泡泡玛特股价刷新历史新高！大摩上调公司目标价至224港元
5月19日，泡泡玛特午后持续拉升，现涨超4%，股价刷新历史新高！大摩上调公司目标价至224港元。
摩根士丹利近日因三大原因调高泡泡玛特目标价，上调9.8%至224港元，对应今年预测市盈率约40倍，明年30倍。大摩还将最牛目标价调高12.3%至273港元，最熊目标价亦调高14.1%至97港元，重申“增持”。
大摩解释，该3大原因为：1)Labubu 3.0全球需求强劲，特别是美国市场，相信有关势头可促进泡泡玛特在美国和其他地区开设新店，成为今明两年的主要增长动力，而强劲的销售增长可以带动经营溢利杠杆进一步提高；2)泡泡玛特的越南供应链迅速搭建完成，而且表现良好，令该行感惊讶，大部分出口美国的货物将于今年第三季由越南出货，加上中美贸易关系降温，预期关税对利润率的冲击会较市场估计更低；3)美国新产品加价12%至27%，而且似被消费者所接受，随关税影响正在消退，产品均价上升长远可提高美国业务的利润率。
大摩同时将泡泡玛特2025-2027年销售额及经调整纯利预测上调5%至9%，每股盈利预测升幅介乎7.5%至8.6%。大摩预期，泡泡玛特今年销售额及经调整纯利分别增长98%及114%。
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