《大行報告》里昂下調泡泡瑪特(09992.HK)目標價至73.2元 評級「買入」
里昂發表研究報告指,泡泡瑪特(09992.HK)去年度業績稍勝該行預期,產品複雜性增加和材料成本上升,導致毛利率收窄1.3個百分點。
報告引述管理層稱,去年第四季增長勢頭延續至今年,單月銷售於今年2月份再創新高,但該行預期,供應緊張將影響3月份銷售,相信情況要至4月才會改善,年初至今會員人數增長理想,預期可按年增長80%至100%。
里昂指出,雖然公司未有過分強調利潤率走勢,但預期在積極經營槓桿及具紀律控制下,未來幾年毛利率可保持上升趨勢,預期2021財年毛利率會因產品組合變化而略有下滑,但部分將被自家品牌產品佔比提升所抵消,維持「買入」評級,基於未來一年預測市盈率45倍為估值基礎,將目標價由82.78元下調至73.2元。
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