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《大行》野村升泡泡瑪特(09992.HK)目標價至330港元 重申買入及行業首選
阿思達克 07-16 10:12
野村研究報告指,泡泡瑪特(09992.HK)發盈利預喜,料中期收入及經調整盈利分別錄逾2倍及3.5倍按年增長,該行估算2025年上半年經調整歸母淨利潤將達43億元人民幣,較市場原本已較高的逾40億元人民幣預期更高。此外,基於公司穩健的業務基本面,料管理層在中期業績發布時會釋出更積極的業務展望與指引。 基於泡泡瑪特銷售及利潤率趨勢均優於預期,將2025至2027年收入預測上調6至15%,盈利預測上調13至26%,並將目標價由291港元升至330港元,相當於2026財年預測經調整市盈率30倍,料其2024年至2027財年經調整盈利複合增長率為66%,重申「買入」評級,維持為中國消費板塊首選股份。 野村上調對泡泡瑪特2025年全年經調整盈利預測,由82.19億升至101.94億人民幣,升泡泡瑪特2026年全年經調整盈利預測由116.41億升至132.4億人民幣,對比2024年經調整盈利為31.25億人民幣。
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