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大行評級|花旗:東方甄選業務展現韌性逐漸迴歸增長軌道 維持“買入”評級

花旗發表報吿指出,東方甄選於董宇輝離職後,其業務展現韌性,逐漸迴歸增長軌道。日均商品交易總額(GMV)由最初跌至1000萬至2000萬元,現回升至超過2000萬元,接近董宇輝獨立時2000萬至3000萬元的水平。公司主帳户的粉絲數量穩定在約2900萬,所有帳號的總粉絲數量約為4000萬。

該行認為,東方甄選針對下半年電商旺季進行戰略定位,同時從頻繁的折扣活動轉向每月的會員活動,有關轉變優化盈利能力,同時亦保持主要電商節日的存在。由於積極的促銷活動,公司下半年毛利率由20%降至10%,目標短期內恢復至15%至20%,長期目標超過20%水平,主要取決於預期的規模經濟。此外,該行指東方甄選在行銷、渠道多樣化和營運效率上的策略性轉移正展現正面成果,維持對其“買入”評級,目標價為18.5港元。

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