【海通国际:泡泡玛特(09992.HK)高增长趋势持续 升目标价至316.7港元】智通财经APP获悉,海通国际发布研报称

智通财经
Jul 17, 2025
【海通国际:泡泡玛特(09992.HK)高增长趋势持续 升目标价至316.7港元】智通财经APP获悉,海通国际发布研报称,维持泡泡玛特(09992.HK)预测2025年35倍市盈率估值,对应目标市值4,219亿元,上调目标价60%至316.7港元;维持“优于大市”评级。该行指泡泡玛特今年上半年业绩超预期,认为公司业绩同比大幅增长主要源于:泡泡玛特旗下IP全球认可度提升,多样化的产品品类促进各区域收入高速增长;海外收入占比持续提升,收入结构变化对毛利率和净利率均产生积极影响,同时规模效应提升;产品成本持续优化,费用管控加强,提升盈利能力。

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