研报掘金丨国盛证券：维持森马服饰“买入”评级，盈利能力持续修复

格隆汇08-18

国盛证券研报指出，森马服饰2026H1收入同比+9%/归母净利润同比+47%，盈利能力持续修复。童装收入快速增长，成人休闲服饰业务相对稳健。直营、电商增速较快，加盟门店仍在优化；存货周转加快，库龄结构健康。期待2026年利润端快速增长。根据公司经营情况我们判断8月以来公司流水端稳健增长。综合考虑全年业务渠道规划及费用投入情况，预计2026年公司收入有望增长高单位数/归母净利润增速预计快于收入。公司...

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