2020年三季报点评：2020年为变革元年，期待本土化妆品多品牌集团业绩触底

2020年为变革元年，期待本土化妆品多品牌集团业绩触底回升 -50%0%50%100%150%200%上海家化沪深300% 1M 3M 1Y 1.33 -8.29 3.84 -0.63 -4.52 23.51 ··································································································································································································································································· 事件：20Q1~3营收同降6.51%，净利同降42.25% 点评： Q3电商渠道调整影响当季表现、目前调整到位、期待”双11”表现，百货及CS等线下渠道改善：受发展战略/所在渠道景气度的影响，品牌表现分化：毛利率平稳、费用率升、存货与应收账款周转放缓：要点 新董事长引领公司新变革：股权激励业绩目标前低后高，期待业绩底部回升：盈利预测、估值与评级：风险提示：宁波银行 mNtOpQrRvNtPzRrNpOpRxPaQcM8OpNpPpNrRiNrQrRkPsQuN9PmNnPwMmRxPMYsPmQ 东北证券华夏银行-资管