华西证券研报指出，水羊股份品牌矩阵全面升级，高端美妆集团扬帆启航。秉承“让人类享受肌肤之美的企业使命”，依托“自有品牌与CP品牌双业务驱动”的发展战略，水羊自有品牌体系初步完成了高端化、全球化的转型升级，已成为中国唯一成功管理多个高奢美妆品牌的公司。御泥坊积极调整策略，重新定位大众市场，主推高性价比组合套装及“黑参精华”系列，其中，黑参精华通过推出多规格次抛形式有效降低价格，提升产品竞争力；同步优化线上渠道运营，重点关注快手短剧营销和新直播间。经过去年品牌和战略调整，今年众多品牌重回增长正轨、部分品牌减亏预计将带动利润释放。公司作为国内目前唯一运营多个高端美妆品牌的集团公司，随着转型后各个自有品牌的品牌力与客户口碑持续积累，看好收入规模与盈利能力持续提升。首次覆盖，给予“买入”评级。
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