20230914_招商证券_消费行业证券研究报告下沉市场大有可为品牌化升级之路顺畅_83页.pdf

|2023 09 14/71.4%95%2022 20.74 2028 28.35 CAGR 6%-70 GDP 70-90 GDP 70-90 90 70-80 1 2 3 4+1 2%1213 23.2 18172.3 22.0 15793.5 22.0%1m 6m 12m-3.6-9.8-2.3 0.2-3.0 6.9 S1090521080001 S1090518090005 S1090519070002 S1090517080006 S1090522010003-20-15-10-5051015Sep/22 Jan/23 Apr/23 Aug/23(%)消费品 沪深300 3 2 3 3.12 1.12 2.12 3.13 1.13 2 16 3 17 4.17“-”.18 1.18 2.20 3.21.24 1.24 1.24 2.26 1.26 2.27 3.28 4.29 1.29 2 29 3.30.31.32 1.32 2.34&OTA 36 1.36 2 OTA:.42 4.45 1.45 2.46 3 46 4.49.50 1&.51 1.52 2.53 2&.54 1.55 2.56.57 1.59 2.60 3.61&.63 1 63 2.64 3.65&.67 1.67 2.B 67 3.70 4.71 5.72 6.+.73 7.1.75 8.80.81 5 1.12 2.12 3.13 4 95%.13 5.13 6.14 7.14 8 2022.14 9.15 10.15 11.15 12.16 13.16 14“”.16 15.17 16.18 17.18 18.19 19 70-90.20 20.20 21.20 22.20 23.21 24.21 25 GDP 2022 GDP.21 26%.22 27.22 28.24 29.24 30.25 6 31“00”.25 32.25 33“”.25 34.25 35.26 36.26 37.26 38.26 39.28 40.28 41.28 42.28 43.28 44.28 45.29 46.30 47.30 48.31 49.32 50 7.32 51“”.32 52.33 53.33 54.33 55.33 56.34 57.34 58.34 59 10.35 60 30%.35 61 FY2019-FY2023H1.36 62.36 7 63 2017-2022.37 64%.37 65 2013-2023Q1.37 66 2015-2022.37 67.37 68 2021.37 69 20-40 90%.38 70 20%15.38 71.39 72.39 73 2020-2023.39 74.39 75 2021-2023.40 76 2019-2022.40 77.40 78“”.41 79&.41 80.41 81.41 82 42 83 9 43 84.43 85.43 86 MAU.44 87 8.44 88 2021 16.4%.44 89.44 90 2018-2022.45 91 2018-2022.45 92.46 93.46 94 SKU.46 8 95 SKU/.47 96.47 97.48 98 2023.48 99.49 100.50 101.50 102.51 103.51 104.52 105 2014.52 106 2014.52 107.53 108.53 109.53 110.53 111.54 112.54 113 2011.55 114 2011.55 115.55 116.55 117.55 118.56 119.56 120.56 121 Polartec.57 122.58 123.58 124.58 125.58 126.59 9 127.59 128 2023 4.59 129.60 130.60 131.60 132.60 133 2023 6.61 134.62 135 2023 4.62 136.62 137 2017-2019.63 138 2019.63 139 2014-2027.63 140 2021.63 141.64 142 O2O.64 143 SKU.65 144.65 145.65 146.65 147.66 148.66 149 IMP.66 150.67 151.67 153 2021 VS 2022.68 154-.69 155“”.69 156:2022.69 157:2020-2022H1 194.69 159.70 160.70 10 161.71 162.71 163.71 164.71 165.72 166.72 167.72 168.72 169(.73 170.73 171.73 172.73 173 2023H1%.74 174 2023H1%.74 175 2022.74 176 2022%.74 177 2021-2023 1-4 CR3.75 178 2015-2023.75 179.76 180.76 181.77 182.77 183.77 184.77 185.78 186.78 187.78 188.79 189 CC 4G.79 190 CC.79 191 2019-2023H1/%.80 192 2023H1.80 11 193 2023 1-4 24.2%.81 1.17 2 DAISO OEM,15%20 3 2021.22 4 70.23 5.23 6.26 7.36 8.64 9.81 10.81 12 1 1 2 2 95%4 15 30 70 90 128 293 2843 38558 10 71.4%35.5%38.6%25.9%13 3 4 95%2023 2022 MSC 5 MSC 3 20.74 