Zheng Quan Shi Bao Wang·2025-09-18 04:57Core Viewpoint - Morgan Stanley's research report indicates a contrary view to the market's cautious sentiment towards Pop Mart, suggesting that increased supply can help address speculation issues and expand the customer base, thereby driving sustained demand growth [1] Group 1: Market Sentiment and Supply - Despite recent market caution regarding Pop Mart, Morgan Stanley believes that increasing production capacity will resolve speculation problems and broaden the customer base [1] - The report draws parallels with the Pokémon experience, asserting that increased capacity can lead to sustained demand growth [1] Group 2: Catalysts for Growth - Upcoming consumer peak seasons (National Day, Halloween, Thanksgiving, Christmas) are expected to act as catalysts for sales growth [1] - With sufficient inventory of popular products, new product launches, and store expansions, Morgan Stanley anticipates that Pop Mart's sales momentum will continue and reverse the market's pessimistic sentiment [1] Group 3: Financial Projections - Morgan Stanley forecasts that Pop Mart's sales in the third quarter will increase by over 180% year-on-year [1] - The firm maintains a target price of 382 HKD for Pop Mart and an "Overweight" rating, listing it as a top pick in the industry [1] - Projections for adjusted earnings per share from 2025 to 2027 have been provided, estimating Pop Mart's share in the global IP product market at 5.7% [1]