【投资要点】公司增长确定性提升之下,可给予估值溢价。今年以来市场基本按照1xPEG 为公司估值,驱动估值上行的核心因素是业绩增速超预期,其背后依然是对于公司主品牌韩束能否在变化较快的抖音渠道实现持续增长的担忧,但我们认为韩束已经通过:①成功寻找到新的增量来源(基于在抖音广泛覆盖的A3 人群拓新产品、新品类)保持收入持续增长,25H1 韩束实现收入33.4 亿元/yoy+14%。②及时的经营策略调整...
Source Link【投资要点】公司增长确定性提升之下,可给予估值溢价。今年以来市场基本按照1xPEG 为公司估值,驱动估值上行的核心因素是业绩增速超预期,其背后依然是对于公司主品牌韩束能否在变化较快的抖音渠道实现持续增长的担忧,但我们认为韩束已经通过:①成功寻找到新的增量来源(基于在抖音广泛覆盖的A3 人群拓新产品、新品类)保持收入持续增长,25H1 韩束实现收入33.4 亿元/yoy+14%。②及时的经营策略调整...
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