《大行報告》瑞信首予泡泡瑪特(09992.HK)「跑贏大市」評級 目標價65元
瑞信發表研究報告,首予泡泡瑪特(09992.HK)「跑贏大市」評級,指出泡泡瑪特作爲中國流行玩具市場的龍頭,在上遊IP開發能力和下遊全渠道零售網絡上均表現出色,市場競爭日益激烈下公司仍可保持中長期擴張,予目標價65元。
該行指,中國流行玩具市場規模持續快速擴張,預計泡泡瑪特2020至2024年的收入及調整後淨利潤年複合增長率將達到43%及44%,市場份額將從2020年的9%提升到2024年的14%。
按產品劃分,瑞信預測泡泡瑪特品牌產品的銷售額貢獻率將從2020年的85%,上升到2024年的89%,預計2022至2024年公司每年將淨增加100家零售店及200至300家機器人商店,以及2020至2024年線下銷售年複合增長率預期達到39%,而線上更加快至48%。
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