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研報掘金丨中金:看好布魯可IP前景 調高目標價29%至135港元
格隆匯 03-25 14:04
中金髮表報告指,布魯可(0325.HK)去年業績符預期,認爲第二梯隊IP及自有IP快速增長,看好後續產品快速迭代、渠道擴充及海外發展,維持“跑贏行業”評級,考慮到港股新消費股整體估值水平提升,上調目標價29%至135港元,對應2025及2026年31及23倍經調整市盈率(PE)。中金指,奧特曼、變形金剛及英雄無限爲前三大IP,收入分別爲11億、4.5億及3.1億元,同比分別增長97%、263%及383%,第二梯隊及自有IP形成較好接力。另外,去年底推出建議零售價9.9元的變形金剛星辰版,較競爭對手低價系列有價格優惠的同時,在可動度、可玩性等性能方面均領先,認爲有望助力其下沉市場渠道快速拓展,爲今年業績有力支撐。此外,積極拓展海外市場,去年海外收入增5.18倍,至6420萬元,印尼、美國收入位列前二,目前已於英國、印尼等成立附屬公司,並獲取變形金剛、漫威等國際IP的海外部分區域授權,看好海外發展空間。中金維持布魯可今明兩年經調整淨利潤預測,分別爲10.32億及13.54億元,今明兩年純利預期爲9.14億元及13.54億元。
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