研报掘金丨国金证券：维持泡泡玛特买入评级，看好海外市场通过本土化运营体系构建形成第二增长曲线

Core Viewpoint - The report from Guojin Securities on October 22 expresses optimism about Pop Mart's (9992.HK) potential for growth through localized operations in overseas markets and the enhancement of its comprehensive operational capabilities in the Chinese market, projecting a continuation of high-quality development [1] Financial Projections - The company is expected to achieve adjusted net profits attributable to the parent company of 137 billion, 188 billion, and 235 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 303%, 37%, and 25% respectively [1] - The current stock price corresponds to price-to-earnings (PE) ratios of 23x, 17x, and 13x for the years 2025, 2026, and 2027 [1] Investment Rating - The report maintains a "Buy" rating for the company's stock [1]