东方甄选：品牌认知驱动长期成长-20260324

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 32.07 [7][43]. Core Insights - The company has shown significant growth, outperforming the overall online retail market, with a GMV growth rate of 10.3% in early 2026, driven by effective operations during the New Year festival [1][12]. - The company is focusing on brand recognition and has strengthened its core operations on Douyin, with a notable increase in self-operated product sales, which now account for over 50% of total sales [1][34]. - The brand is evolving from a channel brand to a comprehensive consumer brand, with substantial engagement in content creation by the founder, enhancing brand loyalty and user retention [4][29]. Summary by Relevant Sections Traffic Side - The company continues to optimize its traffic structure, with the main Douyin account stabilizing and contributing over 80% of GMV in January [2][19]. - New niche accounts have been established to target differentiated consumer groups, effectively supplementing GMV growth [2][21]. Product Category - Self-operated products have become the core growth engine, with a GMV share of 52.8% in the first half of FY26, reflecting continuous improvement [3][34]. - The company has invested significantly in quality control, completing over 20,000 quality inspection reports in 2025, which has bolstered product quality and consumer trust [3][32]. Brand Development - The company has accelerated its brand-building efforts, conducting 645 traceability events in 2025 and engaging the founder in innovative content creation [4][29]. - The self-operated app has seen rapid growth, with GMV from the app accounting for 15.1% of total GMV in the first half of FY26, and monthly active users exceeding 1.5 million [4][41]. Profit Forecast and Valuation - The profit forecast for FY26-28 has been revised upwards to RMB 5.91 billion, RMB 6.12 billion, and RMB 6.48 billion respectively, reflecting a significant increase from previous estimates [5][43]. - The average PE ratio for comparable companies is 48.9x, leading to a target price of HKD 32.07 for the company [5][45].