2028 28.35 CAGR 6%1 14 200 415307090128 95%5%293 2843 38558 28.60%35.5%38.6%25.9%非 下沉市 场 三 线城 市 四 线城市 五 线城市 及以下 14 0%5%10%15%20%25%30%2018 2022 6 2022 1979 7 8 2022+1 313.6 8.3%2000%300+2 2022 600 43.4+2.1,11.7+0.1 1538 2184 1778 2476 950 1873 828 1766 8001,3001,8002,300200520062007200820092010201120122013201420152016201720182019202020212022北京 上海 广州 深圳-4.3-13.5-7.65-1.98-14-10-6-2 15 9 10 11 2013 2.47 2022 1.83“”051015202017 2018 2019 2020 2021 2022455055604404604805005205402017 2018 2019 2020 2021 2022/16 12 13 ifind ifind 14 2 30-40 2022 2 30 15-25 60%2018-2021 40 2022 10 9 19 2013 OPPO Realme vivo IQOO 2.102.402.703.000123452013 2014 2015 2016 2017 2018 2019 2020 2021 2022/1.501.802.102.402.7001232013 2014 2015 2016 2017 2018 2019 2020 2021 2022/17 15 3+,1(2020-2025)2018-2022+4 20.74 2028 28.35 CAGR 6%=+=+-36.15 7.0%16.4%19.2%57.4%42.943.143.441.634.3303540452018 2019 2020 2021 2022 18 2028 28.35 CAGR 6%16 MSC 17 ifind-1 GDP 1973 OPEC 051015202530 X 19 18 20 80 70-90 50-70 90 GDP 4%1960 1973 1985 1991 20 19 70-90 20 iFinD 21 22 iFinD iFinD 2 0 1 1972-1991 1972 2 DAISO OEM,15%DAISO 传统图书零售商 用纸费 16%16%印刷费+制版费 33%45%制本费 15%15%版权费 4%4%其他费用 1%3%合计 69%84%31%16%1994020406080100196019621964196619681970197219741976197819801982198419861988:(2010=100)0.30.320.340.360.380.40.420.440.461962196419661968197019721974197619781980198219841986198819901992 991001011021031982/41982/91983/21983/71983/121984/51984/101985/31985/81986/11986/61986/111987/41987/91988/21988/71988/121989/5OECD:253545556519701971197219731974197519761977197819791980198119821983198419851986198719881989:GDP:GDP 21 100 70%10-29 Zara H&M 23 24 UNIQLO 3 70-90 GDP 70-90 GDP 1977 GDP 70 GDP 2022 GDP 1.27 0.8%2022 GDP 0.62 GDP 48.8%1977 GDP 0.63 25 GDP 2022 GDP 1975 2022 65.4%27%36%28%35%26%25%14%13%18%4%5%12%3%4%6%0%20%40%60%80%100%UNIQLO H&M ZARA0-10 10-2 0 20-3 0 30-4 0 40-5 0 50-6 0 0%10%20%30%40%50%60%70%质量 舒适度 性价比 其他UNIQLO 相比快时尚品牌H&M、ZARA 优势在于0.62 22 2022 75.7%1975 26%70 70-90 1971 1974 10-20 65 7%2022 27 wind 3 2021()()()()()6.4 5.3 7.19 4.24 8.78 4.67 6.1 7.79 8.44 11.57 11.82 5.43 12 6.38 7.96 7.4 7.61 6.3 6.69 8.36 6.49 8.47 8.1 9.7 7.54 8.69 6.8 11 9.9 7.88 8.44 5.05 4.33 14.89 8.8 8.97 11.18 5.32 7.35 6.94 6.25 8.53 7.77 10.19 8.2 0%20%40%60%80%100%19601962196419661968197019721974197619781980198219841986198819901992199419961998200020022004200620082010201220142016201820202022 0510152025196019631966196919721975197819811984198719901993199619992002200520082011201420172020日本:粗出生 率 23 6.06 9.78 8.22 7.91 5.92 7.52 