招商证券发表报告称，基于泡泡玛特(9992.HK)最新指引，上调2025至2027年度盈利预测54%-77%，目标价调高五成，由272港元上调至410港元，重申“增持”评级。 招商证券表示，泡泡玛特管理层指引今年收入将超过300亿元，净利率约为35%，超市场预期，展现其对运营执行与市场需求高度信心。此名，该公司计划今年全球新店开设目标翻倍至逾200间，目前已运营128间海外门店，美国门店年底料突破60间。 展望下半年，管理层强调Labubu毛绒手机挂件有望成为爆款，意味正加速拓展高频生活方式SKU，以增强日常品牌互动。毛绒品类已超越手办成最大品类，占收入比重达44%，有助提升整体利润率。随着品牌力持续提升、全渠道模式逐步扩张及IP变现路径不断拓展，该公司有望成为世界级文化IP品牌，故重申强烈“增持”评级，看好公司在全球扩张加速下实现强劲的下半年业绩指引。 招商证券将泡泡玛特今年盈利预测上调64%，至113.52亿元，明年预测调高77%，至177.59亿元。2027年则调高54%，至226.01亿元。
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