海通国际发表报告指，泡泡玛特(09992.HK) 于4月22日发布首季业绩预告，收入按年增长
165%至170%，表现远超预期。展望未来，公司品牌向上战略打破单店天花板，IP全球认可度持续提升；海外业务空间大，增速快，利润率高，确保公司增长持续性；注重公司经营健康度，组织架构升级为全球加速扩张奠定基石。
对于关税影响，该行认为基于泡泡玛特的品牌效应、高毛利率以及部分供应链外移，关税影响相较其他消费品牌影响更可控。
参考公司首季业绩预告，海通国际预计2025至2027年收入分别达242亿、335亿及423亿元人民币，按年各增长86%、38%与26%；经调净利各为70.1亿、99.1亿及128.3亿元人民币，按年各增长106%、41%及29%；经调净利率各为28.9%、29.6%及30.3%。考虑到公司2025至2027年预计35%的经调净利年均复合增长率，该行给予公司2025年35倍市盈率估值，上调目标价25%至198.1元，维持“跑赢大市”评级。(ha/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-24 16:25。)
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