花旗报告指,该行分析阿里影业旗下知识产权交易平台阿里鱼成功推动世界级IP在中国市场蓬勃发展的案例后,认为有三个理由重新评估阿里鱼的价值,包括作为中国第一IP授权代理,拥有Hello Kitty及Pokemon等角色逾300个IP,与分授权客户如名创优品及布鲁可等,并预计今年至2027年分授权收入实现46%年均复合增长率,以及面向消费者端的IP衍生品市场潜在规模逾1000亿元。
该行指,阿里影业不仅是电影和音乐会提供者,亦是年轻人IP衍生品的基础供应商。该行将IP衍生品业务市盈率目标从6倍上调至18倍,并按分部估值法把阿里影业目标价由0.55港元上调至0.75港元,相当于2026财年预测市盈率16倍,维持“买入”评级。
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