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研報掘金丨中金:維持海瀾之家“跑贏行業”評級,上調目標價28.9%至10.20元
格隆匯 03-11 15:50
中金公司研報指出,海瀾之家(600398.SH)京東奧萊單店模型進展順利,有望繼續跑通和複製。線下方面,2025年以來,公司旗下京東奧萊門店在山東、河南、河北、安徽等地陸續開業,截至目前門店數達11家。線上方面,截至目前京東奧萊官方旗艦店共上線16個品牌,我們估計目前線下已有70-80 個運動鞋服、奢侈品箱包、男女裝及美粧品牌,2Q25線上將逐步打通線下品牌,屆時有望提供增量。FCC方面,預計2024年公司為adidas 新開超400家門店,2025年有望維持類似的開店速度。預計2025年海瀾之家主業有望維持平穩發展態勢,且隨着2Q25 進入低基數,國內主業有望迎來經營拐點;公司也在海外市場持續拓展店鋪,2025年有望進入多個新市場。考慮京東奧萊業務長期的成長性以及公司的高股息特徵,上調目標價28.9%至10.20元,維持“跑贏行業”評級。
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