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港股異動丨未染藍不改升勢,泡泡瑪特升近6%再創歷史新高,市值升至2780億
格隆匯 05-19 14:35
雖然此次未被調入恒生指數成分股,但不改上升走勢!泡泡瑪特(9992.HK)今日再度走強,盤中一度升5.77%,報207港元,再創歷史新高,市值升至2780億港元。泡泡瑪特年內已累升129%。摩根士丹利近日因三大原因調高泡泡瑪特目標價,上調9.8%至224港元,對應今年預測市盈率約40倍,明年30倍。大摩還將最牛目標價調高12.3%至273港元,最熊目標價亦調高14.1%至97港元,重申“增持”。大摩解釋,該3大原因為:1)Labubu 3.0全球需求強勁,特別是美國市場,相信有關勢頭可促進泡泡瑪特在美國和其他地區開設新店,成為今明兩年的主要增長動力,而強勁的銷售增長可以帶動經營溢利槓桿進一步提高;2)泡泡瑪特的越南供應鏈迅速搭建完成,而且表現良好,令該行感驚訝,大部分出口美國的貨物將於今年第三季由越南出貨,加上中美貿易關係降温,預期關税對利潤率的衝擊會較市場估計更低;3)美國新產品加價12%至27%,而且似被消費者所接受,隨關税影響正在消退,產品均價上升長遠可提高美國業務的利潤率。大摩同時將泡泡瑪特2025-2027年銷售額及經調整純利預測上調5%至9%,每股盈利預測升幅介乎7.5%至8.6%。大摩預期,泡泡瑪特今年銷售額及經調整純利分別增長98%及114%。

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