智通财经网·2025-06-27 10:06Group 1 - Morgan Stanley has raised the earnings per share forecasts for Pop Mart (09992) for 2025, 2026, and 2027 by 6%, 15%, and 21% respectively, reflecting a clearer growth path in North America and Europe [1] - The firm believes that Pop Mart's combination of a diverse IP matrix and operational skills is likely to create sustained growth, with the current stock price not reflecting the long-term potential for scale [1] - The popularity of Pop Mart's IP products is rapidly increasing, particularly through social media, with significant consumer engagement observed in North America and Europe [2] Group 2 - Google Trends indicates that Pop Mart's Labubu is gaining global attention, comparable to famous IPs like Harry Potter and Star Wars, suggesting substantial long-term growth potential [2] - The firm projects that Pop Mart's sales will grow from $3.6 billion in 2025 to $6 billion in 2027, positioning it as one of the fastest-growing consumer brands globally [2] - The current stock price reflects expectations for significant growth in 2025, but may not fully account for the company's long-term prospects [3] Group 3 - The report adjusts Pop Mart's target P/E for 2025 to 51 times, with a revised target price, indicating expected P/E and PEG ratios of 35 times and 1.5 times for 2026 [3] - Despite a 75% increase in stock price year-to-date, the firm believes that unexpected revenue growth and advancements in new business will continue to drive stock price increases [3]