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《大行》大摩:泡泡瑪特(09992.HK)平台價值或被低估 具潛力挖掘美、歐、日本及東南亞豐富新IP藝術資源
阿思達克 08-06 14:54
泡泡瑪特(09992.HK)今早高開近0.5%後持續向上,盤中高見276.4元一度彈高7.6%,最新報275.6元上揚7.3%,成交額40.85億元。摩根士丹利發表報告表示,該行參加了早前在北京舉辦的泡泡瑪特的國際潮流玩具展,該行觀察到1)Twinkle Twinkle產品展位吸引了大量人群,其產品——公仔、畫作、包袋、配件迅速售罄,該行為Twinkle Twinkle很可能從2024年的少量銷售開始,在2025年及以後為公司帶來顯著的銷售貢獻;2)Crybaby產品亦受到歡迎,包括T恤、棒球帽、抱枕和拖鞋,平均售價超過250元人民幣。這些產品顯示出Crybaby通過生活方式產品推動更多銷售的巨大潛力。其毛絨玩具需求極高,但受供應限制影響。 該行認為泡泡瑪特的平台價值可能被低估,指公司目前有四個區域銷售產品,但其自有IP主要來源於大中華區,例外是來自泰國的Crybaby和美國的Peach Riot。該行認為泡泡瑪特有很大潛力挖掘美國、歐洲、日本和東南亞的豐富藝術資源。每個新IP需要更大的本土市場來創造初始動力,因此泡泡瑪特早期主要從大中華區發展其IP組合(早期,尋找新藝術家和IP是中國的PTS重要活動)。展望未來,隨著其國際市場規模顯著擴大,該行認為這些本地「本土市場」將使泡泡瑪特能夠更積極地培育當地藝術家及其創作。因此該行預計未來3-5年,泡泡瑪特的IP和產品組合將更具文化多樣性。 大摩指投資者往往會估計泡泡瑪特頂級IP的增長上限,但該行認為,公司在這些IP成功背後的平台能力更具價值,認為這是泡泡瑪特的長期投資核心論點。僅兩年前,Labubu僅佔集團銷售的6%,而Crybaby和Twinkle Twinkle尚未起步。如今,Labubu已享譽全球,Crybaby和Twinkle Twinkle也獲得了強烈關注。其IP的成功看似不可預測,但泡泡瑪特是能夠實現成功的公司,該行認為泡泡瑪特內在價值遠超其擁有的IP,此點被市場低估,泡泡瑪特仍是該行的首選。大摩維持泡泡瑪特「增持」評級及目標價365元,相當於預測今年市盈率46倍。 內媒報道,上周五(1日)至周日(3日),由泡泡瑪特主辦的2025PTS北京國際潮流玩具展在國家會議中心舉辦,本屆PTS以「玩心回歸尋心之野」為主題,現場不僅有全球熱門潮流IP齊聚一堂,更有大量藝術家與設計師聯袂登場。泡泡瑪特還與北京文旅局正式簽署戰略合作框架協議,雙方將依託泡泡瑪特在潮流文化IP營運領域的創新優勢,結合文旅局豐富的非遺文化資源,通過「非遺+潮玩」的現代化融合探索,助力北京打造文化創新示範城市,實現文化傳播與經濟效益的雙重提升,為首都文旅高質量發展注入新動能。(wl/u) ~
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