《大行》匯豐研究升泡泡瑪特(09992.HK)目標價至379元 維持「買入」評級
匯豐研究發表報告指,Labubu已成為全球IP,泡泡瑪特(09992.HK)管理層上調全年指引,高於市場預期。該行上調盈利預測,維持「買入」評級,目標價由319.5元升至379元。
報告指,泡泡瑪特管理層在3月業績簡報會時,將2025年公司收入增長目標定為50%以上。在強勁勢頭的支持下,市場預期2025年收入將增長約130%至300億元人民幣,淨利潤率將達到30%。而在昨天(20日)舉行的上半年業績簡報會上,管理層表示預期2025年的淨利潤率將達到35%,收入將輕鬆超過300億元人民幣。
該行現將2025年的非國際財務報告準則淨利潤預測上調27%至114.16億元,收入預測上調11%。2025至2027年間收入和淨利潤年複合增長率預測基本保持在30%及31%不變,同時將2026及27年的淨利潤預期上調各26%,收入預期各上調12%。該行對其2025年淨利潤預測較市場預測高出33%,收入預測則較市場預測高出16%。
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