华泰证券发表报告指,泡泡玛特(09992.HK) 发上半年业绩预告,预计收入按年增不低于200%,该行测算对应不低于136.7亿元人民币(下同),次季增速或超220%,较首季165%至170%明显提速,预计集团溢利(不含未完成统计的金融工具公允价值变动损益)按年增幅不低于350%。泡泡玛特旗下IP的全球影响力确立,看好公司迈向全球领先的潮流IP平台,通过品类创新持续突破IP价值上限,维持“买入”评级。
该行指,考虑海外破圈势能强劲带动收入高增,以及海外市场提价和经营杠杆释放带动利润率提升,上调2025至2027年经调整净利润预测56.9%、68.9%及68.4%,至分别102亿、152亿及197亿元,前值预测65亿、90亿及117亿元。
报告指,考虑公司高成长性及全球IP影响力溢价,给予2025年42倍经调整市盈率,上调目标价16%至348港元。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-16 16:25。)
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