招商证券：维持泡泡玛特“强烈推荐”评级 海外本地化运营持续推进

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Pop Mart (09992), highlighting the company's overseas organizational structure as a driver for sustainable growth, and the strong potential of its IP products like LABUBU and Starry People [1] Group 1: Market Data and Trends - High-frequency data tracked by third parties shows a marginal growth trend, but there are issues with sample selection and interpretation, particularly regarding app download volumes and search indices [1] - User data indicates that the U.S. has the highest daily active users, followed by China, Japan, Australia, and Thailand, which shows significant discrepancies compared to the company's mid-year disclosures [1] - The online trading volume is affected by channel changes, limiting the data's reference value, especially during the initial surge of plush toy sales due to supply shortages [1] Group 2: Offline Sales and Secondary Market - The company emphasizes the importance of offline store experiences, which are seen as crucial for brand culture transmission, and plans to gradually return hot products to offline sales after resolving capacity issues [2] - Changes in the secondary market, particularly the adjustment of consignment standards for blind boxes, are expected to negatively impact transaction volumes [2] - Historical tracking shows limited correlation between the company's performance and secondary market prices, indicating potential challenges in managing market expectations [2] Group 3: Overseas Localization and Strategy - The company is advancing its overseas localization strategy, supported by a diverse IP and product matrix, flexible supply chain, and strong operational capabilities [3] - Recent organizational adjustments aim to enhance global operations, with regional headquarters established in Greater China, the Americas, Asia-Pacific, and Europe [3] - The company has seen promising local product performances post-adjustment, indicating potential for growth in international markets [3]