大行評級|交銀國際:東方甄選出售與輝同行將對短期GMV及利潤產生負面影響 維持“中性”評級
交銀國際發表報吿指,東方甄選出售與輝同行,將對公司短期GMV及利潤產生負面影響,董事長俞敏洪將投入更多精力在東方甄選的日常經營中,並加強負面問題管理,相信在輿論得到平息之後,公司可以迴歸正常經營。公司重申流量及產品雙驅動戰略,未來或將看到更緊密的平台合作、矩陣拓展、多樣化內容以及加強和新東方的戰略協同,進行線下體驗店試點。該行指,考慮剔除與輝同行利潤貢獻,對應2025財年市盈率18倍。未來應關注東方甄選自有品牌及多渠道建設,若GMV持續穩定,公司業務也將陸續恢復穩定經營。考慮當前業務調整,維持“中性”評級。
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