大行評級丨大摩:上調泡泡瑪特目標價至224港元 Labubu全球需求強勁將帶動新店開業
摩根士丹利研究報告指,將泡泡瑪特2025至27年的銷售額及經調整淨利潤預期分別上調5%至9%,料今年全年分別按年升98%及1.14倍。該行指,由於Labubu v3在全球的需求強勁,尤其是美國,將帶動新店開業,將會是2025至26年的關鍵增長因素。該行將其目標價由204港元上調至224港元,予“增持”評級。報告又指,越南供應鏈的進展超出該行預期,集團最近表示大部分美國商品將在今年第三季度前從越南發貨,加上中美貿易局勢紓緩,關稅帶來的利潤影響可能會小於預期。另外,似乎美國市場已接受新產品價格上調12至27%。隨着關稅影響可能減弱,平均售價上漲將於長期提升美國市場的利潤率。
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