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《大行》華泰證券降布魯可(00325.HK)目標價至136元 維持「買入」評級
阿思達克 08-25 15:42
華泰證券研究報告指出,布魯可(00325.HK)今年上半年收入13.38億元人民幣(下同),按年增長27.9%,淨利潤2.97億元,按年轉正,經調整淨利潤3.2億元,按年9.6%。該行表示,儘管短期公司經營業績會受產品推新節奏、費用投放及新業務進展等有所擾動,但認為公司建立並深耕的「布魯可體系」,未來在客群破圈、品類拓展、價格延伸、海外佈局等多維度均具成長空間,中長期繼續看好公司作為優質IP商業化平台的增長潛力和稀缺性,維持「買入」評級。 該行預計,公司今年下半年將有更多SKU推出,以及積木車等新品類有望亮相,貢獻公司新的收入增長點;又考慮到公司IP、產品推新等經營節奏波動,著眼長遠加大投入,下調盈利預測,預計2025至27年各年經調整利潤分別為7.52億、10.31億及13.63億元(前值11.81億、18.14億及25.82億元),經調整每股盈利分別為3.02元、4.14元及5.47元。 華泰證券又考慮到新業務處於爬坡期,前期投入較多,切換至26年估值。可比公司市場一致預期2026年20倍市盈率均值,公司建立以創新為核心的布魯可體系,競爭壁壘深厚,全人群+全價位+全球化成長路徑清晰,作為優質IP商業化平台的增長潛力和稀缺性仍然突出,以預測明年目標市盈率30倍計,目標價由原先188港元降至136港元。
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