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研報掘金丨華泰證券:上調泡泡瑪特目標價至300港元 維持“買入”評級

華泰證券發表研究報告指出,泡泡瑪特優勢在於IP設計、品類載體與營銷活動的多重創新與聯動,而非依賴單一要素,進而支撐經典IP的可持續營運。該行預計,泡泡瑪特在今年暑期《The Monsters》動畫短片有望上線,並看好管理層掌控IP營運節奏、傳達藝術理念,在全球打造多款經典長青IP的能力。

參考可比公司2025年平均市盈率(PE)38倍(前值:36.5倍),考慮到公司自第二季以來海外出圈進展順利,Labubu上新節奏不斷強化,IP在全球範圍內粉絲受衆空間打開,海外業務前景廣闊,中長期成長驅動的確定性增強,給予2025年58倍經調整市盈率(前值:42倍),並將目標價從219港元上調至300港元,維持“買入”評級。

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