7.43 7.8 8.57 8.2 60 1.8 4 70 1974%81.3 96.8 97.3 35 82 85.4 60 48.5 86.7 96.5 97.5 49.2 91 84 78.5 38.2 100 2003 0.4511 0.4 SKP 5(1912-1944)(1945-1973)(1974-1995)(1996-2034)3C 90 70-80 90 90 2035 24 3-4 2022 GDP 12741 2035 K 1 1 2022 2-4.7 18 60 28 29 iFinD 58 0.72.74.7(:41%22%37%25 30 31 00 TalkingData MSC 32 33 58 MSC 100 11 57 34 100 22%20%20%14%9%6%8%18-24 25-29 30-34 35-39 40-44 45-49 50 5%14%15%66%38%35%16%7%1%/15.89%15.21%27.17%7.61%34.12%26 2 1 IT 5G 2022 2618 GB 16.12%2021 3.78+10.66%1.58+11.14%35 36 37 38 2019 2023 6 1)2019-150%-100%-50%0%50%100%0500100015002000250030002018 2019 2020 2021 2022(GB)yoy(%)-150%-100%-50%0%50%0242018 2019 2020 2021()()yoy%yoy%0%20%40%60%80%100%26%28%30%32%34%27 2)2020 C2M 3)2023 APP 99 1 20 1 1 2 2023 1 2 2020 1;2 3 618 2023 13000 2000 1 2023 5000+2023 70%-80%2 APP+2 2022 8219 31 80%200-500 2022 4000 1800 28 39 40 3 2022 2.01+4.20%4.93 1.90%41 42 43 44 0%20%40%60%80%0%10%20%30%40%50%60%(%)0%50%100%0%10%20%30%40%50%60%0%50%100%29 4 1 48%40%39%/45 2 SOP 25%13%13%15%10%8%7%5%5%48%40%39%37%33%27%24%18%14%/KOL/V/Top1 Top1-3 30 3 64%81%46 47 19%81%有 时 加 入，因 为有 会 员 促 销 折扣、积分送礼等 18%12%16%7%1%31 48 1 2 3 32 49 1 QuestMobile 2022 7 58.4%50 7 51 QuestMobile 012345678Mar-19May-19Jul-19Sep-19Nov-19Jan-20Mar-20May-20Jul-20Sep-20Nov-20Jan-21Mar-21May-21Jul-21Sep-21Nov-21Jan-22Mar-22May-22下 沉市场 月活跃 用户数（亿人）0%10%20%30%40%50%下 沉市场 用户经 常使用 电商购 物的原 因 33 10 60.2%DAU/DAU 52 53 MoonFox=DAU/DAU 1 50 100 200+2 3 54 55 0%5%10%15%20%25%30%拼 多多 淘宝 京东19.8%20.2%20.6%20.8%21.6%22.1%19%19%20%20%21%21%22%22%23%拼 多多 活 跃渗 透 率0100200300拼多多 阿里巴巴 京东客 单价 34 Temu Temu Temu 56 57 2+20 80 90 2020 58 0%1%2%3%4%5%2017 2018 2019 2020 2021 2022主 站货币 化率-50%0%50%100%150%200%250%2017 2018 2019 2020 2021 2022京东 阿里巴巴拼多多 实物商品网上零售额 35 MINISO 95%50 10 70%+30%MINISO 2023 IP 70%+30%51%58%59 10 60 30%2022/13.6%/42.0%/44.4%2022 3325 1477 330 3-10 5 1700 600 3000 0510152025单 价（元）兴趣消费品 性价比商品 36 61 FY2019-FY2023H1 62 7 4 453+11001200*90%=14001500 46 1395 46*8090=4000 330+1700 1477 330*56+1700*1=3000&OTA 1 2017 284 2022 1191 33.2%19.8%2023 14 9 2015 2022 3.55 18%18%16%14%14%47%47%45%43%42%35%35%39%43%44%0%20%40%60%80%100%FY2019 FY2020 FY2021 FY2022 FY2023H1一 线城市 二 线城市 三 线或低 线城市 37 63 2017-2022 64%65 2013-2023Q1 66 2015-2022 CBNdate 2023 1-2 104.19%72.14%67 68 2021 42253465983110031040284392484631876119126.5%23.4%26.1%20.7%3.7%38.0%23.5%30.4%38.8%36.0%0%10%20%30%40%50%05001,0001,5002017 2018 2019 2020 2021 2022茶饮市场规模（亿元）咖啡市场规模（亿元）茶饮市场YoY（%）咖啡市场YoY（%）179%121%103%100%95%90%86%80%58%51%0%50%100%150%200%2021 