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《大行報告》富瑞上調泡泡瑪特(09992.HK)目標價至20.5元 評級「持有」
阿思達克 02-15 09:45
富瑞發表報告指,泡泡瑪特(09992.HK)去年第四季業績受到疫情爆發的重創,導致淨利潤下降61%,公司去年下半年銷售額下降16%。由於營運槓桿,該行預計集團的銷售額將在今年恢復增長約36%。 該行將泡泡瑪特目標價由12.4元上調至20.5元,相當於預測今明兩年市盈率各26倍及19倍,料其今年銷售將錄得良好復甦,但銷售復甦趨勢因後疫情時代下消費能力的不確定性而蒙上陰影,續予「持有」評級。 富瑞表示,隨著泡泡瑪特去年的銷售額增長,預計集團的目標銷售額增長約為36%。該行認為,這是要奪回去年錯失的銷售增長。隨著捆綁銷售和市場復甦的減少,預期毛利率為59%,EBIT為21%。在中國,其增長動力將來自於新開的門店,料今年將增加45間門店,而去年將增加40間,又料Skull Panda、Hirono、Molly和PopBeans將成為推動因素。該行又期待集團在海外市場有進一步擴張。
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