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《大行》匯豐研究降泡泡瑪特(09992.HK)目標價至319.5元 維持「買入」評級
匯豐研究發表報告,維持泡泡瑪特(09992.HK)「買入」評級,目標價由331.5元下調至319.5元。同時將對公司2025至2027年淨利潤預測上調14%至17%,預計2025年non-IFRS淨利潤爲91.73億元人民幣(下同)。 報告指,泡泡瑪特中期盈喜勝預期,受惠於規模經濟和海外市場收入快速增長,海外市場的利潤率遠高於國內市場。在7月22日《人民日報》的採訪中,創辦人王寧預計Labubu玩具的月銷量將在9月左右接近1,000萬件。 該行相應將2025年收入預測上調5.7%,預計按年增長達127.5%至296.6億元。結合2025年淨利潤率預測從26.9%上調至29.1%,將2025年淨利潤預測上調14.5%至86億元。
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