東方甄選再度爆火，股價暴漲900%，機構稱百億級銷售平臺或誕生，自營商品是星辰大海
8月31日，新東方在線股價重回30港元，市值再度站上300億港元。昨日，#東方甄選三個月帶貨20億#衝上熱搜，而新東方在線股價也大漲超26%。
天風證券認爲東方甄選核心價值在於自營商品邏輯的深度演繹，具備極強稀缺競爭壁壘及巨大潛力空間，進而推動估值體系及空間重構。
1、戰略初心高遠，定位農產品白牌市場，帶貨只是過程，品牌纔是終局
俞老師帶領新東方團隊雙減以後創立東方甄選初心即定位助農惠農，解決初級農產品消費痛點；通過品牌背書一方面減輕消費者選擇成本，便捷買到低價正宗優質食品；另一方面賦能傳統供應鏈現代化運營理念基因，高標準高視野打造中國農產品高水準。
2、供應鏈優勢顯著，地方政府鼎力支持，解決發展初級農產品核心痛點
東方甄選區別於其他MCN之處除在發展自營商品，更在於地方政府的全力支持，不論是此前東北行還是延安行，均體現自上而下政府資源通力支持及對於供應鏈的全面保障；依靠新東方品牌背書及產業號召，特別是地方政府藉助新渠道發展當地優質農產品的不斷嘗試，打通閉環多方共贏，幫助東方甄選解決最核心產品供應鏈痛點。
3、渠道潛力巨大，線上線下全平臺發力可期，依託品牌及供應鏈規模增長具備乘數效應
東方甄選創業及出圈以來，品牌勢能快速建立供應鏈配套持續完善；其未與抖音簽署獨家協議，預判在時機成熟時東方甄選自營商品或在線下核心KA及線上多平臺推廣銷售，有效放大品牌及供應鏈優勢，與線下形成消費共振，顯著擴大生意規模。
近期天風密集推薦東方甄選，差異化競爭力構建成長壁壘；此前提出自營（品牌力）、內容（場景感）及矩陣（多賬號）三大特色基礎上，再次提出定位（高度）、供應鏈（配套）及渠道（潛力）三大自營品核心邏輯，或具備百億級銷售前景；預計公司FY23-24年淨利分別爲6.8億、9.2億，PE分別爲27X、20X，建議積極關注。
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