《大行報告》高盛降泡泡瑪特(09992.HK)評級至「中性」 下調目標價至24元
高盛發表評級報告指,泡泡瑪特(09992.HK)發盈警,料銷售額雖然按年增不少於30%,惟純利料按年下跌最多35%;該行表示,公司的銷售額預測稍低於該行預測,但純利與該行預測卻呈大幅度落差,這意味著今年上半年淨利率應錄得約10%,較去年同期低10個百分點。
該行表示,對泡泡瑪特利潤率前景持保守看法,並相信消費力疲軟及疫情持續影響公司收入的可預見度,而線下流量的不穩定很可能影響IP推出時間表。
該行表示,將公司在2022年至24年純利預測下調24%至37%,以反映收入的可見度較低和利潤率波動,並將其目標價由45元下調至24元,相當於公司今年37倍及明年22倍的市盈率,以及8%的上行空間,並將其評級由「買入」下調至「中性」。
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