年美团 外卖小 众品类 订单增 速（%）151712203429 292729140510152025303540咖啡行业投融资数（起）2.322.62.68 2.72.752.232.593.5500.511.522.533.542015 2016 2017 2018 2019 2020 2021 2022新增咖啡相关企业数（万）0%10%20%30%0%10%20%30%40%50%占比 增速0%10%20%30%40%50%60%70%80%90%YoY%YoY%38 CBNdate 9.9 2 5 9.9 6 9.9 5 7 7.9 9.9 85 16-25 10-15 69 20-40 90%70 20%15 CBNDate Q2 4307 108%46%6 5000 21%35%35%31%24%18%12%10%5%5%3%1%0%20%40%60%80%100%现有咖啡消费者 潜在咖啡消费者20-24 岁 25-29 岁 30-34 岁35-39 岁 40-50 岁 50 岁以上26.8%17.3%17.8%26.7%35.7%41.0%36.8%36.7%23.2%23.1%22.8%20.0%14.3%18.6%22.6%16.6%0%20%40%60%80%100%18 岁以上 19-30 岁 31-40 岁 41 岁以上15元及以下 16-25 元 26-30 元 31 元以上 39 71 72 4 13 2022 12 11590 5656 50%2021 73 2020-2023 74 1 2022 11 2023 7 4000 7%30%27%36%9%34%27%30%12%42%24%22%23%41%18%18%0%10%20%30%40%50%60%70%80%90%100%3-5 1-2 一年内 一到三年 三到五年 超过五年8731,2291,4721,623 1,5982,0712,5102,4562,94932.1%37.3%79.2%67.1%83.0%68.6%70.5%51.3%84.6%0%10%20%30%40%50%60%70%80%90%-500 1,000 1,500 2,000 2,500 3,000 3,50021Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q11471717011 18848 197183190735993423884745227927310913696142617020,00040,00060,00080,000100,000120,0002020 2021 2022 2023.4一线城市 二线城市 三线及以下城市15.59%10.80%12.81%17.77%11.33%18.88%0%20%40%60%80%100%2021 2022一线城市 二线城市 三线及以下城市 40 75 2021-2023 76 2019-2022+2017 2022 8214 5652 2562 132.93,+77 1 542 020004000600080001000012000 Lucky Cup450739294397565228287416272562-12.8%11.9%28.5%209.9%86.2%57.5%-50.0%0.0%50.0%100.0%150.0%200.0%250.0%01,0002,0003,0004,0005,0006,0007,0008,0009,0002019 2020 2021 2022直营门店 加盟门店直营YoY 加盟YoY 41 30-49 78 79&CBNDate 2 2023 8 6-10 27326/5411/5936 22 11.2%/10.9%/21.3%57.0%/64.0%/77.5%6-10 80 81 56.00%36.00%5.00%3.00%23.00%49.00%22.00%8.00%0%10%20%30%40%50%60%20-29 岁 30-39岁 40-49岁 50 岁以上咖啡 白酒245694879 4894273265411593605,00010,00015,00020,00025,00030,000 2022 2023M84.9%5.7%1.7%20.6%11.9%10.2%17.5%18.4%10.6%24.6%26.6%40.2%19.0%21.5%25.9%13.3%15.8%11.4%0%20%40%60%80%100%蜜雪冰城 益禾堂 甜啦啦一线 新一线 二线 三线 四线 五线及以下 42 82 2 OTA:OTA OTA OTA OTA 2020 9 65%OTA 24717968976068164148635028 31114350 047311339 3250131143356152142010020030040050060070080023M1 23M2 23M3 23M4 23M5 23M6 23M7 23M8 43 83 9 OTA 2018 OTA MAU 2017 2022 H1 1.21 2.21 1560 2890 13.1%2022 H1 87.1%2022 61.7%2021 59.3%84 85 175.2205.2191.4256.9233.844.6%17.1%-6.7%34.2%-9.0%-20%-10%0%10%20%30%40%50%0501001502002503002018 2019 2020 2021 2022%2026.92331.329.728.20%34.50%-14.50%36.10%-5.10%-20%-10%0%10%20%30%40%051015202530352018 2019 2020 2021 2022%44 80%2021 7 QQ QQ IP 86 MAU 87 8(1)(2)(3)2021 11.34 20.3%88 2021 