【券商聚焦】申万宏源维持上美股份(02145)“买入”评级 受益于国货崛起与性价比消费趋势

金吾财讯
Oct 16

金吾财讯 | 申万宏源发研报指,上美股份(02145)官宣王嘉尔为代言人,品牌升维全球布局。10月13日,韩束官宣王嘉尔为全球形象代言人,王嘉尔具有全球粉丝基础,侧重高端形象背书与国际化铺垫,此前合作均为阿玛尼等国际大牌,彰显韩束品牌势能。公司眼光好,提前签约明星丁禹兮、田栩宁等,官宣田栩宁首日带货五六千万,粉丝购买力强劲。全方位势能向上,构筑核心竞争壁垒。①品牌沉淀:公司经历“大屏曝光时代”,用户营销覆盖度广,消费者心智深厚;②组织与人才:“顶流顶配” 策略,高管层面“高激励+充分授权+事业梦想”,吸引顶尖人才,组织响应快,可实时应对线上销售平台规则变化;③资源获取:公司销售体量位居国内化妆品集团前列,谈判能力远超小品牌及白牌,凭借强科研背书等优势,达人资源优先获取;④供应链能力:实现纵向一体化,3-4个月即可推出新品,通过包材通用控制成本,及规模化优势,维持高毛利水平。多品牌协同&渠道优化&研发加码构筑长期优势。公司战略落地成效持续显现,研发加码同时聚焦核心赛道,进行渠道结构升级、品类多元拓展、新品牌精准卡位,既受益于国货崛起与性价比消费趋势,又在中高端与细分赛道打开增量。该机构维持原有预测,预计公司25-27年归母净利润为11.49/14.96/18.06亿元,对应PE为32/25/21倍,维持“买入”评级。

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