智通财经APP获悉，美银证券发布研报称，将泡泡玛特(09992)2025及2026年预计非国际财务报告准则(non-IFRS)净利润预测分别上调5%和6%，并将目标价由原先236港元上调17%至275港元。该行将估值基准从2025/26年混合转为2026年，认为泡泡玛特仍处于快速增长的早期阶段，2026年将更能反映其盈利能力，维持"买入"评级。
泡泡玛特仍是该行在中国消费品板块的首选之一：(1)作为一家独特的平台公司，该行认为泡泡玛特最适合把握全球知识产权(IP)消费上升和追求情感价值的趋势，实现跨消费群体和国家的扩张;(2)该行看到多重驱动因素带来盈利上行潜力，包括市场份额增长、全球化、知识产权组合扩大以及盈利能力提升。在Labubu 3.0推出后于海外市场成为热门，在高知名度地点开设新店、推出新知识产权/产品，以及通过社交媒体增加名人代言，可能成为未来的催化剂。
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