16.4%89-100%-50%0%50%100%0501001502002502017 2018 2019 2020 2021微信小程序平均MAU（百万人）其他平均MAU（百万人）微信小程序YoY其他YOY80.30%84.30%80.90%80.70%80%11.40%13.10%12.00%12.20%12.70%0%10%20%30%40%50%60%70%80%90%2018 2019 2020 2021 2022来源于微信小程序的MAU占比付费用户占MAU 比重11.312.71.52.112%13%14%15%16%17%012345678910111213142020 年 2021年微信MAU(亿人）同程来自微信渠道的MAU（亿人）占比 45 22 87%60%12.7%OTA 90 2018-2022 91 2018-2022 1 90 90 1995 2012 2020 2021 85.40%85.60%86.30%86.70%86.50%80%81%82%83%84%85%86%87%88%89%90%2018 2019 2020 2021 202261.10%62.40%61.70%61.70%60.30%40%45%50%55%60%65%70%75%80%2018 2019 2020 2021 2022 46 92 2 SKU 93 94 SKU 3 100 综合果仁及豆果休闲烘焙点心类葵花子鱼制品肉类零食青豌豆系列休闲深海零食坚果类豆制品糖果糕点瓜子仁系列 休闲肉鱼其他禽肉制品坚果炒货蚕豆系列素食其他果干果脯其他豆制品 素食山珍果干类其他蜜饯炒货其他0%10%20%30%40%50%60%70%80%90%100%甘源 盐津 洽洽 劲仔 良品铺子 47 20%20%-75%44%-85%7%-59%95 SKU/+96+1-2 48 97 98 2023 1.7 1 0.7/2 5 100%65%50%30%,10%5 2-3 2000+1200+1000+800+1200+1200+600+1100+1000+05001000150020002500100+50+200+200+1000+1000+1000+600+020040060080010001200 每月新增门店数 23 年 计 划新 增门 店数 49 99 4 50 100 101 2022 5 9 54 22 17 SKU 2022 23H1 47.3%42.4%23/24 SKU 0200040006000800010000120002019 2020 2021 51 102 2019-103 1&2017 2017 OVV 2018-2019 2021 HEAD 0%10%20%30%40%50%60%70%80%90%100%始祖鸟 迪桑特FILA可隆 比音勒芬Hazzys李宁 安踏 特步 海澜之家T1 T2 T3 及以下 52 104 2014-2019 123.4 219.7 23.8 32.11 CAGR 12%/6%2019-2022-5.5%/-12.4%2023Q1 56.82/8.03+9.02%/+11.07%105 2014 106 2014 Wind Wind 1 2014 3716 2023Q1 8121 2014 3348 2023Q1 5957 2020-2022 2020-2023Q1 359 2014 2 2023Q1 1080 2020-2023Q1 723 2020 8.8%2023Q1 18.1%-30%-20%-10%0%10%20%30%40%50%60%70%80%0501001502002502014 2015 2016 2017 2018 2019 2020 2021 2022 23Q1营业收入（亿元）营业收入YOY-60%-40%-20%0%20%40%60%80%100%05101520253035402014 2015 2016 2017 2018 2019 2020 2021 2022 23Q1归母净利润（亿元）归母净利润YOY 53 107 108 23Q1 23H1 2023 23Q1 23H1 2&2019 256 2022 384 2014-2022 14.8%11.1%13.9%8.9%8.8%10.1%6.1%7.0%109 110 SPRINTING SMILE SPORTSDAY 020004000600080001000012000海澜之家 九牧王 中国利郎 七匹狼 太平鸟 森马服饰2018 2019 2020 2021 2022 2023最新0%10%20%30%40%50%60%九牧王 七匹狼 GXG 海澜之家 中国利郎2018 2019 2020 2021 2022 2023最新0%2%4%6%8%10%12%14%16%衬衫 羽绒服 茄克衫 西服2014 2015 2016 2017 2018 2019 2020 2021 2022 54 111 2&GORE-TEX Polartec LLC 112 2011-2022 3.04 28.85 0.44 7.28 CAGR 23%/29%2023Q1 10.79/3.01 33.1%/41.4%55 113 2011 114 2011 1.2013 520 2022 1191 2013 225 2022 579 2013 295 2022 612 115 116 2021 31 117 0%10%20%30%40%50%60%051015202530352011 2012 2013 2014 2015 2016 2017 2018 2019 2021 2022 23Q1营业收入（亿元）营收YOY0%10%20%30%40%50%60%70%80%90%0123456782011 2012 2013 2014 2015 2016 2017 2018 2019 2021 2022 