高盛：予东方甄选(01797)“中性”评级 目标价降至15.9港元
高盛发布报告称，予东方甄选(01797)“中性”评级，料其5月底止下半财年GMV达100亿，收入43亿元，经调整纯利2.38亿元，经调整利润率5.5%，目标价由18.4港元下调至15.9港元。
公司上月19日在北京举行自家品牌产品推广活动，并宣布截至5月底止下半财年第一方自家品牌平台交易总额(GMV)达36亿元人民币(下同)，按年升108%，按半年亦升74%，并高于该行预期8%，主因其自家App的GMV高于预期。自家品牌产品重复购买率达59%，东方甄选成为抖音平台上唯一一家累计订单达一亿宗的品牌。
该行对东方甄选2024至2026财年各年GMV预测分别降1%、升5%及升2%，并升期内各年收入预测分别1%、6%及5%，反映第一方GMV高于预期，以及直播及货架式电商推动GMV增长。考虑有效税率下降，将其2024财年经调整盈测上调31%，并考虑未来一至两年在供应链上的投资、产品发布及质量控制，将其2025及2026财年各年经调整盈测分别降2%及升8%。
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