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《大行》中金降泡泡瑪特(09992.HK)目標價至218元並削盈測 維持「跑贏行業」評級
中金發表報告指,泡泡瑪特(09992.HK)公布2026年第一季業務狀況,預計整體收入按年增75%至80%,中國收入按年增100%至105%,測算海外收入按年增約40%,略超市場預期,主因優質新品帶動及產能釋放,中國市場延續高質量增長,北美淡季期間亦有超預期的表現。考慮到公司持續調整經營節奏,該行下調2026及27年經調整淨利潤預測14%、13%,至各133...
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《大行》中金降泡泡瑪特(09992.HK)目標價至218元並削盈測 維持「跑贏行業」評級
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中金發表報告指,泡泡瑪特(09992.HK)  0.000 (0.000%)    Short selling $393.03M; Ratio 16.823%   公布2026年第一季業務狀況,預計整體收入按年增75%至80%,中國收入按年增100%至105%,測算海外收入按年增約40%,略超市場預期,主因優質新品帶動及產能釋放,中國市場延續高質量增長,北美淡季期間亦有超預期的表現。

考慮到公司持續調整經營節奏,該行下調2026及27年經調整淨利潤預測14%、13%,至各133億及155億元人民幣,當前股價對應2026及27年15.4及13倍經調整市盈率。基於盈利預測調整下調目標價12%至218港元,對應2026及27年20.9及17.6倍經調整市盈率。維持「跑贏行業」評級。(ha/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 16:25.)

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