泡泡玛特股价再刷历史新高!海外业务爆发式增长推动业绩超预期

老虎资讯综合
02 Apr

4月2日,泡泡玛特股价再刷历史新高,该股年初至今累涨85%!海外业务爆发式增长推动业绩超预期。

近日,泡泡玛特披露2024年业绩。交银国际认为,泡泡玛特去年财务表现超预期,收入同比增106.9%,毛利率提升至66.8%,净利润率25.4%。派息比率35%,与2023年保持一致。该行指出,泡泡玛特中国内地市场收入同比增52.3%。其中,线下渠道收入增长41%,零售店和机器人商店均延续高速增长,分别同比增44%及26%;线上渠道同比增77%。海外市场同比大幅上升375.2%。东南亚和北美市场表现尤为强劲,分别呈6倍及5倍的增长。

东兴证券发布研报称,随着影响力的扩大,复购需求叠加发力tiktok平台,泡泡玛特海外线上爆发式增长,线上占比攀升,线上线下综合布局初步实现。分市场看,东南亚/东亚及港澳台/北美/欧澳地区收入为24.0/13.9/7.2/5.5亿元,同比+619%/+185%/+557%/+311%。公司已在亚洲已实现较高收入,持续推进;欧美市场实现初步入局,仍有较大的发展空间。该行推测今年公司将重点发力北美市场,开店+IP 本地化有望快速扩大当地影响力。考虑到欧美消费力更强,看好欧美澳市场拓展将助力公司海外业务持续高速增长。另外公司境外业务已显现规模效应,毛利率同比大幅提升8.3pct 至71.3%。

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