---
title: "《大行》中银国际：泡泡玛特第三季增长动力持续  升目标价至 405.6 元"
description: "中银国际发布研究报告，指出泡泡玛特在高基数下，第三季收入同比增长 245%，超出市场预期。中国市场增速加快至 185%-190%，海外市场增速放缓至 365%-370%。预计第四季收入将继续强劲增长，目标价上调至 405.6 元，维持「买入」评级。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/262171867.md"
published_at: "2025-10-22T06:39:55.000Z"
---

# 《大行》中银国际：泡泡玛特第三季增长动力持续  升目标价至 405.6 元

> 中银国际发布研究报告，指出泡泡玛特在高基数下，第三季收入同比增长 245%，超出市场预期。中国市场增速加快至 185%-190%，海外市场增速放缓至 365%-370%。预计第四季收入将继续强劲增长，目标价上调至 405.6 元，维持「买入」评级。

中银国际研究报告指，泡泡玛特 (09992.HK) 在高基数下第三季增长动力持续，上季收入按年增长 245% 至 250%，超出市场预期。就区域划分，中国市场收入增速加快至 185% 至 190%，而海外市场因基数较高，增速放缓至 365% 至 370%。

该行认为，Twinkle Twinkle 系列热度持续发酵，加上海外零售门店扩张策略执行得当，将持续推动第四季收入强劲增长。此外，潜在的美国关税风险可透过战略性定价调整与产能转移得以缓解。该行将目标价由 399 元上调至 405.6 元，维持「买入」评级。

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- [09992.HK - 泡泡玛特](https://longbridge.com/zh-CN/quote/09992.HK.md)

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