摩根大通发表研究报告指，上美股份今年上半年业绩稳健，对其长期愿景感到鼓舞，因其目标是成为国内第一大化妆品集团，及全球十大化妆品集团之一。公司拥有清晰的战略路线图，包括专注单一领域(化妆品)、多品牌(涵盖六大类别，包括大众护肤、母婴护理、盥洗用品、彩妆、功能性护肤及高端护肤)及全球化；凭借其品牌业务单位自主结构及激励的人才团队，摩通对公司的长期愿景持乐观态度。 该行将上美股份2025至2027年预测盈利上调1%至5%，预估较市场共识高出3%至8%。基于现金流折现率作估值，给予新目标价为114港元，暗示2026至2027年预测市盈率分别为30倍及24倍，维持“增持”评级。摩通预期，上美股份将承载中国化妆品行业的快速成长，及本土自豪趋势，进一步扩大市场份额，凭借其成功的多品牌组合、稳健的研发、完善的全渠道布局及不断提升的品牌价值。
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