研报掘金丨华源证券：首予三夫户外“买入”评级，行业发展有望增厚公司业绩

格隆汇08-11

华源证券研报指出，三夫户外深耕户外用品经销赛道，多年行业深耕积累了诸多国际核心品牌，核心品牌X-BIONIC有望通过研发创新及高质量渠道扩张获得品牌力及营收的提升，其他代理品牌有望随公司运营及户外行业发展不断贡献业绩增长。我们预计公司2025-2027年归母净利润分别0.46亿元/0.68亿元/0.85亿元，同比分别增长-/48.00%/24.10%。选择与公司同属户外运动品赛道的牧高笛及探路者为...

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