研报掘金丨国盛证券：首予若羽臣“买入”评级，看好未来自有品牌进一步发展

格隆汇2025-08-11

国盛证券研报指出，若羽臣是领先的电商综合服务商，开启“代运营业务+自有品牌业务”双驱动战略，自有品牌业务占比逐年提高。公司已经成为代运营行业的龙头。根据《2024年度中国十大电商运营公司榜单》，公司排在第五。代运营的品牌多为国际大牌，主要覆盖母婴、美妆、个护、保健品等行业，为日后自有品牌的选品、运营打下坚实基础。随着电商渗透率提升和品牌方数字需求增强，预计2023-2028年预计CAGR为...

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