《大行》瑞銀重申泡泡瑪特(09992.HK)為行業首選 目標價329.2元籲「買入」
瑞銀研究報告指,泡泡瑪特(09992.HK)股價自6月中高位以來已累計回調約12%,主要因二手市場價格調整、媒體對盲盒的評論,以及整體「新消費」行業的疲弱。該行認為二手市場價格調整是由於公司積極補貨以打擊黃牛,讓消費者更容易買到產品。另外,有關市場對盲盒規管的疑慮,該行認為公司一直遵守2023年落實的盲盒法規,例如在自營門店對未成年人進行的身份檢查,而公司的核心用戶為18至35歲的成年人。再者,與其他「新消費」行業的公司不同,泡泡瑪特的增長動力來自海外市場擴張,尤其是美國市場,而美國市場的上行周期自4月下旬起一直持續。
報告指,市場反應顯示需求仍然旺盛,當中Labubu 3.0在補貨後,二手市場仍有約50%的溢價;新系列「怪味便利店」炸蝦溢價約3倍,加上公司上調了美國市場上一代Labubu的售價。該行認為公司上半年的盈利預告以及Labubu動畫將會是近期的股價催化劑;重申泡泡瑪特為中國零售業首選,目標價329.2元,重申「買入」評級。
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