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研報掘金丨方正證券:維持海瀾之家“推薦”評級,京東奧萊業務爲公司構築新增長點
格隆匯 03-04 15:40
方正證券研報指出,海瀾之家(600398.SH)店鋪彙集較多品牌和品類,滿足一站式日常需求。目前已有近60個擁有較好勢能的品牌入駐,設有運動休閒、戶外運動、男女裝、童裝、輕奢、鞋靴、美妝等專區,產品折扣大多在3-7折。其中運動戶外專區SKU佔比較多,涵蓋的國際大衆運動品牌較爲齊全。店鋪以代銷模式爲主,預計盈利能力可觀。目前京東奧萊已經與萬達、龍湖、寶龍等大型商場建立戰略合作夥伴關係,其中不乏頭部的商管品牌,在全國各地有數百個項目。公司線上、出海及斯搏茲業務保持快速增長,且京東奧萊業務爲公司構築新增長點。維持“推薦”評級。
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