智通财经APP获悉，大摩发布研报称，泡泡玛特(09992)料今年销售增长逾50%，净利润率有所改善，胜于该行预期，同时公司目标今年海外销售增长约100%至100亿元人民币，相对于2023年为10亿元人民币;又认为今年首季销售同比增长逾100%，至少30款受欢迎产品已售罄或只有少量库存，意味着大量需求尚未满足。该行将泡泡玛特目标价由135港元上调至164港元，重申“增持”评级。
该行指，泡泡玛特毛利率扩大表明毛绒玩具利润率已显著改善，又指规模效益和供应链改善也有推动作用。该行将公司今明两年销售预测分别上调至208亿元及274亿元人民币，料中国及海外市场的贡献各为50%;毛利率预测分别上调68.3%及68.8%;资本开支预测分别上调19%及23%;经调整净利润分别录得72%及34%的增长;经调整净利润率分别达26.5%及27%。
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