泡泡玛特（09992）今日盘中大涨5.05%，引发市场关注。推动股价上涨的主要原因是摩根大通将该公司的评级从"中性"上调至"增持"，并将目标价从300港元上调至320港元。
摩根大通的评级调整主要基于两个关键因素：首先，泡泡玛特热门IP持续表现强劲。尽管Labubu产能已较一季度提升10倍，但Labubu 3.0和Mini Labubu在所有地区仍处于售罄状态。此外，新IP"星星人"快速崛起，预计将在2027年贡献公司总销售额的8%。其次，泡泡玛特的估值吸引力显著提升。该股较8月高点回调24%，而同期恒生指数上涨7%，当前按摩根大通预测仅20倍2026年市盈率，风险回报比更具吸引力。
摩根大通认为，泡泡玛特不仅通过Labubu的持续火爆和"星星人"的成功证明了其并非依赖单一IP，更通过全球化布局和强大的定价权展现了其抵御外部风险的能力。分析师预计，泡泡玛特2025年销售额和调整后盈利将分别同比增长165%和276%，2026年将继续同比增长28%和29%。这一积极的评级调整和乐观的增长预期推动了投资者信心，促使泡泡玛特股价在盘中出现显著上涨。
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