智通财经APP获悉，泡泡玛特(09992)盘中涨超7%，截至发稿，涨7.25%，报136港元，成交额7.8亿港元。
大摩发布研报称，美国提高关税对泡泡玛特需求影响大于营业利润率，现仍看好该公司在全球市场的长期潜力，但要避免过度乐观和忽略宏观风险。该行认为，泡泡玛特在美国市场有能力加价，以减轻关税影响，故不大担心其营业利润率，反而更关注加征关税后可能造成全球或地区经济衰退。
该行续指，泡泡玛特基本款盲盒手办模型目前售价为16.99美元。假设毛利率为75%，进口成本为4.2美元。加征中国34%关税将使进口成本增至高达5.4美元。若要维持毛利率于75%左右，产品需要加价至21.8美元。如果只加价至19.99美元，毛利率会下降至约73%。
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