大行評級|大摩:上調泡泡瑪特目標價至164港元 上調今明兩年銷售預測
大摩發表研究報告指,泡泡瑪特預計今年銷售增長逾50%,淨利潤率有所改善,勝於該行預期,同時公司目標今年海外銷售增長約100%至100億元,相對於2023年爲10億元;又認爲今年首季銷售按年增長逾100%,至少30款受歡迎產品已售罄或只有少量庫存,意味着大量需求尚未滿足。
該行指,泡泡瑪特毛利率擴大表明毛絨玩具利潤率已顯著改善,又指規模效益和供應鏈改善也有推動作用。該行將公司今明兩年銷售預測分別上調至208億元及274億元,料中國及海外市場的貢獻各爲50%;毛利率預測分別上調68.3%及68.8%;經調整淨利潤分別錄得72%及34%的增長,經調整淨利潤率分別達26.5%及27%。
該行將泡泡瑪特目標價由135港元上調至164港元,重申“增持”評級。
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