23Q1归母净利润（亿元）归母净利YOY020040060080010001200直营店 加盟店 合计2013 2014 2015 2018 2019 2020 2021 20220%10%20%30%40%50%60%70%80%90%100%2013 2014 2015 2017 2019 2020 2021 2022直营店（亿元）加盟店（亿元）56 118 119 2022 T1 T2 T3 12%45%43%2.T 120 2018 Malden Mills Polartec 57 121 Polartec 3D 5G 18K 22K 3D 5G 3D 58 122 123 wind 2022 2021 54 30%2022 124 125 ifind 2022 3-5-100%-50%0%50%100%150%200%250%050100150200250300黄金:消费总需求（吨）黄金:珠宝首饰消费需求（吨）总需求YoY（%）珠宝首饰需求YoY（%）0%10%20%30%40%50%60%70%80%90%100%2017年 2018 年 2019年 2020 年普货黄金 3D 硬金 5G 黄金 古法金012345678910020040060080010001200140016002000200120022003200420052006200720082009201020112012201320142015201620172018201920202021结婚登记人数（万对）粗结婚率（）46%54%家庭型消费 悦己型消费 59 1 FY23 FY2023 1631 1400-1500 FY23Q4 250 226 FY23Q4+17.8%9.6%FY23Q4 67.2%FY23 66.1%2024 126 127 FY2023 2023 4 5 T1/T2/T3+17.0%/42.0%/41.0%83%128 2023 4 2023 4 2023 5-7 7000 2023“”010002000300040005000600070008000FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023原有门店 新增门店0%10%20%30%40%50%60%70%80%90%100%FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023直营 加盟17.0%42.0%41.0%0%5%10%15%20%25%30%35%40%45%02004006008001000120014001600T1 T2 T3+2023M4 门店数量 门店数量占比（%）60 FY2023 7269 7000 1 129 130 2 2023 2022 114 4616 23H1 119 6 4735 2021 7 2023 2023 131 132 2023 6/31.3%/68.7%0%5%10%15%20%25%0246810121416182017 2018 2019 2020 2021 2022 23H1线上收入（亿元）占比（%）05001000150020002500300035004000450050002017 2018 2019 2020 2021 2022 23H1原有门店 新增门店 61 133 2023 6 S YZ 28 3 90%2018 10%2022 5609 664 194 9 5415 656 2023 4 T1/T2/T3+9.8%/31.4%/58.8%90.2%31.3%68.7%0%10%20%30%40%50%60%70%80%0500100015002000250030003500T1&T2 T3+2023M6 门店数量 门店数量占比（%）62 134 135 2023 4 2023 4 2023 5-7 IP K 2022 10 12 136“”“”2014 2017 2017-2019 35.39 42.92 68.30 2017/2018 37.14%/35.09%2019 48.13%2022 0100020003000400050006000自营银楼及专柜 连锁加盟店 网点总数9.8%31.4%58.8%0%10%20%30%40%50%60%70%050010001500200025003000T1 T2 T3+2023M4 门店数量 门店数量占比（%）创意设计 塑样 翻模 制壳 合拢焊接 灌胶整形精雕 錾刻 镶嵌 脱胶 表面处理 总装 63 5G CNC 137 2017-2019 138 2019&1 2022 797.40 2023 908.5 7-8%CR5 68.6%CR5 49.9%139 2014-2027 140 2021 Statista 2021 O2O 01020304050607080902017 2018 2019黄金自产（吨）黄金委托加工（吨）01020304050602017 2018 2019镶嵌自产（万件）镶嵌委托加工（万件）02004006008001,0001,2001,40020142015201620172018201920202021202220232024202520262027隐形眼镜 镜片 太阳镜 镜框23.2%21.8%8.7%6.3%6.1%4.2%3.3%3.2%3.1%2.9%2.1%15.1%64 O2O 141 142 O2O 2 4000 8/1.59 3980 1.59 3980 1.59 3680-4580 pro 1.56/1.6/1.67/1.71 2298-3398 1.6/1.71 1958-2598 1.56 2980-4980 1.56 2580 1 19 SKU 1.55-1.74 32-43 2 3 65 2023 2022 28.57%2022 125 143 SKU 144 SKU 1.60 1.60 1.71 1.7