泡泡玛特(9992.HK):Q1业绩再超预期 全球化组织架构升级

华泰证券
23 Apr

公司公布1Q25 业务数据,营收同增165%-170%,高于此前指引(同增100%+),国内、海外收入分别同增95%-100%/475%-480%,均超市场预期(彭博80%/450%)。尽管后续基数抬升,但我们认为1)搪胶毛绒仍处发展阶段早期,2)欧美客群快速破圈,店面扩容/店型调优/本地化等支撑店效环比走强,线上渗透延伸触达范围;3)多元业务陆续贡献营收,市场尚未充分预期。我们看好公司短期业绩及...

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