今年天猫618，又一批"风很大"的新品牌脱颖而出。开卖第一阶段，260个天猫新品牌在大品牌林立的趋 势赛道中拿下第一名。 骑行服品牌valoremonton 2024年入驻天猫，仅用一年就摘得骑行服饰赛道第一名。品牌电商负责人晓明 介绍，品牌主打顶级面料，将户外美学融入单品设计，天猫通过超级单品打标等扶持新品牌，给品牌带 来了巨大流量，实现了快速爆发，品牌经营重心就放在天猫。 入驻天猫刚一年的同频，拿下面部精华品类第一；开店两年的三资堂，斩获眼部彩妆品类第一；被称为 手机壳界"爱马仕"的CASETiFY，在手机配件品类登顶；开设天猫旗舰店不到2年的LiberLive，把只需 按键就能弹奏的"无弦吉他"打造成今年的爆款乐器，冲上吉他品类榜首。 这批冠军新品牌，天猫618开卖不到两周，平均成交已突破千万，其中12家成交更是突破5000万。经过 618"大考"，在天猫这个全球最大的品牌经营主阵地中"杀出重围"，也意味着这批新品牌实现了从"爆 红"到"站稳"的跨越。 家具品牌abcmokoo入驻天猫两年，瞄准年轻父母需求，推出折叠婴儿床、智能婴儿床等多款趋势单 品，拿下儿童家具婴儿床品类冠军。品牌方介绍，随着电商进入 ...

一季度盈利超预期，新兴品牌快速增长 核心观点 盈利预测与投资建议 ⚫ 根据年报和一季报，我们调整盈利预测并引入 2027 年的盈利预测，预计公司 2025- 2027 年每股收益分别为 4.56、5.36 和 6.06 元（原 25-26 年为 4.97 和 6.15 元）， DCF 目标估值 112.46 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费需求减弱、新品拓展不及预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 8,905 | 10,778 | 12,339 | 14,072 | 15,577 | | 同比增长 (%) | 39.5% | 21.0% | 14.5% | 14.0% | 10.7% | | 营业利润(百万元) | 1,503 | 1,890 | 2,200 | 2,584 | 2,923 | | 同比增长 (%) | 42.1% | 25.8% | 16.4% | 17.5% | 13.1% | | 归属母 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company's revenue for Q1 2025 reached 910 million yuan, representing a year-on-year increase of 42.4%, with a net profit attributable to shareholders of 91 million yuan, up 5.7% year-on-year. The growth is driven by the consolidation of the "Jieting" brand and a recovery in the core diaper business [1][2] - The acquisition of Hubei Sibao Care, completed on January 20, 2025, significantly contributed to revenue growth, with the "Jieting" brand showing strong performance on e-commerce platforms [2] - The gross margin improved significantly to 34.67%, up 6.96 percentage points year-on-year, primarily due to the higher gross margin from the Sibao brand compared to the company's traditional OEM business [3] - The company is expanding its production capacity despite market challenges, enhancing its market share and positioning for long-term growth through its own brands [4] - The company is expected to maintain a high dividend payout ratio of approximately 67% in 2024, with projected revenues of 3.744 billion yuan in 2025, reflecting a year-on-year growth of 27.83% [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 34.67%, a year-on-year increase of 6.96 percentage points, while the net profit margin decreased to 9.95%, down 3.96 percentage points year-on-year due to increased sales expenses and a decline in interest income [3] - Revenue projections for 2025-2027 are 3.744 billion, 4.203 billion, and 4.664 billion yuan, with corresponding year-on-year growth rates of 27.83%, 12.26%, and 10.95% [5][12] Market Position and Growth Potential - The company is expanding its production capacity through acquisitions and is expected to see significant growth in its own brands, particularly in the Thai market [4] - The "Jieting" brand's performance on e-commerce platforms indicates strong market demand, contributing to the overall revenue growth [2]