智通财经APP获悉，摩根士丹利发布研报称，对泡泡玛特(09992)至2026年的销售增长转向更为正面，因该行认为公司于2025年尚未完全释放所有增长动能。其持续的战术调整凸显出对业务质量与可持续增长的明确聚焦。评级为“增持”，目标价382港元。
大摩表示，Labubu预购驱动2025年第三季业绩超预期，同时泡泡玛特已恢复现货销售模式，以更好地管理产品生命周期并促进回头客增长。管理层预期第四季销售将因更多节庆与强势产品储备而表现强劲。
美国线下销售持续增长，得益于更多元化的IP组合与高门店效益。预计2026至27年将开设更多高人流量旗舰店。美国线上销售可能因预售活动减少而暂时受影响。该行认为顶级IP的新产品推出应能很快推动增长加速。
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