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《大行報告》天風證券:東方甄選(01797.HK)向母企新東方(09901.HK)配股 對雙方具備積極意義
天風證券發表報告指,東方甄選(01797.HK)向母企新東方(09901.HK)配股,對雙方具備積極意義。 對東方甄選,目前直播電商及自營業務逐步成熟,具備獨立成長體系。在抖系平穩成長基礎上開辟淘系及自有APP,其中淘寶雙11首秀期間預計GMV區間為5至10億人民幣,表現出色,已成為第二增長點;自有APP會員體系持續完善,展現高黏性私域流量價值。 對新東方,完善教育閉環,體系內線上線下一體化打通,增厚業績體量。此前新東方在線上市,市場關注其與母公司業務區隔;此後經歷疫情,教育線上線下交付形態逐步走向一體化。本次擬將在線業務注入母公司,或將有力打通內部招生教研及服務體系,對教育業務全面提效。 天風證券指繼續堅定看好兩方成長潛力。新東方作為教育主體,當前受惠於供給出清需求釋放,業績端已充分驗證;東方甄選作為核心創新業態,當前具備較強差異化定位和競爭力,建議積極關注。
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