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小摩:予泡泡玛特(09992)目标价330港元 近期股价疲软可“抄底”
智通财经网·2025-06-23 06:10

Group 1 - The core viewpoint of the reports indicates that JPMorgan maintains a "buy" rating for Pop Mart (09992), projecting a target price of HKD 330 by June 2026 based on a PEG ratio of 1.5, which is lower than the PEG ratios of leading Chinese (1.9) and global (2-3) consumer goods companies [1] - Pop Mart's stock has declined by 14% over the past five trading days, presenting a potential "buying opportunity" as the Hang Seng Index fell only 3% during the same period [2] - The company is expected to release positive earnings guidance in mid-July, with a forecasted profit of RMB 3.5 billion for the first half of 2025, surpassing the total profit for 2024 [2] Group 2 - Pop Mart is recognized as a leader in China's rapidly growing IP product market, boasting a strong portfolio of over 100 proprietary and licensed IPs, with 521 self-operated retail stores and 2,472 robot stores across more than 30 countries [3] - The company is projected to achieve a compound annual growth rate (CAGR) of 51% in sales and 65% in profits from 2024 to 2027, with a net profit margin of 31.9% and a return on equity of 45.9% by 2027, driven by strong IP, new store openings, productivity improvements, and margin expansion [3] - Pop Mart's global expansion ambitions are significant, with overseas sales expected to grow by 214% year-on-year in 2025, contributing 67% to total sales by 2027 [3]