金吾财讯 | 招商证券发研报指，泡泡玛特(09992)发布三季度最新业务情况，预计25Q3收入同比增长245%-250%。其中，中国收益同比增长185%-190%，海外收益同比增长365%-370%。显著好于该机构前期对于集团25Q3同比增长154.2%的预期。产品端来看，25Q3上新共31个系列盲盒手办/毛绒产品，环比下降2套，同比持平；其中，毛绒系列共7款。7-9月热门新品包括星星人点亮系列场景手办、星星人好梦气象局毛绒系列、Themonsters心底密码(minilabubu)毛绒系列、Skullpanda不眠之夜毛绒系列等等，热门产品上线首日均实现全网售罄。该机构考虑到1)海外组织架构促进海外健康持续增长；2)“精灵天团”LABUBU/星星人等IP产品势能良好，该机构上调2025-2027年盈利预测，经调整净利润分别为134.2/180.3/223.4亿元(前值分别为109.6/149.2/183.1亿元)，对应2025-2027年经调整PE分别为21.0x/15.7x/12.6x，维持“强烈推荐”投资评级。
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