《大行報告》里昂下調泡泡瑪特(09992.HK)目標價至26元 評級降至「跑贏大市」
里昂發表報告指,泡泡瑪特(09992.HK)管理層於電話會議上指,上半年淨利潤下降主要由於成本上升和促銷活動帶來毛利壓力,以及由於員工費用增加、新業務的籌備和短暫關店,導致營業費用基礎上升。
7月份情況比第二季有所改善。公司下調了全年的MEGA銷售和開店指引。但該行認為,雖然公司短期指引很謹慎,但長期驅動力未變。目前預計今明兩年的銷售將分別增長27%和28%,而今年經調整淨利潤將按年下跌13%。目標價相應由50元下調至26元,評級由「買入」下調至「跑贏大市」。
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