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《大行》里昂:市場對中國「新消費股」興趣增 升泡泡瑪特(09992.HK)目標價至300元
里昂發表研究報告指,該行中國消費品考察團於5月走訪內地多個城市,並透過對泡泡瑪特(09992.HK)、老鋪黃金(06181.HK)、安踏(02020.HK) 等企業的深入研究後,觀察到投資者對中國消費品公司的興趣日益增加。該行指,這些公司越來越受歡迎,但有關投資者主要聚焦於迎合情感價值需求的高增長新消費類別,如IP業務、黃金珠寶、旅遊、戶外活動和茶飲。 在當前和新興的消費品表現優異者當中,里昂認為那些能擺脫通縮陷阱的公司,如泡泡瑪特和老鋪黃金,具有最佳的盈利可見性,這些品牌具有強大的吸引力,能維持對消費者的定價能力,且不過度依賴線上渠道,從而避免線上促銷環境對價格的擠壓。 里昂的購物中心調查顯示,戶外用品、黃金珠寶和消費電子產品是表現突出的類型,建議關注香港市場的消費品IPO、穩健增長的公司如安踏、高增長公司如泡泡瑪特,以及高股息公司如江南布衣(03306.HK)和波司登(03998.HK)。報告中,里昂更新了泡泡瑪特的模型,並將泡泡瑪特目標價從170元上調至300元。
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