金吾财讯 | 中泰证券发布的《泡泡玛特(09992)深度报告：三周期共振，生态化延展》中详解未来驱动公司成长的3重逻辑：短期，25年系公司“IP-渠道-产品”三周期共振的“奇点”，LABUBU毛绒挂件、星星人毛绒挂件等大单品以及北美新店有望在25H2贡献收入业绩。中期，北美单店爬坡，欧洲门店加密，中东、南美等地逐步突破，单店、开店提升逻辑顺畅。长期，以IP为核搭建零售、乐园、数字娱乐环节相互作用相互支撑的综合商业框架，以对于大众生活的渗透维持IP生命力。空间看，三丽鸥在本土市场人均消费是泡泡玛特在本土市场人均消费的23倍，即便仅看国内市场仍旧有广阔空间。该机构表示，预计公司2025-2027年实现总收入331.17/469.61/634.87亿元，同比+154%/+42%/+35%；实现经调整净利润115.35/181.06/266.90亿元，同比+269%/+57%/+47%。公司作为IP商业化的先行者与龙头，构建了覆盖潮玩IP全产业链的综合运营平台，头部IP势能向上，出海空间广阔，重申“买入”评级。
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