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比音勒芬Q3增速再加速 户外破圈 多品牌矩阵兑现 每日焦点

2026-11-02 22:33:40来源：中财网  


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CFi.CN讯：数据显示，比音勒芬2026年三季度收入和扣非净利润分别同比增长34%、40%，增速环比二季度进一步提升，显著高于行业整体。同期服装类社零累计增速已回落至4.6%，大众运动及家纺板块普遍承压，但高端户外与运动时尚赛道逆势领跑。

近期机构研报指出，比音勒芬的高增长源于主品牌加速拓展户外品类并推进年轻化，同时肯迪文、SNOWPEAK等第二曲线品牌投入见效，集团多品牌矩阵初具规模。研报认为，门店健康、社交电商放量及加盟商拓店重启，构成持续业绩弹性的底层支撑。

研报指出，公司当前26年PE仅19.1倍，显著低于成长性匹配水平；相比港股运动龙头估值普遍在12–13倍，其阿尔法属性突出。在消费分化的背景下，具备人群破圈能力与渠道掌控力的细分龙头更易获得资金溢价。

关键词： 商业频道 快讯

责任编辑：hnmd003

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