《大行报告》里昂下调泡泡玛特(09992.HK)目标价至73.2元 评级「买入」
里昂发表研究报告指,泡泡玛特(09992.HK)去年度业绩稍胜该行预期,产品复杂性增加和材料成本上升,导致毛利率收窄1.3个百分点。
报告引述管理层称,去年第四季增长势头延续至今年,单月销售於今年2月份再创新高,但该行预期,供应紧张将影响3月份销售,相信情况要至4月才会改善,年初至今会员人数增长理想,预期可按年增长80%至100%。
里昂指出,虽然公司未有过分强调利润率走势,但预期在积极经营杠杆及具纪律控制下,未来几年毛利率可保持上升趋势,预期2021财年毛利率会因产品组合变化而略有下滑,但部分将被自家品牌产品占比提升所抵消,维持「买入」评级,基於未来一年预测市盈率45倍为估值基础,将目标价由82.78元下调至73.2元。
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