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泡泡瑪特(09992.HK)跌逾2% 遭花旗及里昂削目標價
泡泡瑪特(09992.HK)今日(14日)平開後初段向下,最低見155.7元。現報156.9元,跌2.49%,成交579.67萬股,涉資9.1億元。花旗發表研究報告指,鑑於海外市場增長動力放緩以及經營去槓桿帶來的利潤率壓力,將泡泡瑪特(09992.HK)2026年至2028年盈利預測下調16%至19%。該行現時預測集團2026年全年收入按年增長10%,低於公...
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泡泡瑪特(09992.HK)跌逾2% 遭花旗及里昂削目標價
Recommend
12
Positive
14
Negative
12
 
 

泡泡瑪特(09992.HK)  -4.400 (-2.735%)    Short selling $1.40B; Ratio 31.543%   今日(14日)平開後初段向下,最低見155.7元。現報156.9元,跌2.49%,成交579.67萬股,涉資9.1億元。

花旗發表研究報告指,鑑於海外市場增長動力放緩以及經營去槓桿帶來的利潤率壓力,將泡泡瑪特(09992.HK)  -4.400 (-2.735%)    Short selling $1.40B; Ratio 31.543%   2026年至2028年盈利預測下調16%至19%。該行現時預測集團2026年全年收入按年增長10%,低於公司目標的超過20%,主要由於海外市場收入預期按年下跌7%,而中國市場收入則預期增長24%。

該行預計,集團2026年第二季、第三季及第四季的整體收入按年變幅將分別料升7%、跌15%及升12%,其中海外市場收入或將從第二季起恢復跌勢。花旗認為,儘管短期面臨海外業務波動的挑戰,但憑藉其強大的IP營運及變現能力,以及不斷增強的組織能力,集團的長期增長潛力依然不變。

花旗將泡泡瑪特目標價由350港元下調至263港元,重申「買入」評級。該行預期集團2026年毛利率將按年收縮1至2個百分點,主要受原材料及物流成本上升、地區組合轉變及關稅影響,而淨利潤率亦將因毛利率下跌及人工、租金開支增加而受壓。

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里昂發表研究報告,預期市場將反映泡泡瑪特(09992.HK)  -4.400 (-2.735%)    Short selling $1.40B; Ratio 31.543%   短期壓力,包括原材料成本上升、油價飆升及海外銷售組合變化導致的利潤率下降。該行預測2026財年集團毛利率及經調整純利率將按年下跌2及2.3個百分點。海外業務方面,該行預計集團將專注於全球標準化門店模式、會員制度、物流及庫存,以提升營運效率及支持長期增長。

長遠而言,該行看好其獨家知識產權(IP)平台,擁有多元化IP組合及更廣泛的IP內容(如泡泡瑪特城市樂園),以加深情感連結,並透過IP相關產品擴闊消費場景。短期內,該行認為市場正評估管理層推動可持續增長的能力,以及未來幾季在高基數下毛利率受壓的程度。該行現預測2026財年中國及海外銷售將分別增長14%及10%,集團整體銷售增長12%,毛利率及經調整純利率分別為70.1%及32.9%。

該行下調2026及2027財年銷售及經調整純利預測分別10%至17%,以及14%至20%,以反映海外業務放緩、經營槓桿減少及毛利率逆風。目標價由303港元下調至206港元,對應16倍的未來12個月預測市盈率(此前為20倍),維持「跑贏大市」評級。(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-14 16:25.)

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