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《大行報告》瑞銀下調泡泡瑪特(09992.HK)目標價至55.4元 評級「買入」
阿思達克 03-29 15:31
瑞銀發表研究報告指,泡泡瑪特(09992.HK)去年收入及經調整淨利潤按年增長78.7%及69.6%,即去年下半年收入及經調整淨利潤較該行預期低4%及9%,毛利率亦較預期低3.6個百分點。由於去年下半年表現遜色,瑞銀將其2022至2024年每股盈利預測下調10%至14%,目標價由61.5元相應下調至55.4元,對應今明兩年預測市盈率約49倍及34倍。 泡泡瑪特管理層透露,今年首兩個月銷售增長強勁,雖然3月份受疫情況影響,供應鏈暫時中斷,但月內仍錄得增長。公司目標今年透過門店及銷售渠道擴張、加快推出新產品及拓展海外市場,將可實現數倍的按年增長,目標今年全年毛利率達61%至63%,內地業務經調整淨利潤率達到22%以上。 該行指出,考慮到估值不高,而且中國流行玩具需求快速增長,維持對泡泡瑪特的「買入」評級。
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