港股異動 | 1股已買不起1個盲盒!泡泡瑪特再跌超13%
uSMART盈立智投3月9日消息,泡泡瑪特今日早盤現V型反轉行情,盤中股價一度跌超10%後加速拉昇,截至上午收盤,跌幅縮窄至5%。但午後開盤難止下挫,跌幅進一步擴大。截至15:30,泡泡瑪特盤中跌超15%,報當前股價58.05港元,創上市以來股價新低,月內累計跌幅超35%。據瞭解,泡泡瑪特旗下各系列普通盲盒售價爲59元。

天風證券發研報指,該行首予泡泡瑪特(09992)買入評級,目標價106.31港元。
泡泡瑪特建立了覆蓋潮流玩具全產業鏈的一體化平臺,包括藝術家發掘,IP運營,消費者觸達及潮流玩具文化的推廣。公司挖掘優質IP,建立IP庫,開發並出售潮流玩具產品,打造全渠道零售及經銷網絡,線上線下宣發推廣,同時通過IP授權變現.截至2020年6月30日,公司運營93個IP,包括12個自有IP,25個獨家IP及56個非獨家IP。憑藉強大的IP發掘和運營能力,公司於2020年上半年推出16個新IP,下半年預期會推出14個或以上新IP。
天風證券綜合預計公司2020-2022年淨利潤分別爲5.40/11.23/17.39億元,2021/2022年同比增長108.09%/54.84%。假設自由現金流2023-2028年5年CAGR爲25%,2028-2031年3年CAGR爲11%,2031年後永續增長率爲3%,WACC爲7%,則公司折現價格1490億港元,則對應股價爲106.31港元。
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