中信证券:蓝月亮集团(06993)大力投放驱动线上高增 建议关注渠道建设进展

智通财经网
23 Apr

智通财经APP获悉,中信证券发布研报称,蓝月亮集团(06993)2024全年收入85.6亿港元(同比+16.8%),24H2收入54.2亿港元(同比+6.3%))。下半年销售费用率为52.5%、环比下降17.8pcts。而毛利率在原材料价格上升的背景下相对稳定。公司加速渠道调整建设,通过调整于电商平台的投放和销售模式、结合超级大厂的直播和大达播等措施,全年线上收入同比增长34.1%。该行预计公司将对投放费用进行优化,后续销售费用率将随新渠道份额提升和渠道建设成熟而下降,建议继续跟踪线上份额变动和线下分销渠道的下沉及拓展情况。

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