麦格里升泡泡玛特目标价至360港元 评级跑赢大市

Core Viewpoint - Macquarie has raised the target price for Pop Mart (09992.HK) to HKD 360, maintaining an outperform rating, driven by strong demand for its IP products, particularly The Monsters [1] Group 1: Revenue and Growth Projections - Pop Mart's overseas revenue is expected to increase by 145% year-on-year to RMB 17.5 billion, accounting for 57% of total revenue [1] - The company anticipates a compound annual growth rate (CAGR) of 56% in earnings from 2024 to 2028 [1] Group 2: Market Demand and Product Performance - The Labubu series currently has a secondary market price that is 2.6 times higher than the official retail price, indicating strong market demand [1] - The collaboration and licensing experience with Sanrio is expected to extend the IP lifecycle and strengthen the fan base, enhancing monetization opportunities [1] Group 3: Earnings Forecast Adjustments - Macquarie has increased its earnings per share forecasts for Pop Mart by 60% and 61% for the current and next year, respectively, reflecting stronger-than-expected demand and a predicted reduction in expenditure ratios [1]