《大行》高盛對泡泡瑪特(09992.HK)盈利持正面看法 升目標價至350元 評級「中性」
高盛發表研究報告指出,泡泡瑪特(09992.HK)今年上半年財報簡報會後股價表現積極,認為這反映了管理層展望中的正面驚喜,包括:強勁的銷售勢頭,特別是在海外市場;超出預期的利潤率擴張。管理層預計全年淨利潤率將達到35%;管理層又表示將於本周推出迷你版Labubu,有助於拓展使用場景(例如可用作手機掛件)。
高盛從泡泡瑪特財報簡報會中,對公司的盈利可見度持正面看法,支撐因素包括:持續強勁的IP勢頭;擴大製造能力以實現IP熱度的商業化;成功進軍美國和歐洲等目前仍為巨大空白的新市場;強勁的收入表現應在下半年旺季轉化為進一步的營運槓桿。
高盛將泡泡瑪特2025至2027年盈利預測上調28%至34%,現在預計2025年、2026年分別實現對股權持有人的調整後淨利潤分別為128億元、176億元人民幣;並根據不變的2027年25倍市盈率,新12個月目標價為350港元(之前為260港元),隱含11%的上行空間;對該股票維持「中性」評級。
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