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港股異動丨泡泡瑪特漲近7%,再創歷史新高,市值超2300億
泡泡瑪特(9992.HK)表現強勢,盤中一度漲近7%,報176港元,再創歷史新高,市值超2300億港元;該股年內累漲94%。美銀近日發表報告,重申對泡泡瑪特“買入”評級,目標價200港元,認爲關稅戰對其影響有限,因公司具強大定價能力、對經濟衰退的防禦能力、全球生產轉移且供應鏈多元化,以及全球化策略。在市場波動中,該股具備較高確定性和防禦性。美銀報告指,由於關稅按離岸價徵收,加上泡泡瑪特於美國市場毛利率預計超過75%,該行估計約20%的零售價上漲可抵銷超過100%的關稅上漲幅度。近期美國市場玩具公仔價格已從16.99美元上調至18.99美元,顯示其定價能力。同時,日本IP產業經驗表明,宏觀經濟下行時,消費者傾向購買價格親民的“多巴胺消費”產品以尋求情感慰藉。另外,報告指,泡泡瑪特已於2024年將10%的生產從中國轉移至越南,並計劃於2025年進一步擴展至東南亞和墨西哥。這一供應鏈多元化策略降低關稅風險,同時支持其全球擴張。

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