《大行》野村:泡泡瑪特(09992.HK)王寧接受官媒專訪增信心 維持「買入」評級
野村發表研究報告指出,泡泡瑪特09992.HK)董事長王寧近日接受《人民日報》專訪,認為這或被視為監管機構對公司高價值知識產權及中國文化輸出模式的認可。
野村在該專訪注意到兩個重點,包括泡泡瑪特憑藉其IP驅動的高端定價能力,成為中國企業海外增長的旗艦代表;王寧估計Labubu月銷量將從今年9月起穩定在1,000萬件,根據野村情景分析預計,這或可能在今年下半年為THE MONSTERS帶來70億至81億元人民幣的收入,增強該行對泡泡瑪特下半年銷售及盈利的信心(2025財年銷售和盈利預測分別為330億與100億元人民幣)。
該行維持對泡泡瑪特的正面看法,維持「買入」評級,目標價不變為330元認為泡泡瑪特強大的IP變現能力和海外擴張依然穩固;此外,官媒的認可、Labubu的進一步規模擴張潛力以及泡泡瑪特的新IP推出可能為其股價提供額外的催化劑。
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