壹网壹创代运营根基稳健，乘AI东风打开业绩天花板

申万宏源2025-12-25

投资要点：壹网壹创：代运营业务根基稳健，全面覆盖消费品各品类，深度合作阿里体系，乘借AI东风，有望向上打开业绩天花板。公司由创始人林振宇先生于2012年在杭州成立，为品牌提供天猫运营代理服务。早期合作国货美妆百雀羚，助力百雀羚15-17年实现天猫双11美妆品类销售三连冠，服务口碑迅速破圈，后续开拓宝洁个护、毛戈平等知名品牌，并于2019年成为天猫六星级服务商并卫冕至今。受行业等因素影响，20-...

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Agent战略合作伙伴之一，在阿里AI强大的基础上，在实际运用和根据品牌不同属性个性化定制方面更上一层楼。2)合作品牌拓展，中小品牌可承接，打破人效限制。传统代运营板块受限于管理半径，合作品牌数量天花板明显，难以形成较大突破。现在AI赋能下，既往合作品牌降本增效明显，GMV同比有望爬坡，在不大副增加人员的情况下，合作更多中腰部品牌，带来GMV净增量。3)全链路数据积累，预计打开重点垂类合作领域。预计公司未来在擅长的重点环节，将推出重点垂类产品，合作该领域客户，借助AI的高效率、低边际成本打开收入天花板。壹网壹创是国内知名电商代运营服务商，稳居“天猫六星服务商”行列，合作品牌覆盖美妆、个护、母婴、保健品等多个领域。在全链路精细化服务合作品牌的同时，借助十余年积累的丰富运营与销售数据，搭乘AI东风，贯彻运营层面降本增效的战略。同时，深度合作阿里AI战略体系，有望打开合作品牌数量及梯队的天花板。我们预计25-27年归母净利润1.11/1.46/1.81亿元，对应PE为57/44/35倍。参考2025年12月24日 若羽臣 、 青木科技 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