Core Viewpoint - Goldman Sachs reports that after Pop Mart disclosed its first-half performance, strong outlook led to a rise in stock price, followed by volatility, reflecting sentiment fluctuations regarding slowing high-frequency data, particularly in the secondary market prices, indicating that this correction is more related to the company's increased monetization efforts [1] Group 1: Pop Mart - The release volume of the first batch of mini Labubu was significantly higher than previous series, supporting profit growth [1] - Goldman Sachs believes that strong earnings will continue to provide some support for valuation [1] - Goldman Sachs sets a target price of HKD 350 for Pop Mart and maintains a "Neutral" rating [1] Group 2: Miniso - Following the second-quarter performance exceeding expectations, Miniso's valuation has rebounded to a forecasted price-to-earnings ratio in the high teens (approximately 16x to 19x), boosting market confidence [1] - The new self-developed IP launched by Miniso is a focal point for management and investors [1] - Goldman Sachs raises Miniso's 12-month target price from USD 25.3 to USD 29 for US stocks, and from HKD 49 to HKD 56 for Hong Kong stocks, maintaining a "Buy" rating [1]
大行评级｜高盛：维持泡泡玛特“中性”评级 上调名创优品12个月目标价