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研報掘金丨天風證券:中胤時尚鞋履設計能力突出,有顯著的先發領先地位,予“增持”評級
格隆匯7月5日丨天風證券4日研報指出,中胤時尚(300901.SZ)作為稀缺的具備量販式設計能力的時尚產品設計企業,結合鞋履行業的行業特徵及產業集聚優勢,以鞋履設計服務作為業務開展的立足點,圖案設計作為公司新的盈利增長點,同時提供供應鏈整合服務更好的保障設計成果的落地。首次覆蓋,給予“增持”評級。截至22年末,公司共擁有研發設計相關人員近100人,具備年均近10000款鞋樣的設計能力,是目前行業內少有的具備規模化、集中化設計能力的企業,其量販式獨立設計能力在市場中具有稀缺性,公司擁有顯著的先發領先地位。公司鞋履設計屬產業鏈高附加值環節,快時尚趨勢下第三方優勢凸顯。研發設計和品牌渠道運營佔據產業鏈高端,經濟附加值最高,整個鞋履產業呈微笑曲線。此外,公司量販式的設計能力及較強的供應鏈整合能力,恰好契合大眾品牌尤其女鞋品牌的行業特點,客户資源豐富,在行業內形成良好口碑。
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