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《大行報告》中金:泡泡瑪特(09992.HK)次季經營有望繼續向好 評級「跑贏行業」
阿思達克 06-23 10:21
中金發表報告,預計泡泡瑪特(09992.HK)次季以來銷售有望按季加快,粉絲消費回暖為新IP培育帶來更好的外部環境,品類結構豐富推動客群多元化,出海拓展及多元業務創新亦取得積極進展,看好公司打造一站式潮玩IP平台的廣闊前景。維持「跑贏行業」評級和30元目標價。 中金預計,泡泡瑪特次季業績增速提升。5至6月進入銷售旺季,公司推出Labubu機甲、SP MEGA蜷川實花、Dimoo經典覆刻等多款熱門IP新品,取得亮眼銷售表現。分渠道看,線上降幅逐步收窄,傳統電商平台雖有承壓,但抖音等新興渠道保持高增;線下渠道表現突出,4至5月店效持續增長,好於2021 年同期水平。 中金指,下半年驅動因素包括拓店加快,預計上半年內地門店數呈穩健增長趨勢,下半年拓店節奏有望加快。同時,根據公司公眾號數據,測算首五個月盲盒新品數達40多個,按年約有個位數提升,預計全年推新數量增長有望提供成長驅動。
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