【券商聚焦】华西证券:下半年为海外消费旺季 看好IP潮玩头部企业业绩持续释放

金吾财讯
Sep 29

金吾财讯 | 华西证券表示,今年以来,IP潮玩企业海外业务增势喜人。2025上半年,泡泡玛特亚太、美洲、欧洲及其他地区收入分别同比增长257.8%、1142.3%、729.2%;名创优品欧洲市场、北美市场的同店销售额增长率都取得了中高个位数的增长;布鲁可亚洲营收相较去年同期增长6.5倍,北美营收相较去年同期增长21倍。该机构指,下半年为海外消费旺季,看好IP潮玩头部企业业绩持续释放。根据跨境早班车报道,每年7-12月欧美节假日较多,为海外消费的传统旺季,该机构看好IP潮玩企业出海业务的持续高增长,同店取得良好表现。相关标的包括:1)泡泡玛特:根据澎湃新闻,7-8月公司毛绒产能为今年一季度的10倍以上,该机构认为虽然供应链扩张短期带来二手价格的震动,但更有利于公司业绩兑现以及IP的长期商业价值;2)名创优品:根据公司业绩说明会,7月以来北美门店展现出良好的经营表现,公司预计美国门店利润率将持续提升。

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