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申万宏源:维持上美股份(02145)“买入”评级 公司战略落地成效持续显现
智通财经网·2025-10-16 06:53

Core Viewpoint - The company is building long-term advantages through multi-brand collaboration, channel optimization, and increased R&D investment, with strategic implementation showing continuous results [1] Group 1: Brand Strategy - The company announced Jackson Wang as the global brand ambassador, enhancing its high-end image and international presence [2] - The company has signed popular stars like Ding Yuxi and Tian Xunying, with the latter achieving significant sales on the first day of announcement [2] Group 2: Sales Strategy - The company is focusing on profit and core products during the Double Eleven promotion, leveraging partnerships with influencers like Li Jiaqi to promote high-end series [3] - The X peptide series is reinforced by Jackson Wang's endorsement, while the "Red Luck" concept aligns with the festive season, aiming to boost the cosmetics segment [3] Group 3: Competitive Advantages - The company has a strong brand presence and consumer recognition, benefiting from extensive marketing coverage [4] - The organization employs a "top-tier talent" strategy, attracting high-level professionals and enabling quick responses to market changes [4] - The company has significant negotiation power due to its large sales volume, allowing it to secure resources effectively [4] - The supply chain is vertically integrated, enabling rapid product launches and maintaining high profit margins [4] Group 4: Growth Strategy - The company achieved an online GMV of 4.5 billion yuan in the first half of 2025, with multiple products exceeding 100 million yuan in sales [5] - Three new brands are set to launch in 2025, with positive performance from existing brands, supporting a long-term revenue target of 30 billion yuan by 2030 [5] - The company is expanding globally, with a factory investment of 300 million yuan in Southeast Asia and plans for further expansion into North America and Europe [5]