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大行評級丨招商證券國際:首予泡泡瑪特“增持”評級 獨特優勢在於垂直整合的IP生態體系

招商證券國際發表研究報告,首次予以泡泡瑪特“增持”評級,目標價定爲272港元。

該行預計泡泡瑪特2025年收入和淨利潤將分別達到250和70億元,較市場預期高出15%。該行基於以下三大關鍵因素看好該股,1)在線GMV快速增長,預計全年收入將達55億元,增長280%;2)公司計劃新開設100家門店,持續拓展在美國、英國、東南亞、澳洲及歐洲的市場佈局;3)在泰國和美國市場的帶動下,門店單位經濟效益按年增長50%。

該行認爲,泡泡瑪特的獨特優勢在於其垂直整合的IP生態體系,涵蓋原創IP孵化、藝術家培養、全渠道零售以及國際授權等多個環節。公司也已成功實現產品多元化,業務從盲盒拓展至毛絨玩具、MEGA收藏系列、飾品及數字娛樂等品類,全球影響力持續增強。該行認爲泡泡瑪特的國際化擴張仍處於早期階段,海外門店滲透率存在顯著提升空間。

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