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大行评级丨大摩:上调泡泡玛特目标价至224港元 Labubu全球需求强劲将带动新店开业
摩根士丹利研究报告指,将泡泡玛特2025至27年的销售额及经调整净利润预期分别上调5%至9%,料今年全年分别按年升98%及1.14倍。该行指,由于Labubu v3在全球的需求强劲,尤其是美国,将带动新店开业,将会是2025至26年的关键增长因素。该行将其目标价由204港元上调至224港元,予“增持”评级。报告又指,越南供应链的进展超出该行预期,集团最近表示大部分美国商品将在今年第三季度前从越南发货,加上中美贸易局势纾缓,关税带来的利润影响可能会小于预期。另外,似乎美国市场已接受新产品价格上调12至27%。随着关税影响可能减弱,平均售价上涨将于长期提升美国市场的利润率。
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