摩根士丹利再度调高泡泡玛特(9992.HK)目标价，由164港元上调至204港元，调高24%，维持“增持”评级。
大摩指，泡泡玛特第一季销售增1.65倍至1.7倍，预期第二季业绩持续强劲，销售料同比增约1倍，至于下半年基于高基数，增幅料放缓至约50%，主因受惠推出Labubu 3.0，加上热门产品的补货和海外扩张等，上调目标价已考虑美国关税对利润影响的因素。
大摩亦调高泡泡玛特今明两年盈利预测15%及14%，至62.51亿元人民币及83.53亿元人民币，今明两年营业额预测亦调高至244.68亿元人民币及317.36亿元人民币。受关税影响，今年毛利率预测将由68.3%降至66.9%，明年料略为复苏，预期则由68.8%减至68%。
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