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《大行報告》申萬宏源:東方甄選(01797.HK)人事紛爭結束 頻上熱搜或為公司帶來流量
申萬宏源發表報告指,東方甄選(01797.HK)人事紛爭結束,近日關於東方甄選的話題頻上熱搜,認為會為公司帶來一波新的流量,支持公司直播業務的繼續發展。 該行指,本次事件體現東方甄選內部管理的疏漏。公司迅速做出了人事調整,彰顯其優化管理的決心。此外本次事件引發的有關核心主播重要性的討論可能會令市場擔憂東方甄選經營的穩定性。該行認為從教育起家的新東方深知依靠少數名師對公司教育業務發展的阻礙。而直播帶貨業務中依賴少數主播創收的模式亦不可行。因此預計公司將依靠母公司新東方豐富的人才儲備,培養更多的優秀主播,減少對單一主播的依賴。 申萬宏源預計,未來三年東方甄選自營產品銷售佔比持續的提升。而從3p銷售到1p銷售的轉變將帶動收入實現三年複合增速30.3%。由於團隊擴容,以及在供應鏈上的投入,該行預計公司利潤率將略微收 窄,未來三年利潤複合增速為21%。同時預計2024/2025/2026財年的純利分別為12.6億、14.8億及17.2億元人民幣。該行維持東方甄選目標價55.47元,維持「買入」評級。
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