《大行》摩通升泡泡瑪特(09992.HK)目標價至330元 重申行業首選兼列入正面催化觀察
摩根大通研究報告指,對泡泡瑪特(09992.HK)旗下IP產品Labubu和Crybaby在全球範圍內,快速增長的品牌熱度及消費者需求印象深刻。對於大多數IP的新款毛公仔售價上漲14%至87%,與可口可樂的成功合作,以及可能於8月與優衣庫合作,摩通將泡泡瑪特2025至2027年盈測上調19%至23%,該行的預估比市場預期高出25%。
該行將泡泡瑪特目標價由原先250元升至330元,以1.5倍市盈增長率(PEG)爲基準(較同行的市值加權平均PEG約1.9倍折讓20%),予 「增持」評級。
摩通認爲,泡泡瑪接下來的催化劑包括:(1)7月可能發佈的盈喜,(2)即將推出的「Labubu與朋友們」動畫(有望伴隨新產品發佈),以及(3)可能推出可互動性/AI玩具(公司目前尚未披露)。該行將泡泡瑪特列入正面催化劑觀察名單,預測2025年上半年盈利達人民幣35億元,超過2024年全年盈利,並重申該股是摩通在中國消費品領域的首選股票。
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