《大行》中銀國際升泡泡瑪特(09992.HK)目標價至335.8元 上調核心盈測逾五成
中銀國際發表研究報告指,泡泡瑪特(09992.HK)昨日(15日)發盈喜,預計今年上半年收入按年增長不少於200%,淨利潤按年增長不少於350%。隨着旗下人氣IP商品Labubu成爲全球熱潮,中銀國際認爲,其強勁表現受惠於品牌知名度提升、北美和歐洲市場順利擴張以及營運槓桿效應,而其他IP產品也逐漸獲得高人氣。展望今年下半年,中銀國際預計強勁增長勢頭持續,料全年淨利潤按年增192%,重申「買入」評級,並上調今明兩年核心盈測分別55%及54%,目標價相應由原先192.1元升至335.8元,相當於預測今明兩年市盈率分別45倍及32倍(原先爲預測今年市盈率40倍)。
該行表示,今年上半年,Labubu憑藉名人效應及The Monsters Big into Energy 系列(Labubu 3.0)的推出獲得全球關注,不但推動了Labubu產品的銷售,還顯着提升了泡泡瑪特在國際客戶中的品牌知名度並大幅增加門店客流量。
美國關稅揮拳之下,爲應對關稅率上升帶來的利潤率壓力,該行稱,泡泡瑪特於4月實施價格上調,客戶接受度良好。中銀國際預計,海外市場相對較高的毛利率將會持續。而泡泡瑪特將生產轉移至越南,更好服務海外需求同時,減輕進一步關稅衝擊的影響。
中銀國際認爲,即使部分投資者擔憂Labubu熱潮消退,泡泡瑪特的增長可能放緩,但Crybaby和Twinkle Twinkle等IP產品迅速獲得人氣,體現公司在IP孵化和營運方面的強大能力。中銀國際也認爲,對某些熱門產品二手市場價格下降的擔憂並無必要,因泡泡瑪特並非依賴稀缺性營銷或少數爆款系列,而是通過擴大生產能力並保持穩定新品推出速度,促進可持續增長。因此,中銀國際相信長期來看,每店銷售額將保持出色表現。
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