摩根士丹利（大摩）近日发布研究报告，重申将泡泡玛特（Pop Mart）列为行业首选股，并维持其‘增持’评级。报告指出，尽管市场整体消费情绪仍显疲软，但泡泡玛特凭借其强大的IP运营能力、全球化扩张战略以及持续的产品创新，在潮玩赛道中展现出显著的抗周期韧性。大摩认为，公司在中国内地市场的门店同店销售已出现回暖迹象，同时海外市场（尤其是东南亚和欧洲）增长迅猛，有望成为未来重要的利润增长引擎。此外，泡泡玛特在机器人商店、自动售货机及线上渠道的多元化布局，也有效提升了用户触达效率与复购率。基于对其2024-2025年盈利预测的上调，大摩维持目标价不变，强调泡泡玛特在新兴消费品牌中的稀缺性和长期投资价值。
Morgan Stanley (MS) recently released a research report reiterating Pop Mart as its top pick in the sector and maintaining an ‘Overweight’ rating. The report noted that despite continued weakness in overall consumer sentiment, Pop Mart has demonstrated notable resilience thanks to its strong IP management capabilities, global expansion strategy, and consistent product innovation within the collectible toy market. MS observed early signs of recovery in same-store sales across mainland China, while overseas markets—particularly in Southeast Asia and Europe—are growing rapidly and are expected to become significant drivers of future profit growth. Additionally, Pop Mart’s diversified distribution channels, including robotic stores, vending machines, and e-commerce platforms, have effectively enhanced customer reach and repeat purchase rates. Based on upward revisions to its earnings forecasts for 2024–2025, Morgan Stanley kept its price target unchanged, highlighting Pop Mart’s scarcity value among emerging consumer brands and its long-term investment appeal.
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