大行評級|花旗:中國IP商品市場有巨大增長潛力 予泡泡瑪特和名創優品“買入”評級
花旗發表報告,指中國的IP商品市場具有巨大的增長潛力,因爲其人均消費支出與發達市場相比仍然較低。授權業務深度連接所有消費領域,爲實現IP的商業價值提供廣泛機會,而IP商品是其中的主要途徑。
該行看到,高品質IP供應、產品創新和供應鏈能力將推動IP消費的上行潛力。泡泡瑪特和名創優品是這一領域的兩個突出參與者。該行重申對泡泡瑪特的“買入”評級,目標價120港元,因其具備孵育成功專有/獨家IP的能力。該行亦維持對名創優品的“買入”評級,H股目標價47.5港元,因其IP商品銷售貢獻上升帶來的利潤率擴張潛力。
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