《大行》華泰證券升泡泡瑪特(9992.HK)目標價至348元 維持「買入」評級
華泰證券發表報告指,泡泡瑪特(09992.HK)發上半年業績預告,預計收入按年增不低於200%,該行測算對應不低於136.7億元人民幣(下同),次季增速或超220%,較首季165%至170%明顯提速,預計集團溢利(不含未完成統計的金融工具公允價值變動損益)按年增幅不低於350%。泡泡瑪特旗下IP的全球影響力確立,看好公司邁向全球領先的潮流IP平臺,通過品類創新持續突破IP價值上限,維持「買入」評級。
該行指,考慮海外破圈勢能強勁帶動收入高增,以及海外市場提價和經營槓桿釋放帶動利潤率提升,上調2025至2027年經調整淨利潤預測56.9%、68.9%及68.4%,至分別102億、152億及197億元,前值預測65億、90億及117億元。
報告指,考慮公司高成長性及全球IP影響力溢價,給予2025年42倍經調整市盈率,上調目標價16%至348港元。
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