汇丰研究发表报告指，Labubu已成为全球IP，泡泡玛特(09992.HK) 管理层上调全年指引，高于市场预期。该行上调盈利预测，维持“买入”评级，目标价由319.5元升至379元。
报告指，泡泡玛特管理层在3月业绩简报会时，将2025年公司收入增长目标定为50%以上。在强劲势头的支持下，市场预期2025年收入将增长约130%至300亿元人民币，净利润率将达到30%。而在昨天(20日)举行的上半年业绩简报会上，管理层表示预期2025年的净利润率将达到35%，收入将轻松超过300亿元人民币。
该行现将2025年的非国际财务报告准则净利润预测上调27%至114.16亿元，收入预测上调11%。2025至2027年间收入和净利润年复合增长率预测基本保持在30%及31%不变，同时将2026及27年的净利润预期上调各26%，收入预期各上调12%。该行对其2025年净利润预测较市场预测高出33%，收入预测则较市场预测高出16%。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-20 16:25。)
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