05/16/2025, 09:00 AM UTC
Hims & Hers：增长、战略合作伙伴关系与运营杠杆（升级）Hims & Hers: Growth, Strategic Partnerships, And Operational Leverage (Upgrade)
1、Hims & Hers营收和用户快速增长，现金流改善，品牌势能强劲；2、毛利率因低利润减肥产品下滑，但销售及管理费用效率提升支撑运营杠杆；3、与诺和诺德合作及融资助力扩张，但依赖GLP-1药物和竞争构成风险。因波动性，股票评级上调至买入但需谨慎。1. Hims & Hers demonstrates rapid revenue/subscriber growth and improved cash flow, reflecting strong brand momentum; 2. Gross margins dipped due to lower-margin obesity products, but SG&A efficiency supports operating leverage; 3. Collaboration with Novo Nordisk and capital raise enhance expansion prospects, though reliance on GLP-1 drugs and competition pose risks. The stock is upgraded to Buy with caution due to volatility.---
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