金吾财讯 | 华泰证券发研报指，在哪咤2联名新品热销及搪胶毛绒等品类放量的持续驱动下，泡泡玛特(09992)开年以来境内外业务均增长强劲，25年在新品类拓宽、海外拓店加速下持续高景气成长可期；作为壁垒深厚的新消费绩优龙头，有望受益于本轮港股消费情绪向好及估值修复，该行看好公司多元化变现及广阔出海前景。该行认为情绪价值消费是国内未来长期消费主线之一，泡泡玛特凭借丰富的自主IP矩阵，能够不断拓宽粉丝消费场景，多元化变现路径日渐清晰，且在国内跑通新品类模型后进行出海复刻的可行性强。1月以来珠宝新品牌POPOP已有3家快闪店开业，多款热门品售罄。积木、卡牌、甜品及多元家居时尚日用品均在快速推进，该行看好公司持续拓宽成长空间的前景。该行考虑公司Q4以来的强劲销售趋势，以及海外快速拓店、搪胶毛绒放量的成长动能，上调24-26年经调整净利润预测至30.1/40.9/50.9亿元(前值28.6/38.5/48.1亿元)。可比公司2025年一致预期PE中值34x。考虑到港股大盘情绪乐观，公司在消费股中增速领先，且具备全产业链运营平台的稀缺性壁垒及广阔的出海前景，值得估值溢价，给予25年41x经调整PE(前值34x)，目标价135.48港元(前值105.00港元)，维持“买入”评级。
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