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《大行報告》瑞信上調泡泡瑪特(09992.HK)目標價至22.5元 評級「跑贏大市」
阿思達克 03-30 10:43
瑞信發表研究報告指,泡泡瑪特(09992.HK)去年收入增3%至46億元人民幣,經調整淨利潤跌43%至5.73億元;經調整淨利潤率降9.9個百分點至12.4%。管理層預計,今年集團收入將按年增長30至40%,這主要受惠於線下流量恢復、線上渠道建設和海外擴張。管理層又預期,今年毛利率將按年提升1至3個百分點,毛利率穩定在60%以上。 該行提到,儘管去年首兩個月的復甦趨勢乏力導致股價疲軟,但考慮到自去年3月以來的低基數、新系列的推出、業務線的擴張並加速海外擴張,預計增長趨勢將進一步改善。該行將2024財年的每股盈測小幅下調6%,預計2022至25年的銷售額及淨利潤複合年增長率分別為25%及43%,目標價由20元上調至22.5元,維持「跑贏大市」評級。
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