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港股異動 | 新東方在線漲15% 交銀稱東方甄選6月實現盈利 復購率等勝行業平均
格隆匯 09-06 10:34
格隆匯9月6日丨新東方在線(1797.HK)漲15.73%,報33.1港元,總市值332億港元,成交額達8.15億港元位居港股成交額第二。交銀國際指,新東方在線宣佈戰略重點轉移至以東方甄選為品牌的直播電商業務,其直播間熱度雖有回落但在預期的高線。另外,該行指其6月現金流轉正,並實現盈利:東方甄選復購率、退貨率均優於行業平均,代銷產品佣金率處於行業高位。主播團隊為內部孵化,分成比例、營銷費用維持低位。該行估算新東方直播電商業務年化GMV為84億-168億元,收入區間為12億-34億元,利潤為1.9億-6.7億元。交銀認為,矩陣管理、供應鏈管理、履約效率、用户服務是維持長期運營關鍵。中金指,新東方在線留存業務過往具有盈利能力,直播電商業務由於具有不採買流量、主播成本低於傳統多頻道(MCN)機構、自營產品具更高盈利能力的特徵,該行認為公司盈利確定性提升,上調評級至“跑贏行業”,上調目標價至26港元

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