投资亮点首次覆盖雅诗兰黛(EL)给予中性评级,目标价82.00 美元 , 基于33 倍FY26e1市盈率,对应10%上行空间。公司是全球高端美妆领域龙头,旗下拥有23 个品牌,涵盖护肤、彩妆、香水、护发等领域。理由如下:1)我们预计公司销售额在FY25 触底,在FY26 重返增长,固定汇率同比分别下降4%/增长4%。中国和亚洲旅游零售受高端美妆护肤需求的影响表现疲软,我们观察到一些值得关注的信号,...
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