Zhi Tong Cai Jing·2026-01-27 01:49Group 1 - The core viewpoint of Guosen Securities is optimistic about the IP operational capabilities and overseas expansion potential of the leading潮玩 company, Bubble Mart (09992), maintaining an "outperform" rating due to the current low performance and valuation levels, which have room for recovery [1] - The company has raised its profit forecast, expecting net profit attributable to shareholders to reach 12.02 billion, 17.05 billion, and 20.89 billion for the years 2025-2027, respectively, which represents year-on-year growth of 284.4%, 41.9%, and 22.6% [1] - The current stock price corresponds to a price-to-earnings ratio (PE) of 23, 16, and 13 times for the years 2025, 2026, and 2027, respectively [1] Group 2 - Recent events include the company announcing a share buyback of 500,000 shares at a price of 192.97 yuan per share, representing 0.0373% of the existing shares, and a buyback and cancellation of 1.4 million shares at 179.60 yuan per share, accounting for 0.1042% of the then-existing shares [2] - The management's confidence in the company's future is demonstrated by the buyback of 1.9 million shares from January 19 to 21, with 1.4 million shares already canceled [3] - Recent trends show that the company's PUCKY and Starry People series have sold out on the official website, with significant premiums on second-hand platforms, indicating a positive outlook for IP potential during the upcoming Spring Festival [3] - The company's IP creation and operational capabilities continue to be validated, with rapid growth in overseas channels, and initiatives like IP parks and co-branded activities expected to enhance the depth of IP operations [3]