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《大行報告》大和:新東方在線(01797.HK)新直播電商頻道能否持續「火熱」現評論屬過早 不建議追入
大和發表報告表示,新東方在線(01797.HK)本月以來股價累漲逾180%,將其歸功於其直播電商業務,抖音的「東方優選」頻道自6月開始「火爆」。從6月9日起,該頻道在周末增加300萬粉絲。據了解,該公司並沒有花錢來獲取流量,而是受益於抖音推薦系統的曝光率增加,因為主持人在宣傳食品的同時教導觀眾說英語的視頻在網上意外「爆紅」。 該行指﹐東方優選是酷新東方在線自2021年底停止K-12業務以來的一次新的直播電商嘗試。通過抖音平台,前新東方在線教師銷售農產品和其他產品,包括書籍、牛扒、米和化妝品,直播過程兼具有文化內涵和英語教學特色。大部分產品來自第三方供應商,這可能會給新東方在線帶來1%至30%的佣金收入,而一少部分產品是自有品牌的,例如大米和玉米。 根據《灰豚》數據,6月10至12日期間,東方優選渠道實現日均銷售額1,800萬元人民幣。新東方在線昨日的市值已超過14億美元,而其母公司新東方-S(09901.HK)的市值為32億美元。目前,由於直播「炒作」,該行認為市場開始將公司更多地視為一家互聯網公司,而不是一家在線教育公司。由於該行認為現在判斷該頻道的受歡迎程度是否可持續還為時過早,現不建議投資者在直播業務取得初步成功的情況下追入該股票,予「跑輸大市」投資評級。
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