《大行報告》花旗升東方甄選(01797.HK)評級至「買入」 目標價上調至52元
花旗發表研究報告指,東方甄選(01797.HK)發布今年3月更名以來首份年度業績,顯示出公司轉型後對直播電商市場的關注,截至5月底止年度自營產品及直播電商業務按年增長157倍,商品交易總額(GMV)增長增長108%至100億元人民幣。
該行指出,公司已完全消化來自內地教育行業「雙減」政策的影響,並利用抖音等流量渠道建立強大的內容矩陣,展現出強勁的電商發展勢頭,同時在多元化戰略,東方甄選亦有進軍淘寶直播平台,以及改進自有應用程序,引入會員系統,令用戶90日重複購買率提升至40%。
基於該公司擁有多品類、跨平台、強大品牌影響力的電商業務,看好其可持續商業模式,因此將投資評級從「中性」升至「買入」,目標價則從51.3元調升至52元,預測2024及2025財年GMV中自營品牌的貢獻可由現時的30%,提升至34%及36%,整體毛利率則從43.3%微跌至43%及42.6%。
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