中金发表研究报告指，泡泡玛特公布今年上半年盈利预喜，预计收入按年增长不低于200%，期内溢利(不包括未完成统计的金融工具的公允价值变动损益)按年增不低于350%，超市场预期。中金认为，该公司业绩增长主要来自IP全球认可度进一步提升，产品品类多元化，各区域市场收入均高速增长；海外收入占比提升，区域结构变化对毛利率、净利率均产生积极影响，规模效应亦提升；持续优化产品成本，加强费用管控，提升盈利能力。 中金又认为，泡泡玛特以IP为核心的集团化推进，看好其中长期成长空间。展望后续，中金认为对比乐高等玩具龙头，公司目前海外市场门店空间仍广，整体处于店效、店数双升的向上扩张期。同时在多元业务方面，饰品正店已于6月在北京、上海开出；影视业务方面据天眼查显示，公司已登记《LABUBU与朋友们》动画剧集第一季剧本V1作品著作权，看好公司通过多元业务拓展进一步丰富IP内容、延长IP生命周期。 中金上调该公司2025、2026年经调整净利润预测30%、30%至 97.3亿、123.5亿元。综合考虑盈利预测调整和新消费板块估值逐步消化，中金上调泡泡玛特目标价6.5%至330港元，维持“跑赢行业”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.