研報掘金|中金:上調泡泡瑪特目標價至46港元 上調今明年經調淨利預測
中金髮表報吿,指泡泡瑪特現階段公司經營持續表現優異,第二季國內業務有望延續快速增長勢頭,海外在高速成長的同時本土化工作持續推進,此外品類拓展有序落地,上調全年盈利預測,重申看好公司中長期的廣闊成長前景。該行維持其“跑贏行業”評級,上調目標價15%至46港元。中金認為,後續伴隨搪膠、積木等新品類佔比提升替代外採產品,出海順利推進、收入佔比提升,以及越南等產能陸續投產,公司毛利率有望保持穩中向上。考慮到國內店效恢復良好,第二季延續快速增長,海外重要市場泰國已實現突破,全年有望加速成長,上調對公司今明年經調淨利預測各7%至17.5億和22.5億元。
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