齐屹科技（01739.HK01739.HK） 核心观点核心观点： 1 1、公司公司基本情况基本情况： （1）公司简介：家装互联网平台第一股，2018 年 在港交所上市，成为首家成功上市的互联网家装垂直平台公司。 （2）发展 历程：实现了从传统电商到

2、互联网赋能平台的跨越，截至 2018 年底，齐 家网已建立了一个蓬勃发展的生态体系，当中包括超过 9,694 家室内设计 及建筑服务供货商，每月独立访客达 4860 万名。 （3）股权架构：2010 年， 百度 1.9 亿元入股，成为齐家网第二大股东，现持股 11.51%。齐家网成为 百度投资生态在家装垂直电商赛道的重要布局。 2 2、行业情况、行业情况： （1）行业概况：行业规模持续增长，市场集中度有待 提升。2017 年沪深 A 股装饰装修上市公司仅有 20 家，总营业收入 1051 亿元，占装修装饰总产值比重仅为 8.75%。 （2）市场痛点：家装流程长， 难以标准化，客户和装修企业痛点

3、明显。整体行业呈现产业链长、信息不 对称、整合难度高的情况。加之缺乏统一的标准与监督，家装行业的标准 化程度十分低。在消费者层面，则难以自行掌握相关知识，存在较高的交 易成本。 3 3、业务、业务情况情况： （1）平台业务：持续加码三、四线城市，高毛利率核 心业务高速增长。公司 2018 年平台服务收入达 32,123 万元，同比增长 80.51%，毛利率达 94.90%，平台业务占主营业务比重从 39%增至 58%。 （2） 自营室内设计和建筑业务：自营装修服务管理难度高， 重资产， 低毛利率， 业务占比将逐渐下降。截至 2018 年 12 月 31 日，自营设计及建筑业务及 其他产生的收入

4、同比下降 6.5%至 26,574 万元。 （3）业务分析：齐家网以平 台为核心， 连接家装行业大量优质企业， 形成了互联网家装中的齐家生态， 并围绕用户端及装修公司端开展“赋能战略” 。 4 4、财务分析财务分析：扭亏为盈，经调整净利润和经营现金流双双为正，销 售成本持续下降。齐家网 2018 年全年营收达到人民币 6.46 亿元，同比增 长 35，而经调整净利润为 5,164 万元，同比增长 189%，扭亏为盈。推 荐数目的平均销售成本从 2015 年的 735 元，下降到 2018 年的 395 元。 5 5、机遇与、机遇与挑战挑战 挑战挑战篇篇： （1）家装行业竞争激烈，平台型企业拓展

5、上下游难度大;（2） 获客成本高，盈利模式单一，前端扩张依赖后端服务提升。 机遇机遇篇篇： （1）互联网家装行业市场空间巨大，仍处于早期发展阶段； （2） 全流程信息化能力提高， 规模经济逐渐形成， 有望实现流量爆发；（3） 平台流量稳固，多渠道变现可期。 公公 公公 司司 研研 究究 报报 告告 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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. 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 01739.HK 6 iiMedia Research 1 2 Strawberry Pie 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 01739.HK 7 iiMedia Research iiMedia Resear

22、ch 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 01739.HK 8 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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 艾媒报告中心用户1 5 6 * * * * 7 3 4 1

24、专享 尊重版权，严禁篡改、转售等侵权行为 01739.HK 12 1 1- -3 3 20101.920187 11.51% 4GMV 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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) 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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 200820092000162017 营业收入营业收入增长率(%) 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等

27、侵权行为 01739.HK 15 4 2016-2020 iiMedia Research 2 2- -2 2 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 01739.HK 16 5 iiMedia Research BC VRERP 2018 123120176,680 9,69445.1% 2018SSF 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 01739.HK 17 6SSF iiMedia Research 艾媒报告中心用户1 5 6 * * * * 7 3 4 1

28、专享 尊重版权，严禁篡改、转售等侵权行为 01739.HK 18 201858% 42% 7 iiMedia Research 3 3- -1 1 2018 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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% 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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% 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 01739.HK 22 3 3- -3 3 + 8 iiMedia Research VRAPPERP ERP 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售

32、等侵权行为 01739.HK 23 2018 2018 5,366359%620 9 iiMedia Research 201821043088 iiMedia Research 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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% 艾媒报告中心用户1 5 6 * * * * 7 3 4

33、1 专享 尊重版权，严禁篡改、转售等侵权行为 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 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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% 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 01739.HK 27 5K57.63%5K 48.47% 13 2018-2019APP 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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% 艾媒报告中心用户1 5 6 * * * * 7 3 4 1 专享 尊重版权，严禁篡改、转售等侵权行为 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%