《大行》星展首予泡泡瑪特(09992.HK)「買入」評級 目標價312元
星展研究報告指,泡泡瑪特(09992.HK)受Labubu、Molly等自有IP強勁需求推動,預期今年收入及盈利分別增長逾1.4倍及1.8倍。雖然短期的潛在逆風包括收入集中、監管風險及營運挑戰,股價走勢可能取決於公司能否將核心IP轉化為可持續的文化標誌,但該行認為公司多元化的產品組合、規模化及創新商業模式,可構建穩健的中期前景,以抵消短期風險。
該行指,知名IP如Pokemon及Hello Kitty等,全球累計銷售額突破500至1,500億美元,並持續增長。泡泡瑪特快速擴張國際市場及全渠道發展,預計將推動2025年海外銷售佔比超過50%。
基於公司的流行文化影響力增長及中期穩健前景,該行首予「買入」評級,目標價312元,預期2024至26年收入及盈利的年均複合增長率分別達81%及99%。
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