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参观完北京潮玩展后,大摩喊出:泡泡玛特平台价值被低估了
Hua Er Jie Jian Wen·2025-08-05 08:44

Core Insights - Morgan Stanley analysts emphasize that Pop Mart's platform value is underestimated by the market, focusing too much on individual IP ceilings rather than the company's core long-term investment value in platform incubation [1][4]. Group 1: IP Growth Potential - The Twinkle Twinkle IP showcased strong market demand at the Beijing Toy Expo, with products selling out quickly, indicating its potential as a significant revenue contributor from 2025 onwards [2]. - Crybaby's lifestyle product line, with an average price exceeding 250 RMB, demonstrates substantial sales growth potential, although plush toy demand is currently limited by supply constraints [2]. Group 2: Global Expansion and IP Diversification - Pop Mart has four regional sales segments, primarily sourcing its IP from Greater China, with exceptions like Crybaby from Thailand and Peach Riot from the U.S. The company has significant potential to tap into artist resources in the U.S., Europe, Japan, and Southeast Asia [3]. - The report notes that each new IP requires a sufficiently large local market to generate initial momentum, making the focus on Greater China a natural choice for early IP development [3]. Group 3: Platform Capability as Core Investment Value - Analysts argue that the true investment value lies in Pop Mart's platform capabilities rather than just the success of individual IPs, which is often misjudged by investors [4]. - Data shows that Labubu accounted for only 6% of group sales two years ago, while now it is globally recognized, with Crybaby and Twinkle Twinkle also gaining strong market attention [4]. - The implied PEG ratio of approximately 1.4 for the years 2025-2027 is considered reasonable for a high-growth consumer company with global expansion potential [4].