研報掘金丨東吳證券:李子園二代接班啟新篇,維持“增持”評級
東吳證券研報指出,二代順利接班,看好李子園經營勢頭向上。25年以來公司加強營銷費用投放管理,減少傳統媒體費用投入、加強線上新媒體平台滲透:新品維生素水獨家冠名愛奇藝S級綜藝《微笑一號店》,6月已官宣維生素水代言人丁禹兮,粉絲經濟下將驅動月銷爬坡。認為李博勝總年輕化視野和電商經驗較為豐富,對新渠道感知較為敏鋭、健康化轉型決心堅定,且接班後品牌年輕化動作頻頻,有助於加大品牌曝光、佔領年輕消費羣體心智,期待調整成效逐步顯現。維持2025~2027年歸母淨利潤為2.5、2.8、3.1億元,同比+13%、+10%、+9%,對應PE為21/19/17倍,維持“增持”評級。
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