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研報掘金丨中金:大幅調高泡泡瑪特目標價79%至170港元,重申“Top Pick”
格隆匯 03-27 11:22
中金報吿指,泡泡瑪特(9992.HK)2024年業績超預期,因新品類快速放量、以美國和東南亞等強勁收入及利潤率均超預期,監於內地及北美市場熱度走高、利潤率超預期,因而調高今年經調淨利潤預測26%,維持“跑贏行業”評級,考慮到估值切換、業績增速上調,以及港股新消費板塊估值上行,上調目標價79%,至170港元。中金指出,以IP為核心的集團化戰略穩步推進,預計積木、飾品、樂園等多元品類,有望為後續增長貢獻持續動能;此外,公司計劃今年暑期逐步推出Labubu、星星人等IP動畫短片,認為有望進一步豐富IP形象。跟蹤1至2月內地同店增速在雙位數水平,美國月銷持續強勁,該公司指引今年首季整體業績增速翻倍,看好其今年保持強勁增長趨勢,重申“Top Pick”。中金上調泡泡瑪特今年經調淨利潤預測26%,至58.18億元人民幣,預測明年則賺73.33億元人民幣,當前對應今明兩年經調整市盈率31及24倍。另外,預期今明兩年營業額更突破200億元人民幣,分別為200.66億元及244.82億元人民幣。
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