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大行評級|海通國際:上調泡泡瑪特目標價至316.7港元 業績可持續性有較高保障

海通國際發表研究報告指,泡泡瑪特今年上半年業績預告超預期,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。

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。該行上調目標價60%至316.7港元,維持“優於大市”評級。

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