研报掘金丨国盛证券：维持比音勒芬“买入”评级，业绩预计快速增长

格隆汇07-28

国盛证券研报指出，比音勒芬是优质高端国牌，加码运动户外赛道，业绩预计快速增长。2026年以来公司基本面改善，品牌及产品力沉淀有成效、广宣费用优化控制、渠道效率预计提升。高端品牌矩阵布局清晰，加大户外赛道覆盖。主品牌势能持续向上，落实高端化、专业化，增加户外及运动场景覆盖：把握核心客群消费趋势，围绕“三高一新”理念持续提升产品力。其他品牌阶梯矩阵清晰，中长期有望为集团打开第二增长曲线。综合来看，新店...

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