中信里昂：升泡泡玛特目标至318港元 维持“跑赢大市”评级

Core Viewpoint - Citic Lyon has raised the target price for Pop Mart (09992) by 6% from HKD 300 to HKD 318, maintaining an "outperform" rating [1] Group 1: Market Performance - The report highlights that Pop Mart showcased its commitment to building a compatible IP platform at the Beijing Pop Toy Expo held in August [1] - There is strong demand observed for emerging IPs such as Twinkle Twinkle, Crybaby, and KeyA [1] Group 2: Sales Growth Projections - The company is expected to benefit from a year-on-year growth of 113% in the domestic market and 412% in overseas markets [1] - Sales are projected to increase by 202% year-on-year in the first half of 2025 [1]