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研報掘金丨浙商證券:孩子王具備長期投資價值,維持“買入”評級
格隆匯 03-12 17:41
浙商證券研報指出,孩子王(301078.SZ)設立AI全資子公司,三擴戰略推動行業變革。智領未來+KidsGPT共同打造母嬰賽道AI先鋒以母嬰垂類數據庫為基石,實現高效AI軟硬件落地。智領未來子公司將與國內 AI 算力算法頭部企業全面深度合作。橫向收併購的推進有望進一步提升孩子王市佔率,供應鏈整合後亦將不斷貢獻業績增量。另外,公司三擴戰略指引業態擴充→大店+小店+加盟+倉店+直播+社交轉唄。在公司“擴品類、擴賽道、擴業態“的三擴戰略指引下,加盟店開店節奏有望加速。公司為母嬰零售領域龍頭企業,獨有大店模式穩定獲新,加盟業態穩步推進,市場份額持續提升。同時具備規模優勢,並已具備完善數字化供應鏈及深度捆綁的會員黏性,深耕母嬰零售賽道,服務類業務共同驅動,具備長期投資價值。維持“買入”評級。
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