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《大行報告》高盛首予東方甄選(01797.HK)「中性」評級 目標價28元
高盛發表報告指出,東方甄選(01797.HK)是新東方-S(09901.HK)旗下領先的自有品牌和直播電商平台,自轉型直播電商僅六個月後,東方甄選於去年6月在抖音的商品交易總額(GMV)為排名第一的頻道。公司於2023財年的GMV達100億元人民幣。 該行首予東方甄選「中性」評級,目標價28元,預期公司2023至2026財年的收入年均複合增長率為18%,GMV年均複合增長率為15%,料其2024至2026財年的經調整淨利潤大致穩定於21%至22%水平。 另外,該行對東方甄選中期前景持建設性態度,認為公司利用其品牌知名度和內容驅動的銷售方式,實現多平台擴張潛力;豐富自有品牌庫存單位(SKU);結合直播渠道、企業IP平台和內容生產的優勢,公司盈利能力持續高於同業。然而,考慮到公司發展尚於早期階段,該行正等待公司在抖音和淘寶直播的GMV增長軌跡更為清晰之時。
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