麦格理：看好泡泡玛特拓展海外市场潜力重申“跑赢大市”评级

智通财经

02/10

泡泡玛特虽未公布4亿件销量的具体结构，但该行认为毛绒玩具(通常单价高于潮流玩偶)及海外市场(定价高于中国内地)占比上升，将推动2025年平均售价增长。麦格理发布研报称，泡泡玛特(09992)公布2025年集团全IP全品类产品全球销售超4亿只，其中，THE MONSTERS全品类产品全球销售超1亿只。泡泡玛特虽未公布4亿件销量的具体结构，但该行认为毛绒玩具(通常单价高于潮流玩偶)及海外市场(定价高于...

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rating","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09992":1.96,"PMRTY":1.96},"content_text":"泡泡玛特虽未公布4亿件销量的具体结构，但该行认为毛绒玩具(通常单价高于潮流玩偶)及海外市场(定价高于中国内地)占比上升，将推动2025年平均售价增长。麦格理发布研报称，泡泡玛特(09992)公布2025年集团全IP全品类产品全球销售超4亿只，其中，THE MONSTERS全品类产品全球销售超1亿只。泡泡玛特虽未公布4亿件销量的具体结构，但该行认为毛绒玩具(通常单价高于潮流玩偶)及海外市场(定价高于中国内地)占比上升，将推动2025年平均售价增长。重申泡泡玛特“跑赢大市”评级，目标价470港元。该行持续看好泡泡玛特透过IP均衡发展拓展海外市场的潜力。麦格理表示，该行当前营收预测隐含平均售价约96元人民币/件。以该行预估的384亿元营收除以4亿件计算，意味着2025年第四季营收年增148%。若假设平均售价提升至100元/件，则全年营收可达400亿元，第四季预估营收136亿元(同比增180%；按季升9.2%)。麦格理相信，THE MONSTERS IP价值贡献可能更高，因该IP的毛绒玩具与MEGA系列占比较高(两者平均售价均高于潮流玩偶)，且海外曝光度优于中国内地，其平均售价预期将高于集团平均水平。该行预计公司将于2026年更审慎管理IP组合。追加内容本文作者可以追加内容哦 !","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}

麦格理：看好泡泡玛特拓展海外市场潜力 重申“跑赢大市”评级

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麦格理：看好泡泡玛特拓展海外市场潜力重申“跑赢大市”评级