深度报告：千亿赛道消费升级，区域龙头扬帆奋楫

2023-07-31 00:10:13上传人：仙女**纳盒
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三、供给：资质、资源、运营三重壁垒，成长空间与定价能力兼备 ················································
3.1 格局分散，成长空间广阔 ·································································································
3.2 壁垒高筑，定价能力强势 :资质是行业第一道护城河 ·······························································
3.3 独特的财务表现 :成长期的增速，成熟期的定价 ·····································································
四、成长路径：整合核心仓库聚拢流量，仓、运、代、销多渠道变现 ·············································
4.1 成长路径 :整合核心仓库聚拢流量，仓、运、代、销多渠道变现 ·················································
4.2 短期看量 :拓区域、扩品类，量增看点多 ··············································································
4.3 中期看价 :业务链条延伸带来变现收入弹性 ············································································
4.4 长期看产业链 :链主权利向中游转移，长期定价能力占优 ··························································
五、投资建议：低估值高增长的成长股机会，首次覆盖给予“买入”评级 ·······································
5.1 核心假设 ······················································································································
5.2 盈利预测 & 投资评级 ·········································································································
5.3 可比公司估值表 ·············································································································
5.4 风险提示 ······················································································································
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