金吾财讯 | 泡泡玛特(09992)逆市走高，截至发稿，涨5.42%，报287.8港元，成交额47.37亿港元。消息面上，摩根大通认为，泡泡玛特的基本面并未改变，反而更加强劲，而市场的恐慌提供了一个绝佳的配置时机。该机构表示，热门IP持续强劲。尽管Labubu产能已较一季度提升10倍,但Labubu 3.0和Mini Labubu在所有地区仍处于售罄状态。此外，新IP"星星人"快速崛起，预计将贡献2027年销售额的8%。估值吸引力显著提升。股价较8月高点回调24%，而同期恒生指数上涨7%，当前按摩根大通预测仅20倍2026年市盈率，风险回报比更具吸引力。该机构表示，泡泡玛特不仅通过Labubu的持续火爆和“星星人”的成功证明了其并非依赖单一IP，更通过全球化布局和强大的定价权展现了其抵御外部风险的能力。将泡泡玛特评级从"中性"上调至"增持"，目标价从300港元上调至320港元。
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