Zhi Tong Cai Jing·2025-09-18 03:36Core Viewpoint - Pop Mart (09992) has seen a stock increase of over 3%, currently trading at 263.4 HKD with a transaction volume of 2.791 billion HKD, indicating positive market sentiment towards the company [1] Group 1: Company Performance - Huatai Securities suggests that recent fluctuations in the secondary market prices of Pop Mart's products may be due to the company's proactive supply increase, which does not hinder its long-term development logic [1] - The company is recognized as a leading player in China's trendy toy industry, possessing full industry chain operational capabilities for IP toys [1] - Pop Mart continues to achieve high-quality growth through outstanding IP creation, operational capabilities, and diverse consumer touchpoints [1] Group 2: Growth Potential - The expansion of Pop Mart's overseas business and the increasing influence of its products internationally are expected to unlock a second growth driver for the company [1] - HSBC Global Research reports that Labubu has become a global cultural symbol, comparable to Kaws and Bearbrick, with a development cycle exceeding 10 years [1] - Labubu is set to begin active collaborations with global brands in 2024, suggesting that it is premature to declare its peak [1] Group 3: Investment Ratings - HSBC maintains a "Buy" rating for Pop Mart with a target price of 379 HKD, which corresponds to projected price-to-earnings ratios of 41.5 times and 30.8 times for the next two years [1]