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Labubu正崛起為“超級IP”!泡泡瑪特再創歷史新高,市值突破3100億
格隆匯 05-27 11:14
泡泡瑪特(9992.HK)逆勢上升,今日盤中一度升6%至234.6港元,再創歷史新高,市值升至3150億港元。該股年內累升超160%。摩根大通上週發佈研報,首次覆蓋泡泡瑪特,並給予“增持”評級,目標價250港元。摩根大通認為,中國潮玩品牌泡泡瑪特旗下角色Labubu正崛起為“超級IP”,預計今年海外銷售額同比增長152%。摩根大通指出,泡泡瑪特是中國IP商品市場領導者,旗下原創角色Labubu正加速成長為“超級IP”,其5月搜索熱度已超過吉蒂貓(Hello Kitty)。與Hello Kitty相比,Labubu更側重於自主運營,依託盲盒模式吸引消費者,同時拓展跨界聯名合作,強化品牌影響力。摩根大通預計,Labubu所在的THE MONSTERS系列銷售額將從2024年的30億元增長至2027年的140億元;其海外銷售額今年將同比增長152%,今年至2027年複合增長42%,佔2027年銷售額的65%。Labubu去年全球爆紅,加速了泡泡瑪特的海外擴張。泡泡瑪特2024年實現營收130.4億元,同比增106.9%;其中海外及港澳台業務營收共計50.7億元,同比增375.2%,佔總營收近四成。

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