《大行報告》瑞信下調泡泡瑪特(09992.HK)目標價至43.7元 評級「跑贏大市」
瑞信發表研報指,泡泡瑪特(09992.HK)日前發盈警,預計中期收入按年增長不少於30%,利潤則下跌不超過35%,反映出首季銷售額按年強勁增長65%至70%後,第二季銷售額及利潤率均出現下滑
該行表示,上半年收入低於預期,主要是由於疫情復甦導致零售店及機械人商店關閉,客流量減少,加上物流中斷影響線上銷售物流中斷,以及產品設計及製造工藝更複雜與原材料成本上升所致。
該行又指,折扣及促銷令毛利率亦收窄;雖然海外市場擴張已步入正軌,但在國內市場卻落後於預期。瑞信將全年零售店的淨開店數量預測從105家下調至80家,機械人商店淨開店數量預測從290家下調至200家,預測全年毛利率將跌至60%。
考慮到疫情影響及原材料成本等壓力,瑞信將泡泡瑪特2022至2024年盈利預測下調27%、21%及17%,目標價從55元下調至43.7元,維持「跑贏大市」評級。
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