研报掘金｜中金：上调上美股份目标价至111港元 维持“跑赢行业”评级

Group 1 - The core viewpoint of the report is that CICC has raised the target price for Shangmei Holdings by 5% to HKD 111, maintaining an "outperform" rating based on the potential for new brand growth to boost medium to long-term prospects [1] - The main brand, Han Shu, is successfully expanding its product categories and continuously broadening its customer base [1] - Since mid-year, several small brands have rapidly gained traction, and the multi-brand group strategy is gradually being realized [1] - In the long term, talent and organizational structure provide foundational support for building a platform-based cosmetics group [1]