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《大行》美銀證券升泡泡瑪特(09992.HK)目標價至275元 上調盈測
美銀證券發表報告,將泡泡瑪特(09992.HK)2025及2026年預計非國際財務報告準則(non-IFRS)淨利潤預測分別上調5%和6%,並將目標價由原先236港元上調17%至275港元,將估值基準從2025/26年混合轉爲2026年,因爲相信泡泡瑪特仍處於快速增長的早期階段,2026年將更能反映其盈利能力。 泡泡瑪特仍是該行在中國消費品板塊的首選之一。(1)作爲一家獨特的平臺公司,該行認爲泡泡瑪特最適合把握全球知識產權(IP)消費上升和追求情感價值的趨勢,實現跨消費羣體和國家的擴張。(2)該行看到多重驅動因素帶來盈利上行潛力,包括市場份額增長、全球化、知識產權組合擴大以及盈利能力提升。在Labubu 3.0推出後於海外市場成爲熱門,在高知名度地點開設新店、推出新知識產權/產品,以及通過社交媒體增加名人代言,可能成爲未來的催化劑。評級「買入」。
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