信达证券：维持泡泡玛特“买入”评级经营高景气度持续

新浪港股01-22

热点栏目自选股数据中心行情中心资金流向模拟交易客户端　　信达证券发布研报称，泡泡玛特（09992）发布股份回购公告。2026年1月19日，公司斥资2.51亿港元回购140万股股份，每股回购价177.7-181.2港元。该行预计2025-2027年公司归母净利润分别为135.1/179.0/216.1亿元，PE分别为18.0X/13.6X/11.3X，维持“买入”评级。　　...

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href=https://finance.sina.com.cn/stock/hkstock/hkgg/2026-01-22/doc-inhieikx5831686.shtml><strong>新浪港股</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>热点栏目\n\n自选股\n数据中心\n行情中心\n资金流向\n模拟交易\n\n客户端\n\n\n　　信达证券发布研报称，泡泡玛特（09992）发布股份回购公告。2026年1月19日，公司斥资2.51亿港元回购140万股股份，每股回购价177.7-181.2港元。该行预计2025-2027年公司归母净利润分别为135.1/179.0/216.1亿元，PE分别为18.0X/13.6X/11.3X，维持“买入”评级。\n　　...</p>\n\n<a 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prosperity","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PMRTY":1.96,"09992":1.96},"content_text":"热点栏目\n\n自选股\n数据中心\n行情中心\n资金流向\n模拟交易\n\n客户端\n\n\n　　信达证券发布研报称，泡泡玛特（09992）发布股份回购公告。2026年1月19日，公司斥资2.51亿港元回购140万股股份，每股回购价177.7-181.2港元。该行预计2025-2027年公司归母净利润分别为135.1/179.0/216.1亿元，PE分别为18.0X/13.6X/11.3X，维持“买入”评级。\n　　信达证券主要观点如下：\n　　国内市场景气向上\n　　泡泡玛特用户基数大且粘性突出，IP矩阵多元化发展，热度维持，MOLLY/SKULLPANDA/CRYBABY/DIMOO占比均衡、星星人IP热度快速提升。公司近期通过频繁放货直接推动二手市场价格理性回归，这一举措是公司主动调整产能和供应，使市场趋向于供需平衡的状态，拿回产品定价权。二手价合理，构建基于真实消费需求的健康商业生态，长期有利于用户基数扩大与品牌价值沉淀。\n　　海外市场潜力可观\n　　全球大量市场处于初期阶段，目前渠道密度相比国内比较低、未来渠道扩张确定性强，但也客观存在IP周期短、渠道承载能力相对弱以及单IP依赖问题。公司在全球范围有意识去增加线下供应，引导消费者从线上转线下，鼓励线下提货。同时，泡泡玛特的供应链集中在亚洲，美洲市场同比大幅增长致使公司供应链出现结构性制约。公司目前需要逐步理顺供应链和物流问题、产品结构和渠道结构问题、本地化团队配置等问题。先处理好运营问题再重点布局IP产品，更有利于公司长期海外发展。美国作为全球核心潮玩消费市场，具备巨大增长潜力，短期以经营能力筑基，长期以IP势能驱动，符合公司海外市场长期发展逻辑。\n　　动销跟踪\n　　根据Google\n　　Trends统计数据，泡泡玛特核心IP“Labubu”的搜索热度在圣诞节前后迎来显著峰值后，仍维持在高于日常均值的区间，临近12月底、热度小幅上扬。\n　　风险因素：消费疲软、行业竞争加剧、新品推广不及预期。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：史丽君","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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信达证券：维持泡泡玛特“买入”评级 经营高景气度持续

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信达证券：维持泡泡玛特“买入”评级经营高景气度持续