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《大行》交銀國際升泡泡瑪特(09992.HK)目標價至394元 重申「買入」評級
阿思達克 08-22 09:43
交銀國際發表報告指,泡泡瑪特(09992.HK)上半年業績實現爆發式增長,上調盈利預測,重申「買入」評級:上半年公司實現收入138.8億元人民幣(下同),按年增長204.4%,經調整淨利潤達到47.1億元,按年大幅增長362.8%。盈利能力持續改善,毛利率/經調整淨利率按年提升6.3/11.6個百分點至70.3%及33.9%,得益於利潤率更高的海外業務的佔比提升和經營槓桿效應。 報告指,泡泡瑪特管理層上調2025年公司全年營收至不低於300億元,此前為200億元,並預期全年淨利率有望達到35%,超出該行此前預期。 基於泡泡瑪特上半年強勁的業績表現、持續拓展的IP矩陣和全球化戰略的推進,該行上調2025年至2027年利潤預測 39%至49%,目標價由300港元升至394港元。公司仍是該行在消費行業中的首選標的,繼續看好公司強大的 IP 營運能力和全球化拓展進程,重申「買入」評級。
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