研報掘金丨華源證券:首予三夫户外“買入”評級,行業發展有望增厚公司業績
華源證券研報指出,三夫户外深耕户外用品經銷賽道,多年行業深耕積累了諸多國際核心品牌,核心品牌X-BIONIC有望通過研發創新及高質量渠道擴張獲得品牌力及營收的提升,其他代理品牌有望隨公司運營及户外行業發展不斷貢獻業績增長。我們預計公司2025-2027年歸母淨利潤分別0.46億元/0.68億元/0.85億元,同比分別增長-/48.00%/24.10%。選擇與公司同屬户外運動品賽道的牧高笛及探路者為可比公司。根據盈利預測,考慮到公司多個品牌仍處於品牌發展期且有望在具備規模化效應後提升運營效率,疊加公司具備的品牌稀缺性及精準卡位户外高景氣賽道,因此給予一定估值溢價,首次覆蓋給予“買入”評級。
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