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《大行報告》海通國際首予東方甄選(01797.HK)「優於大市」評級 目標價48.4元
海通國際首次覆蓋東方甄選(01797.HK),給予「優於大市」評級,目標價48.4元。 公司2023財政年度扭虧為盈,賺9.7億元人民幣,海通指,下半年度所有直播間累計商品交易總額(GMV)45億元人民幣,其中東方甄選主號累計32.4億元,GMV及轉化率保持高水平,抖音直播業務營運穩健,7月公司決定開啟APP直播,相信APP能夠提供更加靈活、更有特色的服務,有望提升用戶黏性、提升復購率。 海通認為,公司以直播電商出發,逐步推出自營產品,渠道和產品相輔相成,實現增長。管理層表示有意推動線上付費會員,為核心客戶提供私域服務,相信此舉有望提升進一步核心用戶黏性。 該行預期公司2024至2026三個財政年度,收入分別56.7億、64.4億、72.5億元人民幣,按年增長25.6%、13.6%、12.7%,淨利潤分別10億、13億、15.4億元人民幣,按年增長3.3%、29.1%、18.6%。
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