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大行評級|傑富瑞:上調泡泡瑪特目標價至47.4港元 對公司盈利前景更有信心
格隆匯 07-19 13:51
傑富瑞發表報吿指出,泡泡瑪特發盈喜料上半年收入及經調整淨利潤分別按年增長55%與90%以上,遠勝市場預期。該行將泡泡瑪特的2024至2026年淨利潤預測各上調35%、26%及21%,銷售預測上調12%、9%與6%,估計管理層將更新對全年銷售及中期毛利的目標。由於今年下半年是產品上市的旺季,該行預期公司下半年銷售增長56%,經調整淨利潤率達22%,並預期公司2025及2026年銷售增長23%與19%,淨利潤率達22.9 %與23.4%。該行指,公司的Molly、Skull Panda、Dimoo與Labubu產品都表明管理層有能力長期孵化和開發自己的IP,因此該行對公司盈利前景更有信心,希望管理層可向投資者提供中期業務戰略和財務目標。該行對公司目標價由39.3港元上調至47.4港元,維持“買入”評級。
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