上美股份：2025年报点评业绩高增，迈入多品牌多品类时代-20260327

| 财务摘要(百万人民币) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 6,793 | 9,178 | 11,493 | 13,933 | 16,138 | | (+/-)% | 62.1% | 35.1% | 25.2% | 21.2% | 15.8% | | 毛利润 | 5,109 | 7,015 | 8,817 | 10,733 | 12,485 | | 归母净利润 | 781 | 1,103 | 1,372 | 1,656 | 1,922 | | (+/-)% | 69.4% | 41.1% | 24.4% | 20.7% | 16.1% | | PE | 15.63 | 23.13 | 15.31 | 12.69 | 10.93 | | PB | 5.57 | 9.21 | 5.41 | 4.03 | 3.11 | | 资料来源：Wind，国泰海通证券研究 | | | | | | | | 增持 | | --- | --- | | [Table_Invest] 评级： ...