研報掘金丨中金:上調泡泡瑪特目標價至220港元 首季國內及海外市場增長均超預期
中金髮表研報指,泡泡瑪特2025財年第一季預計收入按年增長165%至170%,增速按季比較進一步提升。當中,中國(包括港澳臺)收入按年增長95%至100%,海外市場收入按年增長475%至480%,均超越該行及市場預期,主要由於中國國內同店表現優秀,以及海外熱度高企。中金提及,考慮到公司重點IP優質新品儲備豐富、北美市場熱度持續走高,故分別上調2025及2026財年經調整淨利潤預測10%及8%,至分別64億及79.2億元,同時上調目標價29%至220港元,相當於預測今明兩年經調整市盈率分別44倍及35倍,給予“跑贏行業”評級。
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