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研報掘金丨中信建投:湯臣倍健激勵目標上調未來可期,維持“買入”評級
中信建投證券研報指出,湯臣倍健(300146.SZ)線下渠道營收持續復甦,線上渠道保持高增,短期內品牌費用投放增加,盈利短期承壓,中長期公司有望提升費投效率提升盈利能力。公司改革內部銷售管理架構,線下藥店渠道劃分大區、集團層面成立大單品事業部等,提高策略制定和資源分配效率,Life-Space 等品類保持同比高增,24年2月公司上調新一期股權激勵目標,看好公司多品類發展潛力,持續通過大單品模式佈局藍海賽道。維持“買入”評級。
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