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《大行》海通國際:泡泡瑪特(09992.HK)高增長趨勢持續 升目標價至316.7元
海通國際發表研究報告,指泡泡瑪特(09992.HK)今年上半年業績超預期,認爲公司業績按年大幅增長主要源於:泡泡瑪特旗下IP全球認可度提升,多樣化的產品品類促進各區域收入高速增長;海外收入佔比持續提升,收入結構變化對毛利率和淨利率均產生積極影響,同時規模效應提升;產品成本持續優化,費用管控加強,提升盈利能力。 海通國際表示,展望未來,泡泡瑪特從早期依賴MOLLY單個IP產品,到PUCKY、DIMOO、SKULLPANDA先後崛起,再到近期THE MONSTERS、CRYBABY接棒,泡泡瑪特旗下IP全球認可度不斷提升,多個國家均出現供不應求的現象。公司對IP的長期營運能力已經得到充分驗證,依賴少數IP的風險不斷下降,業績可持續性有較高保障。 參考泡泡瑪特上半年盈喜,海通國際預計該公司2025至2027年各年收入分別爲351億、535億及691億元(原爲242億、335億及423億元),按年各增長169%、53%及29%;經調淨利各爲112億、178億及238億元(原爲70.1億、99.1億及128.3億元),按年各增長229%、58%及34%;經調整淨利潤率各32%、33.2%及34.4%(原爲28.9%、29.6%及30.3%)。 海通國際維持泡泡瑪特預測2025年35倍市盈率估值,對應目標市值4,219億元,上調目標價60%至316.7元;維持「優於大市」評級。
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