【券商聚焦】华泰证券:海外玩具市场广阔 看好龙头企业凭借IP运营根基及全价值链深厚布局

金吾财讯
May 20, 2025

金吾财讯 | 华泰证券研报指,近年来潮玩国货持续创新,盲盒、积木人、集换式卡牌等新兴品类快速崛起,驱动行业高景气成长,国内头部品牌在产品品质、设计审美、性价比等方面均突飞猛进,具备全球竞争力,逐渐从性价比出海迈向输出新品类。该行指,海外玩具消费发生多维度深刻变革。1)客群:玩具从儿童玩乐迈向全民收藏,22年美、欧12+岁人群玩具消费占比达25%/29%,增速持续跑赢大盘,潮流个性对玩具设计愈加重要;2)IP及营销:伴随娱乐消费社媒化、短视频化,长内容“故事IP”有所承压,凭外观设计直击人心的“形象IP”崛起,同时潮玩收藏的“社交货币”属性与社交媒体高度契合,借助KOL及UGC快速传播;3)渠道:疫情加速玩具消费线上化,有利于绕过传统玩具龙头对线下渠道的垄断。潮玩国货产品矩阵已覆盖广泛年龄层,在IP运营及营销、全渠道布局沉淀丰富经验,以强大优势抢占海外市场份额。市场担心国货出海的文化壁垒及IP热度可持续性,该行认为潮玩龙头正实现从产品力到综合IP运营能力及粉丝生态构建的进化,能够有效适应全球潮玩市场“人、货、场”新格局,中长期拓展空间广阔。该行认为无论是通过挖掘全球原创IP艺术家,还是以知名版权IP“借船出海”,都有广阔发展空间,看好龙头企业凭借IP运营根基及全价值链深厚布局,持续抢占海外市场份额。

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