露露乐蒙:短期仍然面临挑战

中金公司
Yesterday

投资建议公司1QFY26(2025 年2-4 月)收入同比增长7%至24 亿美元,净利润同比下滑2%至3 亿美元,基本符合我们预期。考虑关税影响仍有不确定性、美国同店修复仍待验证及中国市场竞争可能加剧,我们下调评级至“中性”,理由如下:美洲市场同店仍弱;中国市场收入增速放缓明显。尽管1QFY26 新品占比已如管理层此前预期恢复至历史水平,但同店销售趋势仍在走弱。分地区看,美洲市场收入同比增速环比...

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